Construction Sector Enterprise ICT Market Analysis and Future Outlook by Segments (Hardware, Software and IT Services)

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Published: December 04, 2023 Report Code: GD0002VIR-ST

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Construction Enterprise ICT Vertical Intelligence Report Overview

The Construction Enterprise ICT Vertical Intelligence Report, a new Vertical Intelligence Report by GlobalData, summarizes key findings from GlobalData’s ICT Customer Insight Survey carried out in H1-2023 and GlobalData’s Market Opportunity Forecasts to 2027: Construction. It reveals an executive-level overview of how the overall ICT budgets and their allocations towards various segments have changed for enterprises operating in Construction in 2023 compared to 2022 and ICT revenue opportunity with detailed forecasts of key indicators up to 2027. The report provides a detailed analysis of the overall Construction enterprise ICT market trends and growth drivers based on GlobalData’s ICT Customer Insight Survey and GlobalData’s Market Opportunity Forecasts.

Annual change in Enterprise ICT budget allocation in Construction Vertical (2021-22 vs. 2022-23)

Annual change in Enterprise ICT budget allocation in Construction Vertical (2021-22 vs. 2022-23)

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The report also discusses the market growth inhibitors impacting Construction’s overall ICT market. It sheds focus on enterprise ICT budget allocations and ICT revenue opportunities covering 18 solution areas, segmental analysis, and regional analysis. The report also includes a brief profile of some of the key ICT vendors within the Construction vertical.

Market Size 2022 >165 billion
CAGR >11%
Forecast Period 2022-2027
Enterprise ICT Budget Allocation Analysis Period 2022-2023
ICT Segment Hardware, Software, Services
ICT Solution Areas Cloud Computing, IoT, Communications and Collaboration, Client Computing, Consulting & Integration Services, Networking, Business Process Outsourcing, Application Development and Management, Business Process Applications, IT Management, Security, Storage, Data and Analytics, Servers, Data Center & Hosting, Artificial Intelligence, Mobility, Edge Computing
Key Regions Asia Pacific, North America, Western Europe
Key Digital Transformation Areas Artificial Intelligence & Machine Learning, Automation/RPA, IoT, Edge Computing and Others
Enterprise Technology Priorities and Spending Preferences Cloud Computing, Networking, Client Computing, Internet of Things, Consulting & Integration Services
Companies Mentioned Google, Microsoft, Oracle, Meta Platforms, Autodesk

GlobalData’s ICT customer insight survey reveals a positive outlook for enterprises operating in Construction vertical spending in ICT, with over 84% of respondents claiming an increase in their enterprise ICT budget in 2023 compared to 2022. This is about 35 percentage points (p.p.) higher for increases in 2022-2023 compared to 2021-2022. This upward trend is paving the way for a promising opportunity for optimistic growth in ICT revenue from the Construction vertical. The rise in investment signifies enterprises’ willingness to allocate a budget toward technological advancements.

Construction’s overall ICT market was pegged at $165.3 billion in 2022 and is expected to grow at a CAGR of over 11% during 2022-2027 to $281.4 billion in 2027. With rising competition in the construction market, companies are expected to increase their ICT spend as digital technologies enable them to remain competitive and relevant in the market by allowing them to quickly develop products and services as per customer needs, lower operational costs, upgrade their technology infrastructure, and enhance security capabilities, among others.

Total ICT Revenue Opportunity in Construction 2022-2027 ($Billion)

Total ICT Revenue Opportunity in Construction 2022-2027 ($Billion)

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Enterprise ICT Revenue Opportunity in Construction – Segment Analysis

GlobalData’s survey findings suggest that enterprise ICT budget allocations for all ICT products and services areas in Construction have increased in 2023 compared to 2022. For ‘software,’ over 72% claimed that their ICT budget allocation increased in 2023 compared to 2022.

Annual Change in Distribution of Enterprise ICT Spending in Construction, By ICT Products/Services in 2023

Annual Change in Distribution of Enterprise ICT Spending in Construction, By ICT Products/Services in 2023

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According to GlobalData, Construction’s ICT market would see majority share of its revenue come from the IT services segment over the forecast period. The report also discusses the enterprise ICT revenue opportunity across IT software and IT hardware segments over the forecast period.

  • IT Services
  • IT Software
  • IT Hardware

Total ICT Revenue Opportunity in Construction, by segment 2022 (%)

Total ICT Revenue Opportunity in Construction, by segment 2022 (%)

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Enterprise ICT Market Dynamics in Construction – Drivers, Trends and Challenges

Enterprise ICT Market Dynamics in Construction – Drivers, Trends and Challenges

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Enterprise ICT Market by Infrastructure Segments in Construction – Services, Software, and Hardware

IT Services – Segment Outlook

As per GlobalData’s survey findings, Construction companies increased their ICT budgets across all ICT services categories in 2023 compared to 2022. More than 60% confirmed an increase in their enterprise ICT budget for all ICT services in 2023 compared to 2022.

Annual Change in Enterprise ICT Services Budget Allocations in Construction

Annual Change in Enterprise ICT Services Budget Allocations in Construction

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Revenue opportunity for ICT services in the Construction vertical was pegged at $101.4 billion in 2022 and is predicted to grow at a CAGR of over 11% between 2022-2027 to reach $173.4 billion in 2027 on the back of ICT contracts signed by major Construction companies specifically in the areas of cloud computing, network services, enterprise applications, IT security, and business intelligence tools.

Total ICT Revenue Opportunity in Construction, by ICT services 2022-2027 ($Billion)

Total ICT Revenue Opportunity in Construction, by ICT services 2022-2027 ($Billion)

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The enterprise ICT vertical intelligence report in construction offers ICT revenue market indicators across the following IT services solution areas:

  • Cloud computing services
  • Consulting & integration services
  • Networking services
  • Business Process Outsourcing (BPO) services
  • Application Development and Management (ADM) services
  • Communication and Collaboration services
  • Client computing services
  • Internet of things (IoT) services
  • Data center and hosting services
  • Security services
  • Storage services
  • Artificial intelligence (AI) services
  • Servers services
  • Mobility services
  • Edge computing services

Enterprise ICT Technology Revenue Opportunity and Spending Priorities in Construction – Key Solution Areas

Cloud computing is the largest ICT solution area in the construction vertical in terms of revenue opportunity. Revenue opportunity for cloud computing in the construction vertical was pegged at $24.1 billion in 2022. It is estimated to grow at a CAGR of over 17% during 2022-2027. Cloud platforms are more cost-efficient and secure than servers and traditional IT infrastructure, moreover they enable companies to scale-up their operations quickly.

Total ICT Revenue Opportunity in Construction, by Solution Areas 2022 (%)

Total ICT Revenue Opportunity in Construction, by Solution Areas 2022 (%)

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Enterprise Cloud Computing Investment Priority in Construction – Now vs Next Two Years

Enterprises are increasingly utilizing cloud to make their business operations and processes more efficient. This was validated by GlobalData’s survey, where over 79% confirmed that their budget allocation towards cloud services increased in 2023 vs. 2022.

Cloud Computing Technology Investment Priority – Current vs Next Two Years

Cloud Computing Technology Investment Priority – Current vs Next Two Years

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Enterprise ICT Technology Revenue Opportunity in Construction – Key Regions

ICT revenue opportunity in Asia-Pacific was pegged at $71.2 billion in 2022, and it is expected to grow at a CAGR of over 12% during 2022-2027. The growing demand for smart infrastructure and building technologies, spurred by the adoption of IoT and BIM is driving construction companies to install the latest ICT solutions and remain competitive in the market.

Total ICT Revenue Opportunity in Construction, by Regions

Total ICT Revenue Opportunity in Construction, by Regions

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Scope

The Vertical intelligence report provides an in-depth analysis of the following –

  • The macroeconomic and regulatory context and government initiatives in construction vertical.

  • Enterprise ICT market outlook: analysis as well as historical figures and forecasts of revenue opportunities from ICT segments, ICT solution areas, and key regions.

  • Enterprise ICT Budget Allocations – 2022 vs 2023: Overview of survey findings regarding changes in the overall enterprise ICT budget allocations in 2023 compared to the previous year and across ICT segments, ICT solution areas, existing vs new IT projects.

  • Enterprise ICT growth drivers, market trends and challenges

  • IT hardware segment revenue and budget allocations outlook: analysis as well as historical figures and forecasts of revenue opportunities from ICT hardware solution areas and budget allocations by ICT hardware categories.

  • IT software segment revenue and budget allocations outlook: analysis as well as historical figures and forecasts of revenue opportunities from ICT software solution areas and budget allocations by ICT software categories.

  • IT services segment revenue and budget allocations outlook: analysis as well as historical figures and forecasts of revenue opportunities from ICT services solution areas and budget allocations by ICT services categories.

  • Enterprise Technology Priorities: Overview of survey findings on enterprise investment priority for key solution areas in current vs next two years.

  • Company landscape: analysis of the market position of leading ICT providers in construction market.

  • Underlying assumptions behind our published base-case forecasts, as well as potential market developments that would alter, either positively or negatively, our base-case outlook.

  • The survey was conducted in H1 2023 via an online methodology, with respondents all having ICT decision maker responsibility (typically CIOs and IT Managers). GlobalData plans to repeat the survey in H1 2024, to monitor ICT budget changes on an ongoing basis.

Reasons to Buy

  • This Vertical Intelligence Report is based on GlobalData’s IT Customer Insight Survey carried out annually covering key ICT decision makers from enterprises in construction vertical and GlobalData’s Market Opportunity Forecasts to 2027, to offer a thorough, forward-looking analysis of Construction’s enterprise ICT investment priorities and ICT revenue opportunity market.

  • Accompanying GlobalData’s IT Customer Insight Survey and Market Opportunity Forecasts to 2027, the report examines the assumptions and drivers behind ongoing and upcoming trends in Construction’s enterprise ICT market.

  • The report offers a thorough analysis of enterprise ICT investment trends and how it has changed this year compared to previous year.

  • The report also presents an analysis of enterprise ICT budget allocations by various spending areas, business functions and product/service categories and how they have changed this year compared to previous years.

  • The report also presents an analysis of enterprise ICT revenue opportunity by various solution areas, enterprise size band, end-use verticals, and segment over the forecast period 2022-2027.

  • With more than 50 charts and tables, the report is designed for an executive-level audience, boasting presentation quality.

  • The report provides insights in a concise format to help executives build proactive and profitable growth strategies.

  • The report provides an easily digestible market assessment for decision-makers built around research gathered from the local IT decision makers, which enables executives to quickly get up to speed with the current and emerging trends in enterprise ICT investment priorities.

Table of Contents

Enterprise ICT Market in Construction Vertical (Highlights)

Survey Demographics

ICT in Construction Vertical – Market Overview

Market Dynamics

ICT Market by Infrastructure Segments

Enterprise Investment Priorities in Key Solution Areas

Enterprise Investment Priorities Across Key Verticals

Company Snapshot

Appendix

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