Construction Accounting Software Market Will Escalate Rapidly in the Near Future

Posted by Avi on September 26th, 2022

According to The Insight Partners’ research, the global Construction Accounting Software Market was evaluated at US$ 704.06 million in 2019 and is expected to be worth US$ 1,101.61 million by 2027 to rise at an annual growth rate of 6.0% from 2020 to 2027. The booming construction industry and rising penetration of ERP modules in construction are the crucial factors credited for market expansion.

The third quarter of 2020 witnessed a little rise in the construction domain after being severely hit by COVID-19 pandemic. The growth in private housing and infrastructure uplifted the domain to a certain extent in the third and fourth quarter of 2020. Despite the pandemic and slowdown in property transactions, the private housing yield witnessed significant growth over the last five years up to 2021. On the global level, the construction industry is flourishing primarily in the US, the UK, Canada, India, and China with majority of infrastructure development in the technology and healthcare sectors. Although the US is dominating the construction ecosystem, the growth in Europe and Asia is also noteworthy and remarkable. This continuous development in construction worldwide demands software-based accounting services.

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The enterprise resource planning (ERP) software manages finances, supply-chain, operations, reporting, etc. of the company. Building information management (BIM) software has become a mainstream in the construction domain. The leading players in engineering and infrastructure market have considered the ERP or enterprise asset management (EAM) as the best choice for their overall project management. These practices in the construction market elevate the integrated approach toward financial allocations. The construction accounting software can be easily integrated with ERP modules. All these parameters are conducive to drive the global construction accounting software market.

On the contrary, the high reliability on traditional accounting tools impedes the growth of global construction accounting software market.

Based on component, the construction accounting software market is segmented into solution and services. The former captured 79.7% market share in 2019. It garnered US$ 535.90 million in 2019 and is estimated to generate US$ 840.89 million by 2027 to expand at a CAGR of 6.3% during 2020–2027.

According to deployment type, the construction accounting software market sphere is arrayed into cloud and on-premises. The cloud segment led the market with 74.5% business share in 2019, worth US$ 500.39 million. It is slated to amass US$ 814.22 million by 2027 to grow at 6.8% CAGR along the forecast period.

In terms of application, the global construction accounting software market is split into small & mid-sized construction companies and large construction companies. With 69.2% market share, the large construction companies segment dominated the business in 2019. It accrued US$ 465.18 million in 2019 and is speculated to account US$ 691.91 million by 2027 to feature a CAGR of 5.6% throughout the forecast period.

Regional analysis reveals that North America occupied 30.99% market share in 2019 with the sum of US$ 67,667.5 million. It is further forecasted to be worth US$ 122,288.5 million by 2027 at an annual growth rate of 10.0% along the forecast period. Meanwhile, Europe registered the highest CAGR of 11.8%. The regional business was valued at US$ 52,605.2 million in 2019 and is expected to hit US$ 108,054.0 million by 2027.

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Key players leading the global construction accounting software market are Acclivity Group LLC; Chetu Inc; CMiC; Foundation Software Inc; FreshBooks; Intuit Inc; Jonas construction software; Sage Group PLC; Viewpoint, Inc; and Xero Limited, among others.

  •        In June 2020, Chetu Inc announced a delivery of its latest web application to the American Dental Education Association (ADEA), the only national organization representing academic dentistry.

  •        In July 2020, Foundation Software Inc launched its second annual construction business survey to assess the current state of the industry, technology, and processes.

  •        In December 2019, Jonas Construction Software announced its integration with XOi Technologies to evaluate critical job content in real time and improve the communication and co-ordination between the office, technicians, and customers.

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Avi

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Avi
Joined: September 26th, 2022
Articles Posted: 29

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