Global Construction Accounting Software Market Expected to Increase Highest Revenue by 2027: CMiC, Procore, RedTeam, PrioSoft, Microsoft, Contractors Software Group,

Overview:

Construction accounting software is accounting software for contractors. Basic accounting features and functions are present in this software. The key function of the software includes account payable, accounts receivables, and general ledger. The software also includes modules for construction-specific functions, including material billing, equipment tracking with time, and a consolidated general ledger. This software helps construction companies in managing all the details including project management, material take-off, job costing, estimating, cost control, and assessing the construction risks. In terms of geography, the global construction accounting software market is divided into six regions, such as North America, Europe, Asia Pacific, Middle East, Africa, and South America.

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Drivers:

The rising penetration of ERP modules in the construction industry, rising requirements for large-scale project management, and increasing investments in R&D activities are some of the factors expected to drive the global construction accounting software market growth. Rising technological advancements and the booming construction industry are some of the key driving factors for the global construction accounting software market. For instance, in October 2018, Jonas Construction Software releases new Enterprise Business Intelligence (EBI) App for iOS & Android Mobile Devices which features easy real-time reports, leverages the DataMart SQL database, generates a graphical representation of any report, etc.

Restraints:

Interoperability issues, availability of free construction accounting software, restriction on supply chains, production shut down, and adverse impact due COVID-19 is expected to hinder the growth of the global construction accounting software market

Regional Insights:

North America is expected to witness robust growth in the global construction accounting software market due to rising economic development and considerable infrastructure development, stronger government investments, increasing development of commercial infrastructures, and advancement in technological development. For instance, in July 2020, Alec and Cundall collaborated to transform the construction industry for the better. Through this collaboration they came up with innovative solutions, BRAINS – the Built Environment Ranking Artificial Intelligence Network System, that takes the next generation of technology, ubiquitous computing, which automates the external world, and further applying it for the built environment and the construction industry.

In 2019, Europe stood second in the global construction accounting software market due to the adoption of new technologies for streamlining the workflow, increased R&D investments, and the digitization across the construction industry.

Competitive Section:

Major players operating in the global construction accounting software market are CMiC, Procore, RedTeam, PrioSoft, Microsoft, Contractors Software Group, Computer Guidance, KEY2ACT, Core Associates, Sage, Spitfire, ComputerEase, ProContractor, FOUNDATION Construction Accounting, Spectrum Construction Software, Jonas Enterprise, JOBPOWER, Explorer Eclipse, Ventus, and Vista.

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In August 2020, Reliance construction partnered with Procore for construction management software.

In November 2020, CMiC connected customer conference showcases mobility, analytics, and integration to accelerate digital transformation in construction through their mobile app.

This report is a comprehensive research on the Construction Accounting Software market. It is designed to analyze and forecast the size of the Construction Accounting Software market across a variety of industries, includes short-term and long-term trends that affect market conditions. In addition, the report provides market momentum, constraints, and potential opportunities.

Research studies use the analysis of the different types of information contained in the survey to analyze Construction Accounting Software at the global, regional, and national levels. The main strategies seen by Construction Accounting Software companies in recent years are diversification, application expansion, and investment in new markets.

Regional Analysis:

The size of the Construction Accounting Software market is divided into different types, applications, and regions. Construction Accounting Software market share across types and applications is provided at each regional level. The five regions covered by the report include North America, Asia Pacific, Europe, Middle East Africa, South, and Central America. In addition, it provides country-level market value.

Construction Accounting Software Market Report helps industrial, and commercial buyers, manufacturers, governments, and other stakeholders implement market-centric tactics in line with forecasts for general trends within the global market. It's a good compilation of all the data you need.

The report primarily looks at Construction Accounting Software market size, recent trends and developments, investment opportunities, market dynamics (driving factors, restraining factors, etc.), and industry news (merger, acquisition, investment, etc.). Technological innovations and advances will further optimize product performance and make it more widely used in downstream applications. In addition, Porter's Five Forces Analysis (potential entrants, suppliers, agents, buyers, industry competitors) provides important information to know the Construction Accounting Software market.

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