Construction Cost Estimating Software Market is Expected to Reach US$ 732.4 Million and exhibiting a 6.34% CAGR from 2022-2032,-Invoice Simple, RedTeam, Quilder, Speedinvoice, Bluebeam, Connecteam, JBKnowledge, UDA Technologies, Glodon, Microsoft, eTakeof

With growing digitalization, the market for construction estimating software is likely to flourish, garnering US$ 732.4 Million and exhibiting a 6.34% CAGR from 2022-2032. The market is estimated at US$ 352.4 Million in 2021 and is likely to exhibit Y-O-Y increase of 6.23% to be valued at US$ 361.1 Million in 2022.

"Rapid digitalization in the construction sector is likely to play the most important role in driving the market in the forecast period.

Recent changes in the construction industry, such as cloud computing have significantly increased the demand for the construction estimating software market as construction estimating software has the ability to improve the accuracy and speed of the total estimation process of a construction project, this makes it a suitable option among the end-users.

The scope of this research report spans from the broad outlines of the Construction Cost Estimating Software market to delicate structures, classifications, and applications. This research report also provides a clear picture of the global market by presenting data through effective information graphics. It also provides a detailed list of factors affecting the growth of the market.

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Key Players Mentioned in the Global Construction Cost Estimating Software Market Research Report:

Invoice Simple, RedTeam, Quilder, Speedinvoice, Bluebeam, Connecteam, JBKnowledge, UDA Technologies, Glodon, Microsoft, eTakeoff, PrioSoft, Takeoff Live, AppliCad, ProEst, QuoteSoft, FastEST, Advanced Electrical Technologies, BuildingConnected, Vision InfoSoft

Global Construction Cost Estimating Software Market Segmentation:

Construction Cost Estimating Software Market Types:

On-premise, Cloud-based.

Construction Cost Estimating Software Market Applications:

Party A, Intermediaries, Construction Party

By Product, Which Segment is Likely to Lead the Construction Estimating Software Market?
Based on product, the construction accounting segment is expected to dominate the market in the forecast period. The segment is projected to exhibit a CAGR of 4.5% during the forecast period. The segment is expected to have experienced a CAGR of 5.1% during the timeframe of 2015-2021.

The construction accounting segment is among the major application of construction estimation software used to keep track of financial information/data for multiple business divisions of a single enterprise and payroll management, and inventory management for analyzing the cost. As construction accounting helps in managing the project in an efficient manner thus it remains the preferred choice for the construction estimating software market.
The base of geography, the world market of Construction Cost Estimating Software has segmented as follows:

North Americaincludes the United States, Canada, and Mexico
Europeincludes Germany, France, UK, Italy, Spain
South Americaincludes Colombia, Argentina, Nigeria, and Chile
The Asia Pacificincludes Japan, China, Korea, India, Saudi Arabia, and Southeast Asia
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Will Asia Pacific contribute a Lucrative Market Share?
APAC is projected to be the fastest-growing region during the forecast period. The rapid development of the region can be attributed to the presence of fast-developing countries like South Korea, China, and Japan. As per the analysis, China is anticipated to expand at a maximum CAGR of 3.9% during the forecast period.

South Korea and Japan are likely to exhibit a growth rate of 2.5% and 2.9% respectively from 2022-2032. However, with respect to the market size, China is projected to lead the region, garnering US$ 40.0 Million during the forecast period. On the other hand, South Korea and Japan are anticipated at US$ 20.1 Million and US$ 32.2 Million respectively.

What is the Competition Status in the Global Construction Estimating Software Market?
Key players in the global construction estimating software market are taking several initiatives to expand their reach in the global market. Players focus on industry collaborations, mergers & acquisitions, and partnerships. Some of the eminent players in the region include Autodesk, Inc., Buildsoft Pty Ltd., Corecon Technologies, Inc., Heavy Construction Systems Specialists, Inc., and PlanSwift Software among others.

Recent key developments in the construction estimating software industry include:

In April 2022 - Procore Technologies, Inc. announced a new integration with Building Transparency, with the mission to enable broad and swift action to address the construction industry's role in climate change. The integration enables Procore users to leverage the Embodied Carbon in Construction Calculator (EC3) in an effort to drive sustainability across the global construction industry.
In January 2022 - Corecon Technology Inc. announced a new integration with DocuSign eSignature for use within Corecon's cloud-based construction estimating project management and job cost software suit. This new feature allows Corecon subscribers to securely obtain and track electronic signatures on construction documents along with other project information in one secure location.
In October 2021 - Autodesk, Inc. has announced powerful new capabilities across Autodesk Construction Cloud and an expansion of its partner ecosystem, to connect their workflows on one platform. Advancements to Autodesk Build, including a new Schedule management tool, further connect office and field teams and data across the construction lifecycle. Project teams can now also integrate construction data from over 200 partners on Autodesk Construction Cloud to streamline construction management in one centralized location.

The objective of the studies:

- To provide a detailed analysis of the market structure along with a forecast of the various segments and sub-segments of the global Construction Cost Estimating Software Market.

-Provide information on factors affecting the growth of the market. To analyze the Construction Cost Estimating Software Market based on various factors- price analysis, supply chain analysis, Gate Five force analysis, etc.

-Provide historical and forecast revenue of market segments and sub-segments for four major geographies and their countries - North America, Europe, Asia, Latin America and Rest of the World.

-Provide country level market analysis relative to current market size and future prospects.

- To provide country level market analysis for the segment by application, product type and sub-segments.

-Provide a strategic profile of the major market players, by deeply analyzing their core competencies and drawing a competitive landscape for the market.

- Track and analyze competitive developments such as joint ventures, strategic alliances, mergers and acquisitions, new product developments, and research and developments in the global Construction Cost Estimating Software Market.

Factors Restraining Growth Of The Global Construction Estimating Software Market:
The global Construction Estimating Software Market growth is substantially hampered by several unfavorable factors. One of the biggest barriers to construction estimation software industry is the high and upfront ongoing cost of programs. To address this issue, numerous businesses have developed budget-friendly software solutions with a variety of features and versions. Engineers and other structural specialists are also hesitant to use building estimation software since it is time consuming and difficult to master.

Opportunities For Players Operating In The Global Construction Estimating Software Market:
The software also generates a 2D or 3D graphical view to estimate a built assembly, allowing user to visualize components of the project being estimated. With such software, one can quickly create complete reports and expert proposals, manage the bid day process, execute digital takeoffs, and generate project estimates. Construction estimating software aids in preparation of a detailed project cost evaluation by category, such as material, operation, and labour costs. All factors are expected to give good opportunity to players operating in industry to expand businesses.

Global Construction Estimating Software Market Revenue Led By
Software License Type Segment:
The construction estimating software market can be divided into perpetual license and subscription licensing segments based on the software license type. Permanently licensed software allows one to pay a one-time fee to use software indefinitely and this is called typical license model. A subscription type is one in which the user must pay a set amount for a set period in order to utilize the software. Unless the software license is renewed, it expires at the end of set time period. With rise of cloud-based software, this later sort of software licensing has gained popularity.

Global Construction Estimating Software Market Leading End-Use Segment:
The market can also be divided into small-sized project estimators, medium-sized project estimators, and large-sized project estimators based on project size. A large-scale construction plan or a project with a greater cost is likely to necessitate use of a large-scale project estimate to validate the project's construction.

North America Accounts For Largest Revenue Share In Global Construction Estimating Software Market:
North America is expected to dominate market across the forecast period owing to rising disposable income and majority of market players operating in the region. Construction estimation software is used to speed up and increase accuracy of a construction project's overall estimation process. The software gives clients an accurate cost estimate of project, which improves bidding process and productivity. These factors aid in determining construction project's bottom-line cost and, as a result, the profit margin.

Asia Pacific Continues To Lead In Terms Of Revenue CAGR:
The Asia Pacific Construction Estimating Software Market is expected to register fastest growth in CAGR over the forecast period. Construction estimating software is being more widely used across the region, which is propelling market forward. Furthermore, construction estimating software market is predicted to develop due to rising urbanization, an increase in construction activities, and low-cost solution provided by cloud-based deployment.

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Key Takeaways from the Market Study

The global construction estimating software market to value US$ 340.0 Million in 2021
the global construction estimating software market to exhibit a 4.5% growth rate from 2022-2032
By product, the construction accounting segment to record 4.5% during the forecast period
The global construction estimating software market to secure US$ 556.0 Million by 2032
The end-user segment is projected to witness 4.4% during the assessment period.
The UK market to value USD 22.9 Million while exhibiting a 3.2% growth rate in the assessment period.
Market in China is projected to secure USD 40.0 Million, expanding at a 3.9% CAGR in the forecast period
Market in Japan is expected to procure USD 32.2 Million while exhibiting a 2.9% CAGR from 2022-2032

Competitive Landscape

Key players in the global construction estimating software market are taking several initiatives to expand their reach in the global market. Players focus on industry collaborations, mergers & acquisitions, and partnerships. Some of the eminent players in the region include Autodesk, Inc., Buildsoft Pty Ltd., Corecon Technologies, Inc., Heavy Construction Systems Specialists, Inc., and PlanSwift Software among others. Recent key developments in the construction estimating software industry include:

In April 2022 - Procore Technologies, Inc. announced a new integration with Building Transparency with the mission to enable broad and swift action to address the construction industry's role in climate change. The integration enables Procore users to leverage the Embodied Carbon in Construction Calculator (EC3) in an effort to drive sustainability across the global construction industry.

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