Press release
Breaking Ground on Profitability: How Construction Estimating Software is Maximizing Margins
The market for construction estimating software is anticipated to increase significantly with increasing digitalization, bringing in US$ 556.0 Million and displaying a 4.5% CAGR from 2022 to 2032. The market is anticipated to grow by 5.1% year over year to reach US$ 357.4 million in 2022 from its estimated value of US$ 340.0 million in 2021.Rapid digitalization in the construction industry is probably going to be the biggest factor pushing the market throughout the projection period.
The demand for construction estimating software has significantly increased as a result of recent developments in the construction industry, such as cloud computing. Because construction estimating software can increase the speed and accuracy of the entire estimation process of a construction project, it is an appropriate choice among the available options.
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Top Companies
• Autodesk, Inc.
• Buildsoft Pty Ltd.
• Corecon Technologies, Inc.
• Heavy Construction Systems Specialists, Inc.
• PlanSwift Software
• Sage Group plc
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.
• 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.
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Factors Fuelling Growth in Construction Estimating Software Market
The construction estimating software market has witnessed significant growth in recent years, driven by various factors. Firstly, the increasing complexity of construction projects has created a demand for advanced estimating tools that can streamline the estimation process and improve accuracy. With the growing need for precision in project costing, contractors and construction firms are turning to estimating software to better manage their budgets and reduce the risk of cost overruns. Secondly, the adoption of digital technologies in the construction industry has accelerated, with construction estimating software being a key component of this digital transformation.
Construction companies are leveraging software solutions to automate their estimating processes, which helps in reducing manual errors, improving efficiency, and saving time. Thirdly, the increasing emphasis on sustainability and green building practices has also fueled the demand for construction estimating software. These software tools enable construction professionals to assess the environmental impact of their projects and estimate the costs associated with sustainable materials and practices.
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
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Key Segments Covered in the Construction Estimating Software Industry Report
by Product
• construction accounting
• construction management
• construction suites
• project management
by End User
• Builders & Contractors
• Construction Managers
• Engineers & Architects
by Deployment
• On-cloud Construction Estimating software
• On-Premises Construction Estimating software
by Region
• North America
• Europe
• Asia-Pacific
• Middle East & Africa
• Latin America
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