Construction Estimating Software Market Set to Soar with US$ 556.0 Million Valuation by 2032 - Autodesk, Inc., Buildsoft Pty Ltd. and more

The global construction estimating software market was valued at US$ 357.4 Million in 2022 and is expected to reach US$ 556.0 Million by 2032, growing at a CAGR of 4.5% from 2022 to 2032.

Construction estimating software is used by construction companies to estimate the costs and resources required for a particular project. It helps in streamlining the construction process and reduces the risk of errors and delays.

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Market Drivers:

• Increasing demand for cost-effective construction solutions: The growing demand for cost-effective construction solutions is driving the adoption of construction estimating software. The software enables construction companies to estimate costs accurately and helps in reducing overall project costs.

• Advancements in cloud computing and mobile technologies: The increasing adoption of cloud computing and mobile technologies is driving the growth of the construction estimating software market. Cloud-based software allows construction companies to access data from anywhere and on any device, making it easier to manage and track projects.

• Growing adoption of building information modeling (BIM): The growing adoption of BIM is also driving the growth of the construction estimating software market. BIM enables construction companies to create digital models of buildings and infrastructure, which can be used to estimate costs and resources accurately.

Market Key Players

• Autodesk, Inc.
• Buildsoft Pty Ltd.
• Corecon Technologies, Inc.
• Heavy Construction Systems Specialists, Inc.
• PlanSwift Software
• Sage Group plc
• STACK Construction Technologies
• Bluebeam Software Inc.
• 4Clicks Solutions
• Causeway Technologies and more

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Market Restraints:

• High cost of implementation: The high cost of implementing construction estimating software is a major restraint for the market. Many small and medium-sized construction companies cannot afford to invest in such software, which limits the growth of the market.

• Lack of skilled workforce: The lack of skilled workforce is another major restraint for the market. The adoption of construction estimating software requires a skilled workforce, which is often not available in many regions.

Segmentation:

The global construction estimating software market is segmented by deployment type, end-user, and region.

• By deployment type, the market is segmented into on-premise and cloud-based.

• By end-user, the market is segmented into residential, commercial, industrial, and infrastructure.

Regional Analysis:

North America dominated the global construction estimating software market in 2020 and is expected to maintain its dominance during the forecast period. The increasing adoption of cloud computing and mobile technologies and the growing demand for cost-effective construction solutions are driving the growth of the market in this region. Asia Pacific is expected to grow at the highest CAGR during the forecast period, driven by the growing adoption of construction estimating software in emerging economies such as China and India.

Recent Developments:

• In 2021, Procore Technologies announced the acquisition of Esticom, a leading provider of cloud-based estimating and takeoff solutions. The acquisition will allow Procore to offer its customers an end-to-end construction management platform that includes powerful estimating capabilities.
• In 2020, Trimble introduced the latest version of its Tekla Structures BIM software, which includes enhanced features for construction estimation and bidding. The new version offers better support for 5D BIM workflows and includes a range of productivity tools to help contractors and engineers streamline the estimation process.

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Market Opportunities:

• Rising demand for green building projects: The increasing demand for sustainable construction projects is creating significant growth opportunities for construction estimating software vendors. The software enables builders and contractors to estimate the cost of sustainable construction materials and helps in managing project costs effectively.

• Emergence of artificial intelligence and machine learning: The emergence of artificial intelligence and machine learning in the construction industry is expected to create significant growth opportunities for construction estimating software vendors. These technologies enable builders and contractors to perform accurate cost estimations, optimize resource utilization, and manage project risks effectively.

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