Construction Estimating Software Market Demand, Growth Prediction, Segments And Outlook By 2033

The construction estimating software market size has grown strongly in recent years. It will grow from $1.35 billion in 2023 to $1.48 billion in 2024 at a compound annual growth rate (CAGR) of 9.6%. The growth in the historic period can be attributed to shift to digital construction processes, cost overrun mitigation, government investments in infrastructure, global construction industry growth, labor and material cost fluctuations, demand for precision in bidding.

The construction estimating software market size is expected to see strong growth in the next few years. It will grow to $2.09 billion in 2028 at a compound annual growth rate (CAGR) of 8.9%. The growth in the forecast period can be attributed to rise in design-build contracts, government initiatives for smart cities, data security measures, mobile estimating applications, integration with project management software.. Major trends in the forecast period include cloud-based construction estimating solutions, customization and scalability, ai-based predictive analytics for cost trends, collaborative estimation platforms, integration with cost databases..

Market Overview -
Construction estimating software is a computer application that saves and transmits data and information relevant to the process of estimating building expenses. Construction estimating software is designed to make the work of construction estimators easier and their work more efficient which can range from simple spreadsheets to highly integrated estimating software.

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Rising Construction Activity Fuels Growth In The Construction Estimating Software Market
The increasing construction activity is expected to propel the growth of the construction estimating software market going forward. Construction refers to the creation, rebuilding, deconstruction, maintenance, or restoration of buildings, structures, or other civil engineering or architectural work and involves site preparation, excavation, drilling, seismic study, product and material supply, and equipment and machinery supply. The increased construction activity boosts the expansion of the construction estimating software market as construction estimating software offers fast, illustrated, and precise results and data solutions to their clients and also provides cost savings, better planning, faster results, and customer satisfaction. For instance, in April 2023, according to the United States Census Bureau, a US-based primary agency of the Federal Statistics System, construction spending was estimated to be $1,844.1 billion in February 2023, up from $1,753.1 billion in February 2022. Additionally, construction spending in the first two months of 2023 was $260.8 billion, which increased from $246.1 billion in the same period in 2022. Therefore, the increase in construction activity is driving the growth of the construction estimating software market.

Competitive Landscape -
Major companies operating in the construction estimating software market report are Autodesk Inc., Bluebeam Inc., Corecon Technologies Inc., Glodon Company Limited, Microsoft Corporation, RIB Software SE, Sage Group PLC, Trimble Inc., AppliCAD PCL, PrioSoft, Buildsoft Pty Ltd., Heavy Construction Systems Specialists Inc., PlanSwift Software LLC, Oracle Corporation, Advanced Electrical Technologies Inc., QuoteSoft Inc., ProEst, Procore Technologies, STACK Construction Technologies, AccuLynx, HCSS, Clear Estimates, RSMeans data, Sigma Estimates, B2W Software, InEight, RedTeam Software, CostX, Esticom, Estimator360 Inc., WinEstimator Inc., Foundation Software, FastEST Inc., eTakeoff LLC, McCormick Systems, ConstructConnect, On Center Software, UDA Technologies, BidScreen XL, Causeway Technologies .

Construction Estimating Software Market Fueled By Innovative Solutions
Product innovations are a key trend gaining popularity in the construction estimating software market. Major companies operating in the construction estimating software market are focused on developing innovative products to strengthen their position in the market. For instance, in March 2021, Trimble Inc., a US-based company that plans, creates, and manages real-time networks that consistently produce accurate and trustworthy data, launched Trimble Quest, a cloud-based software-as-a-service (SaaS) for estimating and budgeting for experts in civil construction. This software is intended for civil engineering contractors that require precise estimated costs to efficiently quote and handle finances for civil construction projects. The unique characteristics of Trimble Quest include its team collaboration to accelerate the preconstruction and bidding procedures by building a price database that can be utilized on multiple projects and used to rapidly and correctly produce bids, increased efficiency, and budget management and forecasting.

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Key Segments -
The construction estimating software market covered in this report is segmented -
1) By Product: Construction Accounting, Construction Management, Construction Suites, Project Management
2) By Software License: Perpetual License, Subscription License, Other Software Licences
3) By Deployment: Cloud, On-Premise
4) By Enterprise Size: Small And Medium Enterprises, Large Enterprises
5) By End-Use: Architects And Builders, Construction Managers, Contractors, Other End-Users

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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