Outlook on the Construction Accounting Software Global Market to 2027 - by Component, Deployment Type & Application - ResearchAndMarkets.com

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The "Construction Accounting Software Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Component (Solution, Services); Deployment Type (Cloud, On-premises); Application (Small and Mid-Size Construction Companies, Large Construction Companies)" report has been added to ResearchAndMarkets.com's offering.

According to this report the market was valued at US$ 647.22million in 2019 and is projected to reach US$ 1033.46million by 2027; it is expected to grow at a CAGR of 6.1% from 2020 to 2027.

The US, Canada, and Mexico are the major economies contributing to the North America construction accounting software market. Continuous technological advancements led by tech giants along with notable investments in R&D activities, has created a stir in the region's competitive market. As the region is known for adopting advanced technologies in its early stage, the scope for construction accounting software would also increase. Economic development and considerable infrastructure development are resulting in regional revenue generation of the construction industry.

Further, the presence of construction associations such as the Construction Management Association of America (CMAA) and Associated General Contractors of America further contribute to growing construction industry. Construction is one of the crucial industries growing at an exponential rate in the region. The US, Canada, and Mexico's government bodies are investing substantial amounts in the development of commercial infrastructures, including airports, hospitals, hotels, office buildings, and universities. With a growing number of infrastructural projects, modern-day builders emphasize advanced technologies by using construction accounting software. This software enables the contractor and end user to manage their operations with minimal efforts and enhance productivity by analyzing performance constantly.

In 2019, Europe stood second in the construction accounting software market with a decent market share, and it is anticipated to witness a steady CAGR from 2020 to 2027.With the growing focus of construction companies toward adopting new technologies for streamlining the workflow, the digitization across the construction industry is growing. European Commission is taking several initiatives to support the digitization of the construction industry. For instance, the Digital Transformation Monitor initiative is aimed to monitor the key trends in the digital transformation and measures the progress made at the national and sector-specific level. European The growing digitization across the construction industry is expected to support the growth of Europe's construction accounting software market. Moreover, the region has various market players offering construction accounting software such as Xero Limited, Clip IT Solutions Ltd, Integrity Software Systems Ltd, and Eque2, among others.

Impact of COVID-19 on Construction accounting software market

According to the latest situation report from the World Health Organization (WHO), the US, Spain, Italy, France, Germany, the UK, Russia, Turkey, Brazil, Iran, and China are among the worst affected countries due to COVID-19 outbreak. The outbreak first began in Wuhan (China) during December 2019, and since then, it has spread at a fast pace across the globe. The COVID-19 crisis is affecting the industries worldwide, and the global economy is anticipated to take the worst hit in the year 2020 and likely in 2021.

The outbreak has created significant disruptions in the construction sector. The sharp decline in the international trade is negatively impacting the growth of the global economy. The production shutdowns, restrictions on supply chain, procurement management, labor scarcity, and border lockdowns to combat and contain the outbreak have adversely affected the construction sector. The production slowdown in the construction industry is directly affecting the adoption of various ad-hoc technologies and solutions such as construction accounting software, as the construction companies have reduced their spending on adopting several technology solutions to deal with the current scenario. The impact of COVID-19 outbreak on the global construction accounting software market growth in various countries/regions is described in the below sections.

Reasons to Buy

  • Highlights key business priorities in order to assist companies to realign their business strategies.

  • The key findings and recommendations highlight crucial progressive industry trends in the construction accounting software market, thereby allowing players to develop effective long term strategies.

  • Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.

  • Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it.

  • Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to component, deployment type and application.

Market Dynamics

Drivers

  • Blooming Construction Industry

  • Rising penetration of ERP modules in construction industry

Restraints

  • High Reliance on Traditional Accounting Tools

Opportunities

  • Growing Awareness in Developing Countries

Future Trends

  • Enhancing the Data Security to Prevent Data Loss

Companies Mentioned

  • Acclivity Group LLC

  • Chetu Inc

  • CMiC

  • Foundation software inc

  • FreshBooks

  • Intuit Inc.

  • Jonas construction software

  • Sage Group plc

  • Viewpoint, inc

  • Xero Limited

For more information about this report visit https://www.researchandmarkets.com/r/z75rd5

View source version on businesswire.com: https://www.businesswire.com/news/home/20201029005683/en/

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