New York, June 01, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Construction Estimating Software Global Market Report 2023" - https://www.reportlinker.com/p06464247/?utm_source=GNW
, AppliCAD PCL, PrioSoft, Buildsoft Pty Ltd., Heavy Construction Systems Specialists Inc., PlanSwift Software LLC, Oracle Corporation, Advanced Electrical Technologies Inc., and QuoteSoft Inc.
The global construction estimating software market is expected to grow from $1.23 billion in 2022 to $1.34 billion in 2023 at a compound annual growth rate (CAGR) of 9.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The construction estimating software market is expected to reach $1.87 billion in 2027 at a CAGR of 8.6%.
The construction estimating software market includes revenues earned by entities by providing preliminary estimate, detailed estimate, quantity estimate, and bid estimate software.The market value includes the value of related goods sold by the service provider or included within the service offering.
Only goods and services traded between entities or sold to end consumers are included.
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.
North America was the largest region in the construction estimating software market in 2022. The regions covered in the construction estimating software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of construction estimating software products are construction accounting software, construction management software, construction suites software, and project management software.Construction accounting refers to the field of accounting that allocates expenditures to specific construction projects.
It is available in perpetual software licenses, subscription software licenses, and others, and is available for small and medium enterprises as well as large enterprises. It can be deployed on premise and in the cloud by various end-users such as architects and builders, construction managers, contractors, and others.
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.
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.
In October 2020, Procore Technologies Inc., a US-based provider of construction management software, company, acquired Esticom for an undisclosed amount. Through this acquisition, Procore Technologies Inc. will expands its product capabilities into the early phases of the construction project life cycle, integrating owners, general contractors, and specialty contractors on a single platform. Also, the deal is expected to enhance Procore Technologies Inc.’s preconstruction offering with robust estimating features, permitting more accurate cost estimates, aiding general contractors and specialized contractors in winning more tenders, boosting efficiency, and lowering risk throughout the project’s duration. Esticom is a US-based cloud-based construction estimating software company that assists contractors in project management by providing real-time access to labor, price, designs, and material databases.
The countries covered in the construction estimating software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The construction estimating software market research report is one of a series of new reports that provides construction estimating software market statistics, including construction estimating software industry global market size, regional shares, competitors with a construction estimating software market share, detailed construction estimating software market segments, market trends, and opportunities, and any further data you may need to thrive in the construction estimating software industry. This construction estimating software market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Read the full report: https://www.reportlinker.com/p06464247/?utm_source=GNW
About Reportlinker
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.
__________________________
