New York, July 27, 2022 (GLOBE NEWSWIRE) -- As per a study conducted by Persistence Market Research, the global construction estimating software market is anticipated to secure US$ 357.4 Million in 2022, whereas, it was valued US$ 340.0 Million in 2021. Owing to the rapid digitalization in the construction sector, the market for construction estimating software is likely to flourish significantly, securing US$ 556.0 Million while recording a CAGR of 4.5% during the forecast period from 2022-2032.
Increasing demand for cloud-based enterprise applications and their easy access through smartphones are some of the major factors driving the growth of the construction estimating software market. The introduction of IoT in construction estimating software has made the job easy by maximizing workflow effectiveness and providing an accurate estimation of the cost of the raw materials.
Construction estimating software helps commercial construction firms streamline their workflows and maximize productivity by digitalizing their preconstruction process this leads to accurate estimates, and improved construction bidding. Globally, rising construction spending is expected to be one of the long-term factors driving sales in the market over the forecast period.
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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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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.
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- 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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