The construction accounting software market size is projected to reach US$ 1657.46 million by 2031 from US$ 984.73 million in 2023. The market is expected to register a CAGR of 6.7% during 2023–2031. The growing digitalization in the construction industry and the rising construction industry are likely to remain key trends in the market.
The rising demand from the residential and commercial sectors fuels the growing construction industry. This factor is leading to the adopting of construction accounting software by the construction companies' financial management. The software helps construction companies to accurately track money coming into and out of their businesses. The software handles aspects of the construction industry, such as job costing and retainage. Such features of construction accounting software lead to its adoption.
Construction accounting software provides financial management tools to small and, mid-sized construction companies and large construction companies for construction projects and activities. This software solution offers features such as payroll, job costing, general ledger, accounts payable and receivable (AP/AR), audit reporting, and others. Some construction accounting solutions focus on specific financial information for projects, whereas others provide accounting insights into the entire company.
Growing Construction industry
The construction industry is at the forefront of developing and improving infrastructure such as roads, railways, airports, and ports. These infrastructure investments improve the connectivity, trade, and economic development of any country. Thus, the growing construction industry is fuelling the adoption of construction accounting software, which is used for accounting applications, including accounts payable, accounts receivable, payroll, and general ledger, as well as modules for job cost, estimating, equipment control, inventory control, purchase orders, work orders and AIA billings.
Developing nations such as India and China are rapidly embracing digitalization, which is leading to the adoption of software solutions in various industries, including the construction industry. These countries are widely adopting construction accounting software to tackle challenges such as complex spreadsheets, lost receipts, and never-ending paperwork. The software adoption provides financial management functionality for construction firms.
Key segments that contributed to the derivation of the construction accounting software market analysis are offering, deployment, and application.
The geographic scope of the construction accounting software market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
North America region held a significant market share. The growing construction industry is the major factor driving the market in the region. The construction industry is one of the major contributors to the region's countries' economy, which has led to the adoption of software solutions for simplifying the tasks in construction accounting. The rising construction projects and growing residential sector are fueling the market growth.
The regional trends and factors influencing the Construction Accounting Software Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Construction Accounting Software Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 984.73 Million |
| Market Size by 2031 | US$ 1657.46 Million |
| Global CAGR (2023 - 2031) | 6.7% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Offering
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Construction Accounting Software Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Construction Accounting Software Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The construction accounting software market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the construction accounting software market are listed below:
The "Construction Accounting Software Market Size and Forecast (2021–2031)" report provides a detailed analysis of the market covering below areas:
The estimated value of the construction accounting software market will be US$ 1657.46 million by 2031.
Sage Group plc; Chetu Inc.; Procore Technologies; Deltek Inc.; Foundation Software, LLC; Fresh book; Intuit Inc.; Buildertrend; Viewpoint Inc.; and Xero Limited are some of the key players operating in the construction accounting software market.
Upcoming mega projects in various industries are considered a key trend in the construction accounting software market.
The growing digitalization in the construction industry and the rising construction industry are the key driving factors impacting the construction accounting software market.
The global construction accounting software market is estimated to register a CAGR of 6.7% during the forecast period 2023–2031.