Cost-Estimating Software Market is expected to reach US$ 3.89 Billion by 2031

Growing Adoption of Cloud Computing to Fuel Cost-Estimating Software Market Growth During Forecast Period 

According to our latest study, “Cost-Estimating Software Market Size and Forecast (2021–2031), Global and Regional Share, Trend, and Growth Opportunity Analysis – by Deployment, Industry Vertical, and Geography," the market was valued at US$ 1.85 billion in 2023 and is expected to reach US$ 3.89 billion by 2031; it is estimated to record a CAGR of 9.7% from 2023 to 2031. The report includes growth prospects owing to the current cost-estimating software market trends and their foreseeable impact during the forecast period.

Cloud computing is a necessary component of all businesses and industries. The technology has served as a catalyst for growth, as it has radically transformed the way firms function. Organizations that move to the cloud can choose a subscription-based model that fits their budget, which eliminates the need for expensive hardware and installation. Rather than paying for unnecessary or undesired services, the majority of cloud solutions give businesses the option to pay for the resources they actually utilize. Businesses can benefit from a fast deployment cycle with cloud solutions. As cloud technology makes it simple for teams to view, modify, and share documents and data at any time and from any location, it enhances team cooperation. With cloud-based workflow and file-sharing tools, the company may get real-time updates and increase its productivity and efficiency. Such collaborative work ensures that all stakeholders have a comprehensive understanding of project costs, fostering better decision-making and project outcomes. Due to all the above benefits, various market players are introducing cloud-based cost estimation software. For instance, in March 2021, Autodesk, Inc. announced the launch of Autodesk Takeoff, a new product that helps estimators perform 2D and 3D quantification workflows from a common data environment to increase collaboration, speed, and accuracy during the estimation process. Also, this new Autodesk Takeoff provides updates in real-time with cloud-based document management. Integrating cost estimation software on a cloud platform helps provide increased scalability, accessibility, and real-time collaboration. Moreover, cloud-based cost estimation software facilitates better collaboration from anywhere and anytime. It also provides seamless interaction with Building Information Modeling (BIM) for a more comprehensive project view. Thus, the adoption of cloud computing is facilitating more collaborative approaches to cost estimation, which is fueling the cost-estimating software market growth.  

Cost-Estimating Software Market Analysis — by Geography

Source: The Insight Partners Analysis

Salesforce Inc; Oracle Corp; Sage Group Plc; Trimble Inc; Procore Technologies Inc; Autodesk Inc; RIB Software; Elecosoft; ConstructConnect; and MTI Systems, Inc are among the key players profiled in the cost-estimating software market report. Several other major players were also studied and analyzed during the market study to get a holistic view of the market and its ecosystem.

The report includes the cost-estimating software market forecast by deployment and industry vertical. Based on deployment, the cost-estimating software market is categorized into cloud and on premises. In terms of revenue, the cloud segment held the largest cost-estimating software market share and is expected to record the highest CAGR during the forecast period.

The scope of the cost-estimating software market report focuses on North America (the US, Canada, and Mexico), Europe (Spain, the UK, Germany, France, Italy, and the Rest of Europe), Asia Pacific (South Korea, China, India, Japan, Australia, and the Rest of Asia Pacific), the Middle East & Africa (South Africa, Saudi Arabia, the UAE, and the Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and the Rest of South & Central America). North America dominated the market in 2023, followed by Europe and APAC.

The Asia Pacific cost-estimating software market is segmented into Australia, China, Japan, India, South Korea, and the Rest of APAC. In terms of revenue, China held the largest cost-estimating software market share in APAC. As per the International Energy Agency (IEA), China will boost its renewable electricity capacity by almost 800 GW, which is an increase of 85% between 2021 and 2026, accounting for ~43% of total worldwide renewable energy capacity growth during that period. In addition, China’s offshore wind capacity increased from 16.9 GW in 2021 to 26.38 GW in 2022, which accounted for 86% of the global capacity rise. Further, as per the CNOOC Energy Economics Institute, the country has planned to install up to 30 GW of new offshore wind capacity before 2025. In February 2022, MingYang Smart Energy announced its plans to deploy two giant wind turbines, each with 16 MW capacity, in the South China Sea. Moreover, Chinese authorities have released a plan for developing a modern energy system during the 14th Five-Year Plan period (2021–2025) to promote wind power in places with rich wind resources and good development conditions. In March 2022, the Chinese government announced its plan to build 450 GW of solar and wind power generation capacity in the Gobi and other desert regions. According to the National Energy Administration (NEA), in the first nine months of 2022, China installed 52.6 GW of new solar capacity. This installation was ~106% higher compared to 2021 (25.56 GW). Furthermore, in September 2022, the investment in the solar sector increased 352.6% year-on-year (Y-o-Y) and stood at approximately US$ 19.16 billion. Thus, the growing investments in wind and solar energy projects will increase the need for cost-estimating software to predict the cost of the project, fueling the growth of the cost-estimating software market in the country.  

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