US Construction Accounting Software Market to Grow at a CAGR of 5.5% to reach US$ 331.00 million from 2022 to 2028

US Construction Accounting Software Market Forecast to 2028 - COVID-19 Impact and Country Analysis By Offering (Solution and Services), Deployment (On Premise and Cloud), and Application (Small and Mid-Sized Construction Companies and Large Construction Companies)

  • Report Code : TIPRE00029805
  • Category : Technology, Media and Telecommunications
  • Status : Published
  • No. of Pages : 101
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US Construction Accounting Software Market to Grow at a CAGR of 5.5% to reach US$ 331.00 million from 2022 to 2028

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The US construction accounting software market is projected to grow from US$ 239.56 million in 2022 to US$ 331.00 million by 2028; it is estimated to record a CAGR of 5.5% from 2022 to 2028.

The construction industry has begun to undergo technological transformation. Companies are implementing technologies to reduce costs and improve safety, efficiency, and quality of construction activities. The US is experiencing a rise in the number of construction projects, which are inclined toward adopting software-based solutions. As construction companies increasingly emphasize accounting decisions to determine the ROI and future of respective businesses, the demand for construction accounting software is rising. Analyzing finance using accounting software before starting a business allows emerging entrepreneurs to carry out unique business ideas and rapidly and efficiently reflect their vision. A business plan software analysis enables new business owners to understand the fundraising strategies and expansion policies. Additionally, the software-based accounting plans help end users foresee potential problems and obstacles. The awareness regarding the benefits of accounting software in construction projects is strongly growing among entrepreneurs in the US. Thus, many companies are offering construction accounting software due to the rising awareness among new entrepreneurs, which is expected to offer lucrative business opportunities for US construction accounting software market growth in the coming years.

Impact of COVID-19 Pandemic on US Construction Accounting Software Market

Since 2021, the construction industry has been improving rapidly due to rising construction projects and increasing investments in mega infrastructure development. According to the new residential construction statistics by the US Census Bureau and the US Department of Housing and Urban Development, privately‐owned housing completions were at an annual rate of 1,309,000 in February 2022, an increase of 5.9% from the January estimate of 1,236,000. Furthermore, single‐family housing completions in February 2022 were at a rate of 1,034,000, 12.1% higher than that of January at 922,000. Thus, such growth prospects in private home constructions in the post-pandemic scenario are expected to bolster the demand for construction accounting software in the country, which would propel the US construction accounting software market growth during the forecast period.

US Construction Accounting Software Market Insights

The construction industry is a major contributor to the US economy. As of 2020, the industry has more than 680,000 employers with ~7 million employees. Also, it creates nearly US$ 1.3 trillion worth of structures each year. The US economy has increased spending on the construction industry. In 2019, a few topmost construction spenders in the US were Texas (US$ 45.4 billion), New York (US$ 32.1 billion), California (US$ 24.8 billion), Florida (US$ 23 billion), and Pennsylvania (US$ 12.6 billion). Residential and nonresidential construction activities are increasing in the US. The US Census Bureau and the US Department of Housing and Urban Development have released their new residential construction statistics, which show 1,526,000 building permits, 1,425,000 housing construction starts, and 133,900 housing completions for October 2022 in the US. Further, public investment in affordable housing is supporting the residential building construction industry. All aspects described above about the construction of commercial and residential buildings in the US are projected to increase the penetration of construction accounting software. Also, the presence of construction accounting software providers such as Sage, Xero Limited, and Quickbooks would drive the US construction accounting software market growth during the forecast period.

Offering-Based Market Insights

The US construction accounting software market, by offering, is segmented into solution and services. In 2021, the solution segment accounted for a larger market share.

Deployment-Based Market Insights

The US construction accounting software market, based on deployment, is bifurcated into on premise and cloud. In 2021, the cloud segment accounted for a larger market share.

Application-Based Market Insights

The US construction accounting software market, based on application, is segmented into small and mid-sized construction companies and large construction companies. In 2021, the large construction companies segment accounted for a larger share in US construction accounting software market.

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US Construction Accounting Software Market: Strategic Insights

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The players operating in the US construction accounting software market adopt strategies such as mergers, acquisitions, and market initiatives to maintain their positions in the US construction accounting software market. A few developments by in the US construction accounting software market are listed below:

  • In 2022, Chetu Inc., a provider of world-class software development and support services, announced the opening of its latest software delivery center in Brandon, Florida.
  • In 2020, Sage, the market leader in cloud business management solutions, announced the launch of Sage Intacct Construction. Company stated that the new cloud financial management solution is designed to meet the unique needs of construction companies by building the leading construction management functionality of Sage 300 Construction (formerly Sage Timberline) onto the Sage Intacct multi-tenant cloud platform.

Company Profiles

  • Deltek Inc.
  • Sage Group
  • Xero Limited
  • Viewpoint Inc.
  • Intuit Inc.
  • Acclivity Group LLC
  • Chetu Inc.
  • Corecon Technologies Inc.
  • Freshbook
  • Foundation Software, LLC
Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

This text is related
to segments covered.

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

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to country scope.

Frequently Asked Questions


Who are the major vendors in the US construction accounting software market?

Deltek Inc.; Sage Group; Xero Limited; Viewpoint Inc.; and Intuit Inc are the top five key market players operating in the US construction accounting software market.

What is the future trend for US construction accounting software market?

Enhancing data security to prevent data loss is one of the major trend in the US construction accounting software market.

Based on offering, which segment is expected to dominate the US construction accounting software market in the forecast period?

Solution segment held the largest share in the construction accounting software market as construction accounting software solution allows contractors to manage their vendors and clients in a single dashboard and helps in construction companies’ credit management, cash application, invoicing, payments, collection, and other processes.

What are market opportunities for US construction accounting software market?

Increasing awareness of implementing technologies in construction industry is expected to offer lucrative business opportunities for market players in the coming years.

What are reasons behind US construction accounting software market growth?

Continuous rise in the number of construction projects worldwide generates significant demand for software-based accounting services., which is enduring the demand for construction accounting software.

1. Introduction

1.1 Scope of the Study

1.2 The Insight Partners Research Report Guidance

1.3 Market Segmentation

1.3.1 US Construction Accounting Software Market – By Offering

1.3.2 US Construction Accounting Software Market – By Deployment

1.3.3 US Construction Accounting Software Market – By Application

2. Key Takeaways

3. Research Methodology

3.1 Coverage

3.2 Secondary Research

3.3 Primary Research

4. US Construction Accounting Software Market Landscape

4.1 Market Overview

4.2 PEST Analysis

4.2.1 US - PEST Analysis

4.3 Ecosystem Analysis

4.4 Expert Opinion

4.5 Premium Insights

4.5.1 List of Companies Using Construction Accounting Software/Construction ERP in US/North America

4.5.2 Customer Buying Behaviour Analysis

4.5.2.1 Overview

4.5.2.2 Desire to Improve Estimating/Takeoff and Project Management Are Top Reasons for New Software

4.5.2.3 Top Requested Software Capabilities by Buyers

5. Construction Accounting Software Market– Key Market Dynamics

5.1 Market Drivers

5.1.1 Growing Construction Industry

5.1.2 Rising Penetration of ERP Modules in Construction Industry

5.2 Market Restraints

5.2.1 High Reliance on Traditional Accounting Tools

5.3 Market Opportunities

5.3.1 Increasing Awareness of Implementing Technologies in Construction Industry

5.4 Future Trends

5.4.1 Enhancing Data Security to Prevent Data Loss

5.5 Impact Analysis of Drivers and Restraints

6. Construction Accounting Software Market– US Analysis

6.1 Overview

6.2 Construction Accounting Software Market– US Revenue and Forecast to 2028 (US$ Million)

6.3 Market Positioning – Five Key Players

7. US Construction Accounting Software Market Analysis – By Offering

7.1 Overview

7.2 Construction Accounting Software Market, By Offering (2021 and 2028)

7.3 Solution

7.3.1 Overview

7.3.2 Solution: Construction Accounting Software Market Revenue and Forecast To 2028 (US$ Million)

7.4 Services

7.4.1 Overview

7.4.2 Services: Construction Accounting Software Market Revenue and Forecast To 2028 (US$ Million)

8. US Construction Accounting Software Market Analysis – By Deployment

8.1 Overview

8.2 Construction Accounting Software Market, By Offering (2021 and 2028)

8.3 On Premise

8.3.1 Overview

8.3.2 On Premise: Construction Accounting Software Market Revenue and Forecast To 2028 (US$ Million)

8.4 Cloud

8.4.1 Overview

8.4.2 Cloud: Construction Accounting Software Market Revenue and Forecast To 2028 (US$ Million)

9. US Construction Accounting Software Market Analysis – By Application

9.1 Overview

9.2 Construction Accounting Software Market, By Application (2021 and 2028)

9.3 Small and Mid-sized Construction Companies

9.3.1 Overview

9.3.2 Small and Mid-sized Construction Companies: Construction Accounting Software Market Revenue and Forecast To 2028 (US$ Million)

9.4 Large Construction Companies

9.4.1 Overview

9.4.2 Large Construction Companies: Construction Accounting Software Market Revenue and Forecast To 2028 (US$ Million)

10. Construction Accounting Software- COVID-19 Impact Analysis

10.1 US: Impact Assessment of COVID-19 Pandemic

11. Industry Landscape

11.1 Overview

11.2 Market Initiative

11.3 New Product Development

11.4 Merger and Acquisition

12. Company Profiles

12.1 Acclivity Group LLC

12.1.1 Key Facts

12.1.2 Business Description

12.1.3 Products and Services

12.1.4 Financial Overview

12.1.5 SWOT Analysis

12.1.6 Key Developments

12.2 Chetu Inc

12.2.1 Key Facts

12.2.2 Business Description

12.2.3 Products and Services

12.2.4 Financial Overview

12.2.5 SWOT Analysis

12.2.6 Key Developments

12.3 Corecon Technologies Inc

12.3.1 Key Facts

12.3.2 Business Description

12.3.3 Products and Services

12.3.4 Financial Overview

12.3.5 SWOT Analysis

12.3.6 Key Developments

12.4 Deltek Inc

12.4.1 Key Facts

12.4.2 Business Description

12.4.3 Products and Services

12.4.4 Financial Overview

12.4.5 SWOT Analysis

12.4.6 Key Developments

12.5 Foundation Software LLC

12.5.1 Key Facts

12.5.2 Business Description

12.5.3 Products and Services

12.5.4 Financial Overview

12.5.5 SWOT Analysis

12.5.6 Key Developments

12.6 FreshBooks USA Inc

12.6.1 Key Facts

12.6.2 Business Description

12.6.3 Products and Services

12.6.4 Financial Overview

12.6.5 SWOT Analysis

12.6.6 Key Developments

12.7 Intuit Inc

12.7.1 Key Facts

12.7.2 Business Description

12.7.3 Products and Services

12.7.4 Financial Overview

12.7.5 SWOT Analysis

12.7.6 Key Developments

12.8 Sage Group Plc

12.8.1 Key Facts

12.8.2 Business Description

12.8.3 Products and Services

12.8.4 Financial Overview

12.8.5 SWOT Analysis

12.8.6 Key Developments

12.9 Viewpoint Inc

12.9.1 Key Facts

12.9.2 Business Description

12.9.3 Products and Services

12.9.4 Financial Overview

12.9.5 SWOT Analysis

12.9.6 Key Developments

12.10 Xero Ltd

12.10.1 Key Facts

12.10.2 Business Description

12.10.3 Products and Services

12.10.4 Financial Overview

12.10.5 SWOT Analysis

12.10.6 Key Developments

13. Appendix

13.1 About The Insight Partners

13.2 Glossary

LIST OF TABLES

Table 1. US Construction Accounting Software Market– Revenue and Forecast to 2028 (US$ Million)

Table 2. Glossary of Terms, US Construction Accounting Software Market

LIST OF FIGURES

Figure 1. Construction Accounting Software Market Segmentation

Figure 2. US Construction Accounting Software Market Overview

Figure 3. Solution Segment Held The Largest Market Share In 2021

Figure 4. Cloud Segment Held The Largest Market Share In 2021

Figure 5. Large Construction Companies Segment Held the Largest Market Share in 2021 Based on Application

Figure 6. US – PEST Analysis

Figure 7. Expert Opinion

Figure 8. Buyers Current Method

Figure 9. Top Reasons for Evaluating Construction Software

Figure 10. Top Requested Software Capabilities by Buyers

Figure 11. US Construction Accounting Software Market: Impact Analysis of Drivers and Restraints

Figure 12. US Construction Accounting Software Market– Revenue and Forecast to 2028 (US$ Million)

Figure 13. Construction Accounting Software Market, By Offering (2021 and 2028)

Figure 14. Solution: Construction Accounting Software Market Revenue and Forecast to 2028 (US$ Million)

Figure 15. Services: Construction Accounting Software Market Revenue and Forecast to 2028 (US$ Million)

Figure 16. Construction Accounting Software Market, By Offering (2021 and 2028)

Figure 17. On Premise: Construction Accounting Software Market Revenue and Forecast to 2028 (US$ Million)

Figure 18. Cloud: Construction Accounting Software Market Revenue and Forecast to 2028 (US$ Million)

Figure 19. Construction Accounting Software Market, By Application (2021 and 2028)

Figure 20. Small and Mid-sized Construction Companies: Construction Accounting Software Market Revenue and Forecast to 2028 (US$ Million)

Figure 21. Large Construction Companies: Construction Accounting Software Market Revenue and Forecast to 2028 (US$ Million)

Figure 22. Impact of COVID-19 Pandemic in US Markets

The List of Companies - US Construction Accounting Software Market

  1. Acclivity Group LLC
  2. Chetu Inc.
  3. Corecon Technologies Inc.
  4. Deltek Inc.
  5. Foundation Software, LLC
  6. Freshbook
  7. Intuit Inc.
  8. Sage Group
  9. Viewpoint Inc.
  10. Xero Limited

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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