Dublin, Aug. 18, 2023 (GLOBE NEWSWIRE) -- The "Construction Estimating Software Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.
The construction estimating software market is poised for significant growth, expected to reach $1.34 billion in 2023, with a compound annual growth rate (CAGR) of 9.6%. This momentum is projected to continue, reaching $1.87 billion in 2027, with a CAGR of 8.6%.
North America dominated the construction estimating software market in 2022, but the regions covered in the market report include Asia-Pacific, Western Europe, Eastern Europe, South America, the Middle East, and Africa.
The growth of the construction estimating software market is further driven by increasing construction activity worldwide. As construction activity rises, the demand for construction estimating software also increases due to its ability to provide fast, precise results and data solutions, cost savings, improved planning, faster outcomes, and enhanced customer satisfaction. For example, in April 2023, the United States Census Bureau reported that construction spending reached $1,844.1 billion in February 2023, up from $1,753.1 billion in February 2022. Furthermore, construction spending for the first two months of 2023 was $260.8 billion, an increase from $246.1 billion in the same period in 2022. These figures indicate the positive impact of increased construction activity on the growth of the construction estimating software market.
A prominent trend in this market is the focus on product innovations, with major companies aiming to strengthen their positions by developing cutting-edge solutions. For instance, Trimble Inc., a US-based firm specializing in real-time network management, launched Trimble Quest. This cloud-based software-as-a-service (SaaS) targets civil engineering contractors, offering precise estimated costs for efficient quoting and financial management of civil construction projects. Trimble Quest boasts features such as team collaboration for accelerated preconstruction and bidding processes, a versatile price database for multiple projects, increased efficiency, and budget management and forecasting.
Procore Technologies Inc., a US-based construction management software provider, acquired Esticom, a cloud-based construction estimating software company. This strategic move expands Procore Technologies' product capabilities into the early phases of construction projects, enabling integration among owners, general contractors, and specialty contractors on a single platform. The acquisition also enhances Procore Technologies' preconstruction offering with robust estimating features, enabling more accurate cost estimates and contributing to increased tender wins, enhanced efficiency, and reduced project risks.
Key players in the construction estimating software market include Autodesk Inc., Bluebeam Inc., Corecon Technologies Inc., Glodon Company Limited, Microsoft Corporation, RIB Software SE, Sage Group PLC, Trimble Inc., AppliCAD PCL, PrioSoft, Buildsoft Pty Ltd., Heavy Construction Systems Specialists Inc., PlanSwift Software LLC, Oracle Corporation, Advanced Electrical Technologies Inc., and QuoteSoft Inc.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 275 |
| Forecast Period | 2023-2027 |
| Estimated Market Value (USD) in 2023 | $1.34 Billion |
| Forecasted Market Value (USD) by 2027 | $1.87 Billion |
| Compound Annual Growth Rate | 8.7% |
| Regions Covered | Global |
Key Topics Covered
1. Executive Summary
2. Construction Estimating Software Market Characteristics
3. Construction Estimating Software Market Trends And Strategies
4. Construction Estimating Software Market - Macro Economic Scenario
4.1. COVID-19 Impact On Construction Estimating Software Market
4.2. Ukraine-Russia War Impact On Construction Estimating Software Market
4.3. Impact Of High Inflation On Construction Estimating Software Market
5. Construction Estimating Software Market Size And Growth
5.1. Global Construction Estimating Software Historic Market, 2017-2022, $ Billion
5.1.1. Drivers Of The Market
5.1.2. Restraints On The Market
5.2. Global Construction Estimating Software Forecast Market, 2022-2027F, 2032F, $ Billion
5.2.1. Drivers Of The Market
5.2.2. Restraints On the Market
6. Construction Estimating Software Market Segmentation
6.1. Global Construction Estimating Software Market, Segmentation By Product, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Construction Accounting
- Construction Management
- Construction Suites
- Project Management
6.2. Global Construction Estimating Software Market, Segmentation By Software License, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Perpetual License
- Subscription License
- Other Software Licences
6.3. Global Construction Estimating Software Market, Segmentation By Enterprise Size, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Small And Medium Enterprises
- Large Enterprises
6.4. Global Construction Estimating Software Market, Segmentation By Deployment, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Cloud
- On-Premise
6.5. Global Construction Estimating Software Market, Segmentation By End-Use, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Architects And Builders
- Construction Managers
- Contractors
- Other End-Users
7. Construction Estimating Software Market Regional And Country Analysis
7.1. Global Construction Estimating Software Market, Split By Region, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
7.2. Global Construction Estimating Software Market, Split By Country, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
A selection of companies mentioned in this report includes:
- Autodesk Inc.
- Bluebeam Inc.
- Corecon Technologies Inc.
- Glodon Company Limited
- Microsoft Corporation
- RIB Software SE
- Sage Group PLC
- Trimble Inc.
- AppliCAD PCL
- PrioSoft
- Buildsoft Pty. Ltd.
- Heavy Construction Systems Specialists Inc.
- PlanSwift Software LLC
- Oracle Corporation
- Advanced Electrical Technologies Inc.
- QuoteSoft Inc.
For more information about this report visit https://www.researchandmarkets.com/r/4spl7m
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