Cost-Estimating Software Market Size Worth $3.89 Billion,

US & Canada, Oct. 16, 2024 (GLOBE NEWSWIRE) -- According to a new comprehensive report from The Insight Partners, the global Cost-Estimating Software market is observing significant growth owing to rising use of cost-estimating software in project management and growing adoption of cloud computing.

Global Cost-Estimating Software market experiences growing adoption of cloud computing. Browse Detailed Insights: https://www.theinsightpartners.com/reports/cost-estimating-software-market

The report runs an in-depth analysis of market trends, key players, and future opportunities. In general, the Cost-Estimating Software is applicable in a vast array of industry verticals that are expected to register strength during the coming years.

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Overview of Report Findings:

Market Growth: The Cost-Estimating Software market size is expected to reach US$ 3.89 billion by 2031 from US 1.85 billion in 2023, at a CAGR of 9.7% during the forecast period. Cost-estimating software combines multiple approaches and resources to provide precise cost estimates. It helps organizations make more informed financial decisions by combining historical data with current market trends. The software has a variety of embedded functionalities that let users conduct in-depth budgeting and expense analysis. Automating difficult computations decreases the possibility of human error to a large extent. Furthermore, it enables real-time data revisions, guaranteeing that the estimates are relevant throughout the project's life cycle.
Rising Use of Cost-Estimating Software in Project Management: Efficiency and accuracy are critical in the ever-changing field of project management. Using cost estimate software improves these areas significantly and offers several advantages. It greatly improves accuracy by reducing errors through the use of sophisticated algorithms, guaranteeing more accurate budget estimates. Additionally, the software accelerates the estimating procedure. Tasks that used to take hours or days can be completed in minutes using the software. In addition to saving time, this effectiveness enables project managers to react to changes more quickly, avoiding delays.
Integration of Artificial Intelligence and Machine Learning: Traditional cost estimation models frequently rely on manually picked characteristics, which are time-consuming and prone to bias. However, the use of technologies such as artificial intelligence (AI) and machine learning (ML) can considerably improve the precision of cost estimates by providing more accurate projections. Large datasets can be quickly analyzed by AI algorithms. As a result, they spot trends and patterns that human analysts would miss. This feature enables the creation of complex cost projections that take a wide range of variables into consideration. AI systems also constantly learn from fresh data. This implies that as a result of their improving precision over time, estimations become more accurate.
Geographical Insights: In 2023, North America led the market with a substantial revenue share, followed by Europe and Asia Pacific. Asia Pacific is expected to register the highest CAGR during the forecast period.

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Market Segmentation:

Based on deployment, the Cost-Estimating Software market is segmented into cloud and on premises. The cloud segment held a larger Cost-Estimating Software market share in 2023.
By industry vertical, the Cost-Estimating Software market is segmented into construction industry, oil and gas industry, mining industry, energy industry, and others. The construction industry segment held largest Cost-Estimating Software market share in 2023.
The Cost-Estimating Software market is segmented into five major regions: North America, Europe, APAC, Middle East and Africa, and South and Central America.

Competitive Strategy and Development:

Key Players: A few major companies operating in the Cost-Estimating Software market include Salesforce Inc, Oracle Corp, Sage Group Plc, Trimble Inc, Procore Technologies Inc, Autodesk Inc, RIB Software, Elecosoft, ConstructConnect, Siemens AG, SLB, Aspen Technology Inc, S&P Global Inc and MTI Systems, Inc.
Trending Topics: AI and Machine Learning Integration, Cloud-Based Cost Estimating Tools, BIM Integration, Real-Time Cost Data Access, among others.

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Global Headlines on Cost-Estimating Software:

"Salesforce Strengthens Investment in India, Expands Centre of Excellence in Hyderabad"
"Oracle Brings New Level of Intelligence to Construction Projects"
"Sage enhances its construction sector portfolio with the strategic acquisition of Bridgetown Software"
"Trimble Construction Cloud Powered by Microsoft Azure Launches at Trimble Dimensions+ Conference"

The construction of various industrial, commercial, and residential buildings is growing worldwide. For instance, in Q2 of 2022, the construction of four semiconductor chip manufacturing plants started in Texas, the US. The project aims to strengthen the domestic supply chain of semiconductors and is expected to be completed in Q4 2030. Similarly, in Q2 of 2023, the construction of the Krishnagiri EV manufacturing park started in India. The project includes the construction of an EV four-wheeler manufacturing plant and an EV cell manufacturing plant. The project is expected to be completed in Q4 2026 with the aim of increasing the production of EVs and their parts in the country. Also, in Q1 of 2022, the construction of Ostendstraße 1–14 Commercial Buildings started in Berlin, Germany, with an investment of ~US$ 1,293 million. The project aims to meet the growing requirement for office, hotel, retail, and commercial facilities in the country.

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The project is expected to be completed by Q4 of 2027. Furthermore, the construction of the Commerz III Commercial Office Complex started in Q1 of 2022 in Mumbai, India. This 43-story commercial office complex construction is expected to require an investment of ~US$ 900 million and will be completed by Q4 of 2027. Such a rise in construction activities worldwide is also boosting the need for cost-estimating software as it provides contractors with comprehensive information on labor, material, and other resource prices, enabling them to rapidly and precisely estimate the expenses of a project. In addition, market players are taking various initiatives to provide cost-estimating software, particularly for the construction industry. For instance, in December 2021, Autodesk, Inc. announced that it had acquired ProEst, a cloud-based estimating solution that enables construction teams to create estimates, perform digital takeoffs, generate detailed reports and proposals, and manage bid-day processes. Also, the company plans to integrate ProEst with Autodesk Construction Cloud, a comprehensive construction management platform that connects teams, data, and workflows across the entire building lifecycle. Increasing initiatives by the market players to increase the adoption of cost-estimating software in the construction industry and growing construction activities worldwide are expected to propel the growth of the cost-estimating software market during the forecast period.

In terms of revenue, North America dominated the cost-estimating software market share, followed by Europe and APAC. The cost-estimating software market in North America is subsegmented into the US, Canada, and Mexico. The US is anticipated to hold the largest cost-estimating software market share by 2031. According to the US Energy Information Administration, the total electricity consumption in the US in 2022 was ~4.07 trillion kWh. As the country is witnessing a continuous rise in electricity consumption, the US government is taking various initiatives to cater to this demand. For instance, in October 2023, the US government announced an investment of US$ 3.46 billion for 58 projects across 44 states of the country to strengthen electric grid resilience and reliability. This funding is done under the President's Bipartisan Infrastructure Law, under which these projects will use more than US$ 8 billion in federal and private investments to deliver affordable and clean electricity.

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Furthermore, according to the Preliminary Monthly Electric Generator Inventory report, the developers and power plant owners are working on various plans to add 62.8 GW of new utility-scale electric-generating capacity in 2024. This will lead to the addition of 55% more added capacity than the 40.4 GW added in 2023. Such initiatives by the government and power plant owners are expected to propel the growth of the market in the country. Furthermore, the construction is witnessing tremendous growth in the country. The government is taking various initiatives for infrastructural growth. In January 2023, the Federal Highway Administration (FHWA) announced an investment of US$ 2.1 billion in bridge infrastructure upgrades. The US$ 2.1 billion effort is part of the national government's large committed investment in restoring highway bridges across the country. Construction development in the US is anticipated to propel the growth of the cost-estimating software market.

Conclusion:

The cost-estimating software market is predicted to grow considerably during the forecast period due to the rising use of software in project management. The software helps in assisting project managers, engineers, and cost estimators in projecting the financial resources required to complete a project within its parameters. In addition, with the growing adoption of cloud computing for cost estimation, companies can quickly access relevant data and generate accurate estimates seamlessly. Furthermore, the growing adoption of advanced technologies such as AI and ML can considerably improve the precision of cost estimates by providing more accurate projections. Also, the increasing construction activities are expected to propel the demand for cost-estimating software as it can rapidly and precisely help estimate the expenses of a project. Moreover, the rising demand for cost visualization through VR & AR and the integration of blockchain technology for transparent cost estimation are expected to propel the cost-estimating software market growth during the forecasted period.

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The report from The Insight Partners, therefore, provides several stakeholders—including component providers, system technology integrators, system manufacturers and others—with valuable insights into how to successfully navigate this evolving market landscape and unlock new opportunities.

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The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

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Cost-Estimating Software Market Size Worth $3.89 Billion, Globally, by 2031 - Exclusive Report by The Insight Partners

The cost-estimating software market size is expected to reach US$ 3.89 billion by 2031 from US$ 1.85 billion in 2023 to record a CAGR of 9.7% from 2023 to 2031.

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