PUBLISHER: The Business Research Company | PRODUCT CODE: 1409319
PUBLISHER: The Business Research Company | PRODUCT CODE: 1409319
“Construction Estimating Software Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on construction estimating software market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for construction estimating software? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The construction estimating software market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Construction estimating software represents a computer application designed for storing and transmitting crucial data related to estimating building expenses. Its purpose is to facilitate the work of construction estimators, offering solutions that range from simple spreadsheets to highly integrated estimating software.
The primary types of construction estimating software products include construction accounting software, construction management software, construction suites software, and project management software. Construction accounting software focuses on allocating expenditures to specific construction projects. It is available through perpetual software licenses, subscription software licenses, and other models, catering to small, medium, and large enterprises. This software can be deployed both on-premise and in the cloud, serving various end-users such as architects, builders, construction managers, contractors, and others in the construction industry.
The construction estimating software market research report is one of a series of new reports from The Business Research Company that provides construction estimating software market statistics, including construction estimating software industry global market size, regional shares, competitors with a construction estimating software market share, detailed construction estimating software market segments, market trends, and opportunities, and any further data you may need to thrive in the construction estimating software industry. This construction estimating software market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The construction estimating software market size has grown strongly in recent years. It will grow from $1.35 billion in 2023 to $1.48 billion in 2024 at a compound annual growth rate (CAGR) of 9.6%. The growth in the historical period can be credited to several factors including the transition towards digital construction processes, efforts to mitigate cost overruns, increased government investments in infrastructure projects, global expansion of the construction industry, fluctuations in labor and material costs, and the growing need for precision in bidding processes.
The construction estimating software market size is expected to see strong growth in the next few years. It will grow to $2.09 billion in 2028 at a compound annual growth rate (CAGR) of 8.9%. The anticipated growth in the forecast period can be linked to the increasing prevalence of design-build contracts, governmental endeavors aimed at developing smart cities, heightened emphasis on data security measures, the emergence of mobile estimating applications, and the integration of construction estimating software with project management systems. Noteworthy trends expected in this period encompass the adoption of cloud-based construction estimating solutions, a focus on customization and scalability, the utilization of AI-driven predictive analytics for cost forecasting, collaborative estimation platforms, and the integration with comprehensive cost databases.
The growth of the construction sector is anticipated to drive the expansion of the construction estimating software market in the future. Construction activities encompass a range of processes, including building creation, renovation, deconstruction, and maintenance, involving various tasks such as site preparation, excavation, drilling, and equipment supply. The heightened construction activity contributes to the market's growth as construction estimating software delivers rapid, visual, and accurate results, offering cost savings, improved planning, swift outcomes, and enhanced customer satisfaction. Notably, in April 2023, the United States Census Bureau reported an estimated construction spending of $1,844.1 billion in February 2023, compared to $1,753.1 billion in February 2022, reflecting the upward trend in construction projects. This surge underscores the driving force behind the construction estimating software market.
The construction estimating software market is poised to benefit from the ongoing trend of increasing urbanization. Urbanization, denoting the shift of population from rural to urban areas, results in the growth of cities and a corresponding decline in rural residency. In this context, construction estimating software plays a pivotal role in efficiently estimating project costs, managing budgets, and optimizing resource allocation amid escalating construction activities and urban infrastructure development. Recent data from October 2022, provided by the World Bank, indicates that around 56% of the global population, approximately 4.4 billion people, presently reside in urban areas. By 2050, this urban population is expected to exceed 7 out of 10 people, with a prediction of urban land consumption expanding at a rate up to 50% faster than population growth by 2030. The rise in urbanization acts as a significant driver for the growth of the construction estimating software market.
A prominent trend in the construction estimating software market is the emphasis on product innovations by major industry players. Companies operating in this market are actively engaged in developing innovative products to reinforce their market positions. A case in point is Trimble Inc., a US-based organization specializing in real-time network planning and management. In March 2021, Trimble Inc. introduced Trimble Quest, a cloud-based Software-as-a-Service (SaaS) tailored for estimating and budgeting in civil construction. Aimed at civil engineering contractors requiring precise cost estimates for quoting and financial management in civil construction projects, Trimble Quest boasts unique features, including team collaboration capabilities to expedite preconstruction and bidding processes, building a comprehensive price database for multiple projects, thereby ensuring swift and accurate bid generation, increased efficiency, and robust budget management and forecasting capabilities. This innovation underscores the dynamic landscape of the construction estimating software market, providing users with advanced tools to meet evolving industry demands.
Prominent players in the construction estimating software market are strategically incorporating cutting-edge tools, such as AI-based estimating software, to secure a competitive advantage. AI-based construction estimating software harnesses artificial intelligence (AI) and machine learning technologies to automate the cost estimation process, enhancing the precision and speed of overall project estimation. Notably, in September 2021, Togal.AI, a US-based construction technology startup, introduced its inaugural estimating tool, utilizing artificial intelligence (AI) for automation. Togal.AI revolutionizes the estimating process, automating tasks such as calculating room square footage, a manual process typically done using rollers, rulers, or a computer mouse, taking weeks for major project plans. Togal.AI completes these tasks within seconds, demonstrating a significant leap in efficiency.
In January 2023, Hexagon AB, a Sweden-based technology company, successfully acquired Projectmates, further enhancing its comprehensive construction portfolio, HxGN Smart Build. This strategic acquisition aligns with Hexagon's commitment to providing top EPCs and general contractors with an extensive suite of solutions. Projectmates, a US-based SaaS-enabled enterprise construction project management software provider, brings valuable features to the table, aiding construction professionals in accurate project cost estimation and effective budget management. The synergy between Hexagon and Projectmates strengthens the technology landscape in construction, combining reality capture solutions, enterprise planning, and project control software for a holistic approach to construction project management.
Major companies operating in the construction estimating software market report are 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., ProEst, Procore Technologies, STACK Construction Technologies, AccuLynx, HCSS, Clear Estimates, RSMeans data, Sigma Estimates, B2W Software, InEight, RedTeam Software, CostX, Esticom, Estimator360 Inc., WinEstimator Inc., Foundation Software, FastEST Inc., eTakeoff LLC, McCormick Systems, ConstructConnect, On Center Software, UDA Technologies, BidScreen XL, Causeway Technologies .
North America was the largest region in the construction estimating software market in 2023. The regions covered in the construction estimating software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the construction estimating software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The construction estimating software market includes revenues earned by entities by providing preliminary estimate, detailed estimate, quantity estimate, and bid estimate software. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.