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6.1% CAGR, Construction Accounting Software Market impelled by Blooming Construction Industry by 2027

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6.1% CAGR, Construction Accounting Software Market impelled by Blooming Construction Industry by 2027

December 08
22:08 2021
6.1% CAGR, Construction Accounting Software Market impelled by Blooming Construction Industry by 2027
The Insight Partners
Construction Accounting Software Market is emerging with Rising penetration of ERP modules in construction industry by 2027

According to The Insight Partners latest market study on “Construction Accounting Software Market to 2027 – COVID-19 Impact, and Global Analysis and Forecast – by  Component (Solution, Services); Deployment Type (Cloud, On-premises); Application (Small and Mid-Size Construction Companies, Large Construction Companies) and Geography,” the market was valued at US$ 647.22 million in 2019 and is projected to reach US$ 1033.46 million by 2027; it is expected to grow at a CAGR of 6.1% from 2020 to 2027. 

Impact of COVID-19 Pandemic on Construction Accounting Software Market

The COVID-19 crisis is affecting the industries worldwide, and the global economy is anticipated to take the worst hit in the year 2020 and likely in 2021 also. The outbreak has created significant disruptions in the construction sector. The sharp decline in the international trade is negatively impacting the growth of the global economy. The production shutdowns, restrictions on supply chain, procurement management, labor scarcity, and border lockdowns to combat and contain the outbreak have adversely affected the construction sector. The production slowdown in the construction industry is directly affecting the adoption of various ad-hoc technologies and solutions such as construction accounting software, as the construction companies have reduced their spending on adopting several technology solutions to deal with the current scenario.

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Enhancing the data security to prevent data loss is attributing to the growth of the market. The construction accounting software market players use dedicated servers to store customer’s data. The software developer is significantly emphasizing cybersecurity measures to safeguard customer’s data from cyber attackers. Several companies across industries face a significant threat from cyber attackers, and in the recent past, numerous cyber-attacks have been recorded. The loss of customer’s data affects the reputation of accounting software providers, ultimately resulting in financial loss. Intending to eliminate the risk of customer’s data loss and financial crisis, the construction accounting software developing companies invest significant amounts in enhancing their security systems. Thus, strengthening the security level with advanced encryptions patches would benefit the companies, ultimately resulting in a higher customer base and financials. This is expected to drive the growth of the construction accounting software market during the forecast period.

Growing Awareness in Developing Countries

The developing countries are experiencing a rise in the number of construction projects in recent years, which are inclined toward adopting software-based solutions. Attributing to the fact that the construction companies are increasingly emphasizing accounting decisions to determine the ROI and future of respective businesses, the demand for construction accounting software is rising. Analyzing the financials using accounting software before starting a business allows emerging entrepreneurs to carry out unique business ideas and quickly and efficiently reflect their vision. A business plan software analysis also enables the new business owners to understand the fundraising strategies and expansion policies. Additionally, the software-based accounting plans help the end-user foresee problems and obstacles before the same. The awareness related to accounting software benefits in construction projects is strongly growing among entrepreneurs in developing regions. These factors are offering lucrative business opportunities for business plan software market players.

Strategic Insights:

Players operating in the construction accounting software market are mainly focused on the development of advanced and efficient products.

  • In 2020, The innovation leader in ERP and field operations software for the construction industry in North America – has announced a joint venture with ALEC Engineering and Contracting LLC, the award-winning multidisciplinary construction firm based in Dubai and serving the Middle Eastern region. After a thorough evaluation of several ERP solutions, ALEC selected CMiC’s complete enterprise platform to run its financials and field operations.
  • In 2020, Thoma Bravo, a leading private equity investment firm focused on the software and technology-enabled services sectors, announced the completion of its acquisition of Foundation Software, a leading provider of construction accounting software and payroll services for small- to mid-sized specialty contractors.

 

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About Us: 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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Contact Person: Sameer Joshi

E-mail: sales@theinsightpartners.com 

Phone: +1-646-491-9876

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Contact Person: Sameer Joshi
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Phone: +1-646-491-9876
City: Pune
State: Maharashtra
Country: India
Website: https://www.theinsightpartners.com/pr/construction-accounting-software-market/

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