The “Construction Accounting Software Market” is expected to grow from US$ 943.91 million in 2022 to US$ 1,217.42 million by 2028; it is expected to grow at a CAGR of 6.3% from 2022 to 2028.
The construction accounting software market players use dedicated servers and data centers to store customer data and the company’s crucial information and plan samples. Several companies across industries face a significant threat from cyber attackers, and in the recent past, numerous cyber-attacks have been recorded. The data loss affects the reputation of accounting software providers, ultimately resulting in financial loss. To eliminate the risk of customer data loss and financial crisis, construction accounting software developing companies invest significant amounts in enhancing their security systems. The players are also developing and integrating robust anti-cyberthreat solutions to prevent the loss of crucial information and data.
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Companies Profiled in this report includes:
- Acclivity Group LLC
- Chetu Inc.
- Corecon Technologies Inc.
- Deltek Inc.
- Foundation Software, LLC
- Freshbook
- Intuit Inc.
- Sage Group
- Viewpoint Inc.
- Xero Limited
APAC is expected to register the highest CAGR in the construction accounting software market from 2022 to 2028. The growing population in India and China is raising the demand for commercial and residential infrastructure. Currently, China is witnessing various construction projects. For instance, in Q1 of 2022, a project for constructing a 56 km metro railway line in Foshan, Guangdong, started, which is expected to be completed in 2026. Similarly, the construction project of a 28 km metro rail line between Chuansha Road Station to Dongjing Road Station in Shanghai commenced in Q1 2022 and is expected to be completed in 2027. Thus, all such construction projects are expected to support the growth of the construction industry in the region, thereby fueling the construction accounting software market growth in the region. The economic growth within the MEA is attracting investors’ attention to countries such as Saudi Arabia and the UAE, which is anticipated to create opportunities for construction projects.
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Construction Accounting Software Market Segmentation:
By Offering:
- Solution
- Services
By Deployment:
- Cloud
- On-Premise
By Application:
- Small and Mid-sized Construction Companies
- Large Construction Companies
The COVID-19 crisis drastically affected two huge markets in APAC-India and China. Lockdowns and temporary shutdowns of construction sites across major countries in Asia Pacific and huge disruption of the supply chain of various materials and goods greatly impacted the construction industry. This caused serious delays in the construction of roads, schools, hospitals, ports, airports, and other critical pieces of infrastructure financed by public-private partnerships in Asia Pacific. All these factors negatively affected the adoption of construction accounting software in Asia Pacific.
However, in 2021, governments across Asia Pacific started investing heavily in infrastructure. According to the National Development and Reform Commission (NDRC), China has resumed construction on under 90% of key projects. All major railway projects have resumed operation, with 97% of major highway and waterway projects and 87% of airport projects also resuming construction in 2021. Such recovery in the construction industry will further boost the construction accounting software market growth in Asia Pacific.
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