NEW YORK, Jan. 30, 2024 /PRNewswire/ — The global construction estimation software market size is estimated to grow by USD 658.18 million from 2022 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 7.93% during the forecast period. North America held the largest share of the global market in 2022, and the region is estimated to witness an incremental growth of 32%. Technavio has segmented the market based on End-user (Architects and builders, Construction managers, Contractors, and Others), Deployment (Cloud-based and On-premise), and Geography (North America, Europe, APAC, Middle East and Africa, and South America). For more insights on the historical data (2017 to 2021) and forecast size (2023 to 2027) – Request a sample report
- It is anticipated to witness substantial growth driven by architects and builders, fueled by the demand for effective construction management solutions. With the increasing need for precise project cost estimation and efficient management, architects and builders are key end users. The proliferation of cloud-based solutions facilitates real-time collaboration, further boosting demand. Intense competition and major players’ presence are expected to propel market expansion in this segment.
Geography Overview
By geography, the global industry is segmented into North America, Europe, APAC, Middle East and Africa, and South America. The report provides actionable insights and estimates the contribution of all regions to the growth of the global industry.
- North America will contribute 32% to the growth during the forecast period.
Insights on the contribution of various segments including country and region wise historical data (2017 to 2021), and forecast size (2023 to 2027) – Download a Sample Report
The industry is propelled by the demand for cost-effective construction management solutions. Accurate project cost estimation and effective management are crucial for timely and budget-conscious completion. Solutions like Sage Software and PlanGrid offer advanced features for precise estimation and real-time communication, reducing errors and enhancing project management efficiency. This demand is expected to drive continued adoption, fostering growth during the forecast period.
Increased integration of 3D modeling and building information modeling (BIM) technologies is an emerging trend fueling the growth, whereas factors such as incorporating new software with legacy systems and software may hamper the growth.
Insights on Drivers, trends, & Challenges, historic period(2017 to 2021), and forecast period(2023 to 2027)- Request a sample report!
What are the key data covered in this report?
- CAGR during the forecast period
- Detailed information on factors that will drive the growth between 2023 and 2027
- Precise estimation of the size and its contribution to the parent market
- Accurate predictions about upcoming trends and changes in consumer behavior
- Growth of the industry across North America, Europe, APAC, Middle East and Africa, and South America
- A thorough analysis of the competitive landscape and detailed information about vendors
- Comprehensive analysis of factors that will challenge the growth of Construction Estimation Software vendors
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Construction Estimation Software: Enhancing Efficiency and Accuracy in Project Costing
Construction Estimation Software revolutionizes the industry by providing Cost Estimation Tools and Quantity Takeoff Software integrated with Building Information Modeling (BIM). These tools facilitate Project Cost Management, Construction Budgeting, and Bid Preparation, ensuring accurate Construction Cost Estimating. They enable detailed Material Cost Analysis and Labor Cost Estimation, enhancing Estimation Accuracy. With features like Digital Takeoff and Parametric Estimating, users can create precise Cost Breakdown Structures and leverage Construction Analytics for informed decisions. Cloud-Based Estimation offers real-time collaboration, while Automated Cost Estimation streamlines processes. Integration with ERP Systems ensures seamless resource management and project documentation. Mobile Estimation Apps enable cost tracking and risk analysis, while historical cost data provides valuable insights for cost reporting and analysis.
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Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging trends and provide actionable insights to help businesses identify opportunities and develop effective strategies to optimize their positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable insights to identify opportunities in existing and potential markets and assess their competitive positions within changing scenarios.
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SOURCE Technavio
