The Construction Accounting Software Global Market Report 2023, provides comprehensive information on the construction accounting software market across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten year historic period – 2010-2021, and a ten year forecast period – 2023-2032.
Learn More On The Construction Accounting Software Market’s Growth:
As per The Business Research Company’s Construction Accounting Software Global Market Report 2023, the global construction accounting software market is expected to grow from $1.49 billion in 2022 to $1.58 billion in 2023 at a compound annual growth rate (CAGR) of 6.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The construction accounting software market is expected to reach $1.96 billion in 2027 at a CAGR of 5.5%.
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Product innovations are an emerging trend gaining popularity in the construction accounting software market. Major companies operating in the construction accounting software market are introducing innovative products to sustain their position in the market. For instance, in August 2022, AvidXchange, a US-based software company, launched AvidPay integrated with TimberScan Titanium, a new accounts payable solution for the construction industry. The company has incorporated comprehensive purchase-to-pay solutions designed for the construction sector to increase the efficiency of the funds’ payable process. With this provision, construction industry experts like contractors and developers can employ a single centralized, fully automated platform to manage financial duties such as invoices and facilitate payments remotely and more effectively from any location. The technology’s embedded workflow handles tasks such as purchasing orders, managing invoices, and facilitating payments, and users can also set up automatic routing rules to speed up payments.
The construction accounting software market is segmented:
1) By Component: Solution, Services
2) By Deployment Type: Cloud, On-Premises
3) By Functionality: Audit Reporting, Accounts Payable And Receivable, Project Costing, Other Functionalities
4) By Application: Small And Mid-Size Construction Companies, Large Construction Companies
North America was the largest region in the construction accounting software market in 2022.
The table of contents in TBRC’s construction accounting software market report includes:
- Executive Summary
- Construction Accounting Software Market Characteristics
- Construction Accounting Software Market Trends And Strategies
- Construction Accounting Software Market – Macro Economic Scenario
- Global Construction Accounting Software Market Size and Growth
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- Global Construction Accounting Software Market Competitive Benchmarking
- Global Construction Accounting Software Market Competitive Dashboard
- Key Mergers And Acquisitions In The Construction Accounting Software Market
- Construction Accounting Software Market Future Outlook and Potential Analysis
- Appendix
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The Business Research Company is a market intelligence firm that pioneers in market, company, and consumer research. TBRC’s specialist consultants are located globally and are experts in a wide range of industries that include healthcare, manufacturing, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries. Through the report businesses can gain a thorough understanding of the market’s size, growth rate, major drivers and leading players.
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