Overview and Scope
Construction estimating software is a computer application that saves and transmits data and information relevant to the process of estimating building expenses. Construction estimating software is designed to make the work of construction estimators easier and their work more efficient which can range from simple spreadsheets to highly integrated estimating software.
Sizing and Forecast
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 historic period can be attributed to shift to digital construction processes, cost overrun mitigation, government investments in infrastructure, global construction industry growth, labor and material cost fluctuations, demand for precision in bidding..
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 growth in the forecast period can be attributed to rise in design-build contracts, government initiatives for smart cities, data security measures, mobile estimating applications, integration with project management software.. Major trends in the forecast period include cloud-based construction estimating solutions, customization and scalability, ai-based predictive analytics for cost trends, collaborative estimation platforms, integration with cost databases..
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Segmentation & Regional Insights
The construction estimating software market covered in this report is segmented –
1) By Product: Construction Accounting, Construction Management, Construction Suites, Project Management
2) By Software License: Perpetual License, Subscription License, Other Software Licences
3) By Deployment: Cloud, On-Premise
4) By Enterprise Size: Small And Medium Enterprises, Large Enterprises
5) By End-Use: Architects And Builders, Construction Managers, Contractors, Other End-Users
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
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Major Driver Impacting Market Growth
The increasing construction activity is expected to propel the growth of the construction estimating software market going forward. Construction refers to the creation, rebuilding, deconstruction, maintenance, or restoration of buildings, structures, or other civil engineering or architectural work and involves site preparation, excavation, drilling, seismic study, product and material supply, and equipment and machinery supply. The increased construction activity boosts the expansion of the construction estimating software market as construction estimating software offers fast, illustrated, and precise results and data solutions to their clients and also provides cost savings, better planning, faster results, and customer satisfaction. For instance, in April 2023, according to the United States Census Bureau, a US-based primary agency of the Federal Statistics System, construction spending was estimated to be $1,844.1 billion in February 2023, up from $1,753.1 billion in February 2022. Additionally, construction spending in the first two months of 2023 was $260.8 billion, which increased from $246.1 billion in the same period in 2022. Therefore, the increase in construction activity is driving the growth of the construction estimating software market.
Key Industry Players
Major companies operating in the construction estimating software market are focused on introducing advanced tools, such as AI-based estimating software, to gain a competitive edge in the market. AI-based construction estimating software leverages artificial intelligence (AI) and machine learning technologies to automate the cost estimation process, increasing the accuracy and speed of a project’s overall estimation process. For instance, in September 2021, Togal.AI, a US-based construction technology startup, launched its first estimating tool that automates the estimating process using artificial intelligence (AI). Togal asserts that it automates the estimating process, which involves calculating the square footage of each room in order to precisely estimate the cost of the building. Usually, estimators accomplish this manually by using rollers, rulers, or a computer mouse click and drag. Major project plans can run into hundreds of pages and require weeks to finish. Togal can complete those tasks in a matter of seconds.
The construction estimating software market report table of contents includes:
1. Executive Summary
2. Construction Estimating Software Market Characteristics
3. Construction Estimating Software Market Trends And Strategies
4. Construction Estimating Software Market – Macro Economic Scenario
5. Global Construction Estimating Software Market Size and Growth
…
31. Global Construction Estimating Software Market Competitive Benchmarking
32. Global Construction Estimating Software Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Construction Estimating Software Market
34. Construction Estimating Software Market Future Outlook and Potential Analysis
35. Appendix
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