Forecasting the Future: Construction Estimating Software Market Projected to Reach USD 2,612.23 Million by 2030 With CAGR: 8.2%

Report Overview

Construction estimating software is a tool designed to help contractors, architects, and construction professionals accurately estimate the costs associated with a construction project. These software solutions utilize various algorithms, databases, and templates to calculate costs based on factors such as materials, labor, equipment, overhead, and profit margins.

The global construction industry is experiencing significant growth, driven by urbanization, infrastructure development, and population growth. This growth has fueled the demand for construction estimating software as companies seek to capitalize on opportunities while effectively managing costs and resources.

According to the research report, the global construction estimating software market was valued at USD 1,284.13 million in 2021 and is expected to reach USD 2,612.23 Million by 2030, to grow at a CAGR of 8.2% during the forecast period.

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The increasing digitalization of various construction-related operations such as construction designing, fleet management, and cost estimation along with growing internet penetration across the world are major key factors favoring the market.

 Moreover, the rising adoption of several types of business developing strategies by key market players to increase their net sales and enhance their projects and operations are likely to impact the market growth.

 For instance, in March 2022, Cost Certified, a leading provider of construction estimating software, announced that it has partnered with Cedro, a SaaS provider for 3D home design. The partnership has been done to develop a single platform integrated with advanced designing and estimation tools for various types of residential projects.

Moreover, construction estimating software helps commercial construction firms streamline their workflows and maximize their productivity through the digitalization of their preconstruction process, which leads to accurate estimates and enhanced construction bidding coupled with the improved viability of work processes and precise assessment are likely to have a positive impact on the growth.

 The outbreak of the COVID-19 pandemic has significantly impacted the growth of the construction estimating software market. The emergence of the deadly coronavirus has enabled various challenges such as low productivity, low R&D investment, and affected margins. To get control over the COVID pandemic governments of various countries have imposed lockdowns and stringent regulations on the supply chain. These factors impacted the adoption and growth of the market negatively during the period.

Some of the major players operating in the global market include:

• Autodesk Inc.,
• Corecon Technologies Inc.,
• PrioSoft Construction Software,
• RIB Software SE,
• Sage Group Plc,
• Trimble Inc.,
• Blue Beam Software Inc.,
• AppliCad Public Company Ltd.,
• Glodon Company Ltd.,
• Advanced Electrical Technologies,
• QuoteSoft,
• Takeoff Live,
• Microsoft Corporation,
• UDA Technologies, 
• SAP SE.

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Growth Drivers:

Technological Advancements: The integration of technologies like artificial intelligence (AI), machine learning, and cloud computing has significantly enhanced the capabilities of Construction Estimating Software Market. These technologies enable more accurate cost predictions, faster analysis, and improved collaboration among project stakeholders.

Demand for Efficiency and Cost Reduction: In an increasingly competitive market, construction firms are under pressure to minimize costs and improve efficiency. Estimating software helps streamline the estimation process, reduces errors, and allows for better budget management throughout the project lifecycle.

 Complexity of Construction Projects: Modern construction projects are becoming more complex, involving multiple stakeholders, intricate designs, and stringent regulations. Estimating software provides the necessary tools to handle the complexity by offering detailed cost breakdowns, scenario analysis, and risk assessment functionalities.

Applications:

Cost Estimation: Construction Estimating Software Market enables users to generate accurate cost estimates for materials, labor, equipment, and other project expenses based on project specifications and historical data.

Bid Management: Contractors use estimating software to prepare and submit competitive bids for construction projects. The software facilitates the creation of detailed bid documents, cost breakdowns, and pricing strategies to improve the chances of winning contracts.

Project Planning and Scheduling: Estimating software integrates with project management tools to help plan and schedule construction activities more effectively. By aligning cost estimates with project timelines, stakeholders can optimize resource allocation and minimize delays.

Construction Estimating Software Market Report Highlights

• Cloud deployment segment accounted for a significant market share, in 2021, due to the growing adoption of cloud computing as a result of increasing preference for cloud deployment around the world
• Subscription license segment held the highest market revenue share in 2021 which is mainly accelerated by increasing penetration for the subscription-based business models and high consumer retention emphasis
• Large enterprises segment dominated the global market with a holding of healthy percentage on account of the high adoption of advanced and innovative software for efficient tracking of costs
• Architecture & builders segment lead the market in 2021 and is likely to grow considerably during the forecast period owing to the integration of virtual reality and augmented reality technologies
• Asia Pacific region is projected to grow at the fastest rate of CAGR over the anticipated period due to an extensive rise in the number of government favorable initiatives and heavy investment in the development of infrastructure
• The global construction estimating software market is fairly fragmented with the presence of many large market companies such as Corecon Technologies Inc., PrioSoft Construction Software, and Glodon Company Ltd.

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Polaris Market Research has segmented the construction estimating software market report based on deployment, software license, enterprise size, end-use, and region:

 Construction Estimating Software, Deployment Outlook (Revenue - USD Million, 2018 - 2030)

• Cloud
• On-premises

Construction Estimating Software, Software License Outlook (Revenue - USD Million, 2018 - 2030)

• Perpetual License
• Subscription License
• Others

Construction Estimating Software, Enterprise Size Outlook (Revenue - USD Million, 2018 - 2030)

• SMEs
• Large Enterprises

Construction Estimating Software, End-Use Outlook (Revenue - USD Million, 2018-2030)

• Architecture & Builders
• Construction Managers
• Contractors
• Others

Construction Estimating Software, Regional Outlook (Revenue - USD Million, 2018 - 2030)

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

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