New York, Feb. 13, 2023 (GLOBE NEWSWIRE) -- According to The Insight Partners, “Construction Accounting Software Market Size, Share, Growth and Trend Forecast to 2028 - COVID-19 Impact and Global Analysis By Offering (Solution and Services), Deployment (On Premise and Cloud), and Application (Small and Mid-Sized Construction Companies and Large Construction Companies)”; the global construction accounting software market is expected to grow from USD 0.943 billion in 2022 to USD 1.21 billion by 2028; it is expected to grow at a CAGR of 6.3% from 2022 to 2028.
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Global Construction Accounting Software Market – Report Scope:
| Market Size Value in | USD 0.94 Billion in 2022 |
| Market Size Value by | USD 1.21 Billion by 2028 |
| Growth rate | CAGR of 6.3% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2022 |
| No. of Pages | 154 |
| No. of Tables | 83 |
| No. of Charts & Figures | 80 |
| Historical data available | Yes |
| Segments covered | Offering, Deployment, and Application |
Construction Accounting Software Market: Competitive Landscape and Key Developments
Acclivity Group LLC; Chetu Inc.; Corecon Technologies Inc.; Deltek Inc.; Foundation Software, LLC; Freshbook; Intuit Inc.; Sage Group; Viewpoint Inc.; and Xero Limited are the leading players profiled in the construction accounting software market report. Several other essential market players were analyzed for a holistic view of the market and its ecosystem. The report provides detailed market insights, which help key players strategize their growth. A few developments are mentioned below:
In 2020, Viewpoint—a Trimble Company and construction management software leader—and the Construction Financial Management Association (CFMA) announced a joint endeavor to provide in-depth visibility into important financial, project, and industry benchmarks to help contractors more reliably deliver projects on time and within budget.
In 2020, FreshBooks, an accounting software company, announced that its software will now be available on the North American Ingram Micro Cloud Marketplace.
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Rising Penetration of ERP Modules in Construction Industry Drives Global Construction Accounting Software Market Growth:
Building information management (BIM) has become mainstream among engineering and construction companies. The evolution of enterprise resource planning (ERP) software has played a pivotal role in the technology strategy of construction businesses in recent years. In the US, supporting the Government Construction Strategy, where procurement laws for projects may be revised, there has been a movement toward establishing minimum levels of BIM compulsory to avail tender in government-funded projects. The necessity to move to a greater level of the agreement will intensify the adoption of BIM. For companies in engineering and construction markets considering ERP or enterprise asset management (EAM) and project management choices, elevate the importance of an integrated approach. Construction accounting software can be easily integrated with ERP modules. As most of the large construction companies are considering ERP modules for a better flow of their business, the demand for construction accounting software is also increasing.
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. Thus, by strengthening the security level with advanced encryption patches and using a robust anti-piracy or anti-cyberthreat solution, the companies are expected to attract increased clientele and propel financial growth. This factor is anticipated to boost the construction accounting software market growth in the coming years.
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APAC is one of the largest construction markets in the world. China, India, South Korea, Japan, and Australia are the key contributors to the APAC construction accounting software market. The construction accounting software market in the region is expected to grow at a high CAGR due to the growing construction industry and the increasing adoption of new technologies. The large population in countries such as India and China has increased the demand for commercial and residential infrastructure. APAC comprises many emerging economies, such as India, China, and other southeastern countries, which are posting strong demand for more infrastructure projects. Moreover, various countries in the region are focusing on attracting new investments in infrastructure development. For instance, India's government has allowed 100% FDI under automatic routes in completed projects for operations and management of townships, malls/shopping complexes, and business constructions. All the above factors are expected to support the growth of the construction industry in the region, which will fuel the growth of the region's construction accounting software market.
Global Construction Accounting Software Market: Industry Overview
The construction accounting software market is segmented based on offering, deployment, application, and geography. Based on offering, the construction accounting software market is segmented into solution and services. Based on deployment, the market is bifurcated into on premise and cloud. Based on application, the market is segmented into small and mid-sized construction companies and large construction companies.
Based on geography, the construction accounting software market is segmented into North America (the US, Canada, and Mexico), Europe (Germany, the UK, France, Italy, Russia, and the Rest of Europe), Asia Pacific (Australia, Japan, South Korea, India, China, and the Rest of APAC), MEA (Saudi Arabia, the UAE, South Africa, and the Rest of MEA), and SAM (Brazil, Argentina, and the Rest of SAM).
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FAQs
What is the size of the financial software market? ›
The global financial services software market size was valued at $118.65 billion in 2021, and is projected to reach $282.71 billion by 2031, growing at a CAGR of 9.2% from 2022 to 2031.
What software do accountants use the most? ›Best Overall QuickBooks Online
Intuit's QuickBooks Online has been one of the most common accounting software programs used by small businesses and their bookkeeping and tax professionals. The software is cloud-based and can be accessed through a web browser or a mobile app.
The New York Stock Exchange is the largest stock exchange in the world, with an equity market capitalization of just over 22.1 trillion U.S. dollars as of October 2022.
How big is the construction software market? ›...
| Report Attribute | Details |
|---|---|
| Market size value in 2022 | USD 9.98 billion |
| Revenue forecast in 2030 | USD 19.12 billion |
| Growth Rate | CAGR of 8.5% from 2022 to 2030 |
QuickBooks and Microsoft Excel are two of the most commonly used accounting programs, but they differ in how they operate, how much they cost, and how well they fit into your business structure.
Which accounting software is most used in USA? ›1) Quickbooks
You can use this software to track bills and expenses. Features: You can access your account and manage your business anytime, anywhere.
While accounting does require a complex set of skills and abilities, as well as excellent attention to detail, it really isn't any more difficult than many of the other popular fields of study that lead to excellent lifelong career opportunities.
What accounting software does Amazon use? ›A2X Accounting is used by Amazon sellers and eCommerce accountants to automate the accounting process involved with managing Amazon marketplace sales, cost of goods sold, and FBA inventory. It displays Amazon settlements automatically and provides you a clear summary of revenue, expenses, and more.
What are the three types of accounting software? ›- Billing/ Invoicing Software. Accounting software in the operational field of invoicing/billing takes care of companies' basic billing activities. ...
- Payroll management system. ...
- ERP Systems.
- FreshBooks.
- Sage 50cloud.
- NetSuide ERP.
- QuickBooks Enterprise.
- Zoho Books.
- Xero.
- Quickbooks Online.
- Sage Business Cloud.
What is the average growth rate of software companies? ›
Revenue is expected to show an annual growth rate (CAGR 2023-2027) of 5.72%, resulting in a market volume of US$812.90bn by 2027.
Is the accounting industry growing? ›The market size of the Accounting Services industry in the US has grown 1.7% per year on average between 2018 and 2023.
How fast is the software market growing? ›Revenue in the Software market is projected to reach US$321.60bn in 2023. The market's largest segment is Enterprise Software with a projected market volume of US$130.10bn in 2023. Revenue is expected to show an annual growth rate (CAGR 2023-2027) of 4.82%, resulting in a market volume of US$388.30bn by 2027.
Is there a market for accounting software? ›The Accounting Software Market is expected to grow at a CAGR of 8.5% over the forecast period. Over the past two decades, the financial and accounting software solution market has witnessed numerous changes.
What is the 40 rule of SaaS? ›The Rule of 40 is a principle that states a software company's combined revenue growth rate and profit margin should equal or exceed 40%. SaaS companies above 40% are generating profit at a rate that's sustainable, whereas companies below 40% may face cash flow or liquidity issues.
Is 5% a good growth rate? ›Good economic growth can vary, but typically falls within two to four percent. This means that even if a company is only growing five percent a year, it could still have a good growth rate compared to other businesses. A good growth rate isn't always tied to general economic conditions.
What is a good CAGR for an industry? ›A good CAGR for an industry is 8% to 12% for large companies, while for high-risk companies, a good CAGR is between 15% to 25%. CAGR stands for Compound Annual Growth Rate, a ratio to extrapolate a constant rate of return over several years. In other words, the constant growth rate over multiple years.
What accounting is most in demand? ›There are various roles for tax accountants, but senior tax accountants are the positions with the most demand. Senior tax accountants make an annual average salary of about $86,000. A controller's job is to prepare reports for an organization that summarizes its current business activities and financial position.
What are the 4 types of accountants? ›These four branches include corporate, public, government, and forensic accounting. An undergraduate degree is most often required for any accounting career, while previous master's work, especially in the accounting field, is often strongly preferred.
What industry pays accountants the most? ›The top-paying industries for accountants include finance and insurance, management of companies and enterprises, tax preparation, and the government.
What type of software is most in-demand? ›
- Python.
- SQL.
- Java.
- Javascript.
- C++
- C#
- HTML/CSS.
- Ruby.
Most organizations are looking for an ROI of somewhere over their cost of capital. This is typically about 20% or less.
What is the CAGR of software development? ›The global custom software development market size was valued at USD 24.46 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 22.3% from 2022 to 2030.
Are CPA accountants in demand? ›The field is rapidly evolving, thanks to emerging global opportunities, ever-changing regulatory requirements, and complex new business models. Businesses will continue to need greater numbers of accounting professionals.