Construction Estimating Software Market Size, Share & Trends Analysis Report By Software License (Perpetual, Subscription), By Enterprise Size (Large, SMEs), By Deployment (Cloud, On-premise), By End-use, By Region, And Segment Forecasts, 2023 - 2030

Construction Estimating Software Market Size, Share & Trends Analysis Report By Software License (Perpetual, Subscription), By Enterprise Size (Large, SMEs), By Deployment (Cloud, On-premise), By End-use, By Region, And Segment Forecasts, 2023 - 2030

Construction Estimating Software Market Growth & Trends

The global construction estimating software market size is estimated to reach USD 2.62 billion by 2030, registering a CAGR of 8.9% from 2023 to 2030, according to a recent report from Grand View Research, Inc. The growth of the construction estimating software industry can be attributed to the advances in Artificial Intelligence (AI), cloud computing, and Business Information Modeling (BIM), among other factors. Several vendors have introduced innovative construction estimating tools designed to help reduce the time for completing construction projects. For instance, in September 2022, Autodesk Inc. announced a range of new capabilities within Autodesk Construction Cloud to simplify the utilization of BIM for construction project teams by facilitating the seamless integration of BIM throughout the entire project lifecycle, from in-office planning to on-site execution.

Such initiatives being pursued by the market players bode well for the growth of the market. The emergence of advanced construction technologies and the rising internet penetration are propelling the adoption of digital technologies in the construction sector. Construction companies focus on digitizing their overall operations to reduce workforce costs and manual errors in the system, creating robust market opportunities. The integration of cloud technology enables construction teams to remotely manage their construction estimate software and utilize it for cost estimation through the Internet. Various government initiatives to establish digital infrastructure are promoting the adoption of construction estimating software. Various government-authorized organizations are developing software to prepare cost structures for different construction and infrastructure development projects.

For instance, in June 2022, the Public Works Department (PWD) of India announced the launch of construction and project estimator software to calculate the funds required to commence the project and strengthen transparency in the system. The market allows estimators to access cost databases for construction-related tax calculations, labor wages, and other material costs, as well as track the project budget. Moreover, various market players integrate cover letters and templates into their software systems for making general cost reports and proposals and improving industry statistics. Various general contractors are adopting construction estimating software for their preconstruction work. Market players are adopting various business strategies to reduce the costs of construction estimating software. They focus on understanding the exact client requirements and accordingly design the software to control other excess costs incurred for obsolete features.

Evolving digital threats, such as Distributed Denial of Service (DDoS), phishing, Trojans, ransomware, and viruses, pose a negative impact on the growth of the construction estimating software industry. These threats can alter the construction estimating software and gain access to the data available in the system. Cloud-deployed software is vulnerable to digital threats as the software data is stored on virtual disk drives. The stolen data from these virtual drives can be used for illegal activities, which may incur significant financial losses to the market players and affect their brand identity. Countries, such as India, the U.S., China, Australia, the UK, and South Africa, have introduced regulatory compliances for cloud-based construction estimating software to protect user data from manipulation and theft. Market players must adhere to these digital regulatory compliances introduced in 2020. Such initiatives are anticipated to create a positive outlook for the construction estimating software industry.

Construction Estimating Software Market Report Highlights

• Based on the software license, the subscription segment is expected to register the highest CAGR of 10.0% over the forecast period.A subscription-based license model allows construction companies to increase customer engagement, and subsequently, augment their sales by providing efficient services to their customers
• Based on deployment, the cloud segment is expected to register the highest CAGR of 10.5% over the forecast period. The adoption of cloud-based construction estimating software is gaining traction as construction companies prefer cloud-based construction management solutions that help them streamline various construction processes by guaranteeing flexibility, scalability, and accessibility
• Based on the enterprise size, the small & medium enterprise segment is expected to register the highest CAGR of 10.2% over the forecast period. Small and medium-sized construction companies are also adopting construction estimating solutions to manage resources and augment output efficiency
• Based on end-use, the contractors segment is expected to register the highest CAGR of 9.9% over the forecast period. Contractors are employing construction estimating software to manage tools for accounting, estimating, scheduling, project management, equipment management, and payroll management, among other tasks
• Asia Pacific is expected to register the highest CAGR of 10.0% over the forecast period.Countries in this region are experiencing a surge in construction activity due to urbanization, population growth, and infrastructure development projects

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