Europe Construction Accounting Software Market Forecast to 2028 – COVID-19 Impact and Regional Analysis– by Offering (Solution and Services), Deployment (On-Premise and Cloud), and Application (Small and Mid-sized Construction Companies and Large Construc

Europe Construction Accounting Software Market Forecast to 2028 – COVID-19 Impact and Regional Analysis– by Offering (Solution and Services), Deployment (On-Premise and Cloud), and Application (Small and Mid-sized Construction Companies and Large Construction Companies)

The Europe construction accounting software market is expected to grow from US$ 249.01 million in 2022 to US$ 369.12 million by 2028. It is estimated to grow at a CAGR of 6.8% from 2022 to 2028.

Rising Penetration of ERP Modules in Construction Industry is Driving the Europe Construction Accounting Software Market

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. The necessity to move to a greater level of the agreement will intensify the adoption of BIM. For companies in the engineering and construction market considering ERP or enterprise asset management (EAM) and project management choices, these elevates 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. Thus, the rising penetration of ERP modules in construction industry is driving the Europe construction accounting software market in the forecast period.

Europe Construction Accounting Software Market Overview

Germany, France, Russia, the UK, and Italy are among the major countries in Europe. The construction industry is a crucial part of the Europe's economy as it contributes ~9% of the Europe's GDP (as per the European Commission). Countries in Western Europe are technologically advanced and urbanized; on the other hand, Eastern European countries are gradually urbanizing their cities. The growing demand for commercial infrastructures such as offices, malls, offices, and airports in the region is supporting the growth of the construction industry. Since the demand for construction accounting software directly depends on the size of the construction industry, the growing construction industry in the region will support the construction accounting software market's growth.

With the growing focus of construction companies on adopting new technologies for streamlining the workflow, digitization across the construction industry is growing. European Commission is taking several initiatives to support the digitization of the construction industry. For instance, the Digital Transformation Monitor initiative launched by the European commission, aimed to monitor the key trends in digital transformation and measure the progress made at the national and sector-specific levels. European Commission has also funded various projects to drive the digitization of the construction industry in Europe. The growing digitization across the construction industry is expected to support the growth of Europe's construction accounting software market. Moreover, the region has various market players—such as Xero Limited, Clip IT Solutions Ltd, Integrity Software Systems Ltd, and Eque2—offering construction accounting software.

As per Euroconstruct, there was an abrupt downturn in the European construction industry in 2020. However, a slow recovery has begun in 2021. Despite the expected upturn and normalization in 2022, Europe will lose ~US$417 billion (EUR 350 billion) in total construction output from 2020 to 2022. As per the data available on Euroconstruct, among the big five countries, only Germany will witness a small decrease of ~2.5% in total construction in 2021 However, France, Italy, Spain, and the UK are expected to witness a decline of 12–33%. All the countries are expected to rebound by 2022; however, the growth rate will be lower compared to the fall in 2020. The decline in the construction industry in the region might directly impact the sales of the European region's construction accounting software. Therefore, the Europe construction accounting software market witnessed a downturn in 2020. It started observing slow growth in 2021 and normalization in 2022.

Europe Construction Accounting Software Market Revenue and Forecast to 2028 (US$ Million)

Europe Construction Accounting Software Market Segmentation

The Europe construction accounting software market is segmented into by offering, deployment, and application, and country.

Based on offering, the Europe construction accounting software market is segmented into solution and services. The solution segment held the larger Europe construction accounting software market share in 2022.

Based on deployment, the Europe construction accounting software market is segmented into on-premise and cloud. The cloud segment held the larger Europe construction accounting software market share in 2022.

Based on application, the Europe construction accounting software market is segmented into small and mid-sized construction companies and large construction companies. The large construction companies segment held the larger Europe construction accounting software market share in 2022

Based on country, the Europe construction accounting software market is segmented into the Germany, the UK, France, Italy, Russia, and the Rest of Europe. The UK dominated the Europe construction accounting software market share in 2022.

Chetu Inc; Deltek Inc; FreshBooks USA Inc; Intuit Inc; Sage Group Plc; Viewpoint Inc; and Xero Ltd are the leading companies operating in the Europe construction accounting software market.

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