What is Construction Accounting Software?
Construction is one of the crucial industries growing at an exponential rate in the region. The US, Canada, and Mexico’s government bodies are investing substantial amounts in the development of commercial infrastructures, including airports, hospitals, hotels, office buildings, and universities. With a growing number of infrastructural projects, modern-day builders emphasize advanced technologies by using construction accounting software. This software enables the contractor and end user to manage their operations with minimal efforts and enhance productivity by analyzing performance constantly.
The implementation of construction accounting software is increasing at a high pace owing to the benefits offered by the software related to project management, construction payroll, mobile construction software, and construction business intelligence, among others to ensure greater productivity of construction projects.
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Impact of COVID-19 on Construction Accounting Software market
According to the latest situation report from the World Health Organization (WHO), the US, Spain, Italy, France, Germany, the UK, Russia, Turkey, Brazil, Iran, and China are among the worst affected countries due to COVID-19 outbreak. The outbreak first began in Wuhan (China) during December 2019, and since then, it has spread at a fast pace across the globe. The COVID-19 crisis is affecting the industries worldwide, and the global economy is anticipated to take the worst hit in the year 2020 and likely in 2021. The outbreak has created significant disruptions in the construction sector. The sharp decline in the international trade is negatively impacting the growth of the global economy. The production shutdowns, restrictions on supply chain, procurement management, labor scarcity, and border lockdowns to combat and contain the outbreak have adversely affected the construction sector. The production slowdown in the construction industry is directly affecting the adoption of various ad-hoc technologies and solutions such as construction accounting software, as the construction companies have reduced their spending on adopting several technology solutions to deal with the current scenario. The impact of COVID-19 outbreak on the global construction accounting software market growth in various countries/regions is described in the below sections.
In 2019, Europe stood second in the construction accounting software market with a decent market share, and it is anticipated to witness a steady CAGR from 2020 to 2027. With the growing focus of construction companies toward adopting new technologies for streamlining the workflow, the 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 is aimed to monitor the key trends in the digital transformation and measures the progress made at the national and sector-specific level. European 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 offering construction accounting software such as Xero Limited, Clip IT Solutions Ltd, Integrity Software Systems Ltd, and Eque2, among others.
The market players focus on new product innovations and developments by integrating advanced technologies and features in their products to compete with the competitors.
- In 2020, the innovation leader in ERP and field operations software for the construction industry in North America – has announced a joint venture with ALEC Engineering and Contracting LLC, the award-winning multidisciplinary construction firm based in Dubai and serving the Middle Eastern region.After a thorough evaluation of several ERP solutions, ALEC selected CMiC’s complete enterprise platform to run its financials and field operations.
- In 2019, CMiC—the most comprehensive and advanced provider of enterprise and field operations solutions, purpose-built for construction and capital projects companies—welcomes Arguson Projects Inc. to a growing network of Canadian general contractors deploying CMiC to streamline their operations.
The research provides answers to the following key questions:
1.What is the estimated growth rate of the market for the forecast period 2020–2027? What will be the market size during the estimated period?
2. What are the key driving forces responsible for shaping the fate of the Construction Accounting Software market during the forecast period?
3. Who are the major market vendors and what are the winning strategies that have helped them occupy a strong foothold in the Construction Accounting Software market?
4. What are the prominent market trends influencing the development of the Construction Accounting Software market across different regions?
5. What are the major threats and challenges likely to act as a barrier in the growth of the Construction Accounting Software market?
6. What are the major opportunities the market leaders can rely on to gain success and profitability?
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