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Middle East & Africa 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)
Market Report I 2023-02-20 I 92 Pages I The Insight Partners
The Middle East & Africa construction accounting software market is expected to grow from US$ 73.70 million in 2022 to US$ 97.39 million by 2028. It is estimated to grow at a CAGR of 4.8% from 2022 to 2028.
Enhancing Data Security to Prevent Data Loss is Driving the Middle East & Africa Construction Accounting Software Market
The construction accounting software market players use dedicated servers and data centers to store customer data and 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-cyber threat 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-cyber threat solution, the companies are expected to attract an increased number of clienteles and propel financial growth. This factor is anticipated to boost the growth of the Middle East & Africa construction accounting software market in the coming years.
Middle East & Africa Construction Accounting Software Market Overview
The MEA is projected to witness a rapid rise in industrialization, urbanization, which in turn, will propel the overall economy the region. The Gulf countries are economically advanced, while the African countries are yet to level up to their economic conditions. Most GCC countries are experiencing economic diversification and improvements required to enhance business environments and encourage foreign direct investment (FDI). According to the Economist Group, the construction sector in the GCC is expected to grow ~3.5-4% a year on average in 2023-2024. Thus, the strong growth in the construction industry is a crucial factor propelling the Middle East & Africa construction accounting software market.
Economic growth within the region is attracting investors' attention from the countries such as South Africa, Saudi Arabia, UAE, and others are anticipated to create opportunities for construction projects, including commercial, institutional, residential, and industrial buildings. This aspect is undoubtedly grabbing international companies' attention to expand their construction business in the MEA. The increasing mall, showroom, bridges and other construction projects will eventually raise the penetration of construction accounting software. Additionally, the tourism industry massively contributes to the market growth. Thus, the growing demand for smart infrastructure Saudi Arabia and the UAE's government bodies are focusing on the development of smart cities. With the development of smart cities in the region, the penetration of accounting software for construction purposes is anticipated to boom, as the software helps maximize the efficiency of the projects while estimating the cost and managing the entire project.
Due to the growing construction industry, the demand for construction accounting software is predicted to propel across Middle Eastern and African countries. Jonas Enterprise, ClockShark, and Nexvia are among the providers of accounting software for the construction industry in the MEA.
Middle East & Africa Construction Accounting Software Market Revenue and Forecast to 2028 (US$ Million)
Middle East & Africa Construction Accounting Software Market Segmentation
The Middle East & Africa construction accounting software market is segmented into by offering, deployment, and application, and country.
Based on offering, the Middle East & Africa construction accounting software market is segmented into solution and services . The solution segment held the larger Middle East & Africa construction accounting software market share in 2022.
Based on deployment, the Middle East & Africa construction accounting software market is segmented into on-premise and cloud. The cloud segment held the larger Middle East & Africa construction accounting software market share in 2022.
Based on application , the Middle East & Africa 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 Middle East & Africa construction accounting software market share in 2022
Based on country, the Middle East & Africa construction accounting software market is segmented into the Saudi Arabia, the UAE, South Africa, the Rest of Middle East & Africa. The UAE dominated the Middle East & Africa construction accounting software market share in 2022.
FreshBooks USA Inc; Intuit Inc; Sage Group Plc; and Xero Ltd are the leading companies operating in the Middle East & Africa construction accounting software market.
TABLE OF CONTENTS
1. Introduction
1.1 Scope of the Study
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
1.3.1 Middle East & Africa Construction Accounting Software Market - By Offering
1.3.2 Middle East & Africa Construction Accounting Software Market - By Deployment
1.3.3 Middle East & Africa Construction Accounting Software Market - By Application
1.3.4 Middle East & Africa Construction Accounting Software Market - By Country
2. Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. Middle East & Africa Construction Accounting Software Market Landscape
4.1 Market Overview
4.2 MEA- PEST Analysis
4.3 Ecosystem Analysis
4.4 Expert Opinion
5. Middle East & Africa Construction Accounting Software Market - Key Market Dynamics
5.1 Market Drivers
5.1.1 Growing Construction Industry
5.1.2 Rising Penetration of ERP Modules in Construction Industry
5.2 Market Restraints
5.2.1 High Reliance on Traditional Accounting Tools
5.3 Market Opportunities
5.3.1 Increasing Awareness of Implementing Technologies in Construction Industry
5.4 Future Trends
5.4.1 Enhancing Data Security to Prevent Data Loss
5.5 Impact Analysis of Drivers and Restraints
6. Middle East & Africa Construction Accounting Software Market -Market Analysis
6.1 Middle East & Africa Construction Accounting Software Market Overview
6.2 Middle East & Africa Construction Accounting Software Market Forecast and Analysis
7. Middle East & Africa Construction Accounting Software Market Analysis - By Offering
7.1 Overview
7.2 Middle East & Africa Construction Accounting Software Market, by Offering (2021 and 2028)
7.3 Solution
7.3.1 Overview
7.3.2 Solution: Middle East & Africa Construction Accounting Software Market- Revenue and Forecast to 2028 (US$ Million)
7.4 Services
7.4.1 Overview
7.4.2 Services: Middle East & Africa Construction Accounting Software Market- Revenue and Forecast to 2028 (US$ Million)
8. Middle East & Africa Construction Accounting Software Market Analysis - By Deployment
8.1 Overview
8.2 Middle East & Africa Construction Accounting Software Market, by Deployment (2021 and 2028)
8.3 Cloud
8.3.1 Overview
8.3.2 Cloud: Middle East & Africa Construction Accounting Software Market- Revenue and Forecast to 2028 (US$ Million)
8.4 On-Premise
8.4.1 Overview
8.4.2 On Premise: Middle East & Africa Construction Accounting Software Market- Revenue and Forecast to 2028 (US$ Million)
9. Middle East & Africa Construction Accounting Software Market - By Application
9.1 Overview
9.2 Middle East & Africa Construction Accounting Software Market, by Application (2021 and 2028)
9.3 Small and Mid-sized Construction Companies
9.3.1 Overview
9.3.2 Small and Mid-Sized Construction Companies: Middle East & Africa Construction Accounting Software Market- Revenue and Forecast to 2028 (US$ Million)
9.4 Large Construction Companies
9.4.1 Overview
9.4.2 Large Construction Companies: Middle East & Africa Construction Accounting Software Market- Revenue and Forecast to 2028 (US$ Million)
10. Middle East & Africa Construction Accounting Software Market - Country Analysis
10.1 Overview
10.1.1 Middle East & Africa Construction Accounting Software Market, by Key Country - Revenue (2021) (US$ Million)
10.1.2 Middle East & Africa Construction Accounting Software Market- by Country
10.1.2.1 South Africa: Middle East & Africa Construction Accounting Software Market - Revenue and Forecast to 2028 (US$ Million)
10.1.2.1.1 South Africa: Middle East & Africa Construction Accounting Software Market- by Offering
10.1.2.1.2 South Africa: Middle East & Africa Construction Accounting Software Market- by Deployment
10.1.2.1.3 South Africa: Middle East & Africa Construction Accounting Software Market- By Application
10.1.2.2 Saudi Arabia: Middle East & Africa Construction Accounting Software Market - Revenue and Forecast to 2028 (US$ Million)
10.1.2.2.1 Saudi Arabia: Middle East & Africa Construction Accounting Software Market- by Offering
10.1.2.2.2 Saudi Arabia: Middle East & Africa Construction Accounting Software Market- by Deployment
10.1.2.2.3 Saudi Arabia: Middle East & Africa Construction Accounting Software Market- By Application
10.1.2.3 UAE: Middle East & Africa Construction Accounting Software Market - Revenue and Forecast to 2028 (US$ Million)
10.1.2.3.1 UAE: Middle East & Africa Construction Accounting Software Market- by Offering
10.1.2.3.2 UAE: Middle East & Africa Construction Accounting Software Market- by Deployment
10.1.2.3.3 UAE: Middle East & Africa Construction Accounting Software Market- By Application
10.1.2.4 Rest of Middle East & Africa: Middle East & Africa Construction Accounting Software Market - Revenue and Forecast to 2028 (US$ Million)
10.1.2.4.1 Rest of Middle East & Africa: Middle East & Africa Construction Accounting Software Market- by Offering
10.1.2.4.2 Rest of Middle East & Africa: Middle East & Africa Construction Accounting Software Market- by Deployment
10.1.2.4.3 Rest of Middle East & Africa: Middle East & Africa Construction Accounting Software Market- By Application
11. Industry Landscape
11.1 Overview
11.2 Market Initiative
11.3 New Product Development
11.4 Merger and Acquisition
12. Company Profiles
12.1 FreshBooks USA Inc
12.1.1 Key Facts
12.1.2 Business Description
12.1.3 Products and Services
12.1.4 Financial Overview
12.1.5 SWOT Analysis
12.1.6 Key Developments
12.2 Intuit Inc
12.2.1 Key Facts
12.2.2 Business Description
12.2.3 Products and Services
12.2.4 Financial Overview
12.2.5 SWOT Analysis
12.2.6 Key Developments
12.3 Sage Group Plc
12.3.1 Key Facts
12.3.2 Business Description
12.3.3 Products and Services
12.3.4 Financial Overview
12.3.5 SWOT Analysis
12.3.6 Key Developments
12.4 Xero Ltd
12.4.1 Key Facts
12.4.2 Business Description
12.4.3 Products and Services
12.4.4 Financial Overview
12.4.5 SWOT Analysis
12.4.6 Key Developments
13. Appendix
13.1 About The Insight Partners
13.2 Glossary
LIST OF TABLES
Table 1. Middle East & Africa Construction Accounting Software Market, Revenue and Forecast, 2019-2028 (US$ Mn)
Table 2. South Africa: Middle East & Africa Construction Accounting Software Market- by Offering -Revenue and Forecast to 2028 (US$ Million)
Table 3. South Africa: Middle East & Africa Construction Accounting Software Market- by Deployment -Revenue and Forecast to 2028 (US$ Million)
Table 4. South Africa: Middle East & Africa Construction Accounting Software Market- By Application-Revenue and Forecast to 2028 (US$ Million)
Table 5. Saudi Arabia: Middle East & Africa Construction Accounting Software Market- by Offering -Revenue and Forecast to 2028 (US$ Million)
Table 6. Saudi Arabia: Middle East & Africa Construction Accounting Software Market- by Deployment -Revenue and Forecast to 2028 (US$ Million)
Table 7. Saudi Arabia: Middle East & Africa Construction Accounting Software Market- By Application-Revenue and Forecast to 2028 (US$ Million)
Table 8. UAE: Middle East & Africa Construction Accounting Software Market- by Offering -Revenue and Forecast to 2028 (US$ Million)
Table 9. UAE: Middle East & Africa Construction Accounting Software Market- by Deployment -Revenue and Forecast to 2028 (US$ Million)
Table 10. UAE: Middle East & Africa Construction Accounting Software Market- By Application-Revenue and Forecast to 2028 (US$ Million)
Table 11. Rest of Middle East & Africa: Middle East & Africa Construction Accounting Software Market- by Offering -Revenue and Forecast to 2028 (US$ Million)
Table 12. Rest of Middle East & Africa: Middle East & Africa Construction Accounting Software Market- by Deployment -Revenue and Forecast to 2028 (US$ Million)
Table 13. Rest of Middle East & Africa: Middle East & Africa Construction Accounting Software Market- By Application-Revenue and Forecast to 2028 (US$ Million)
Table 14. Glossary of Terms, Middle East & Africa Construction Accounting Software Market
LIST OF FIGURES
Figure 1. Middle East & Africa Construction Accounting Software Market Segmentation
Figure 2. Middle East & Africa Construction Accounting Software Market Segmentation - Country
Figure 3. Middle East & Africa Construction Accounting Software Market Overview
Figure 4. Middle East & Africa Construction Accounting Software Market, By Offering
Figure 5. Middle East & Africa Construction Accounting Software Market, By Country
Figure 6. MEA: PEST Analysis
Figure 7. Middle East & Africa Construction Accounting Software Market Ecosystem Analysis
Figure 8. Expert Opinion
Figure 9. Middle East & Africa Construction Accounting Software Market Impact Analysis of Drivers and Restraints
Figure 10. Middle East & Africa Construction Accounting Software Market, Forecast and Analysis (US$ Mn)
Figure 11. Middle East & Africa Construction Accounting Software Market Revenue Share, By Offering (2021 and 2028)
Figure 12. Solution: Middle East & Africa Construction Accounting Software Market- Revenue and Forecast to 2028 (US$ Million)
Figure 13. Services: Middle East & Africa Construction Accounting Software Market- Revenue and Forecast to 2028 (US$ Million)
Figure 14. Middle East & Africa Construction Accounting Software Market Revenue Share, By Deployment (2021 and 2028)
Figure 15. Cloud: Middle East & Africa Construction Accounting Software Market- Revenue and Forecast to 2028 (US$ Million)
Figure 16. On Premise: Middle East & Africa Construction Accounting Software Market- Revenue and Forecast to 2028 (US$ Million)
Figure 17. Middle East & Africa Construction Accounting Software Market Revenue Share, By Application (2021 and 2028)
Figure 18. Small and Mid-sized Construction Companies: Middle East & Africa Construction Accounting Software Market- Revenue and Forecast to 2028 (US$ Million)
Figure 19. Large Construction Companies: Middle East & Africa Construction Accounting Software Market- Revenue and Forecast to 2028 (US$ Million)
Figure 20. Middle East & Africa Construction Accounting Software Market Revenue Share, By Country (2021 and 2028)
Figure 21. South Africa: Middle East & Africa Construction Accounting Software Market - Revenue and Forecast to 2028 (US$ Million)
Figure 22. Saudi Arabia: Middle East & Africa Construction Accounting Software Market - Revenue and Forecast to 2028 (US$ Million)
Figure 23. UAE: Middle East & Africa Construction Accounting Software Market - Revenue and Forecast to 2028 (US$ Million)
Figure 24. Rest of Middle East & Africa: Middle East & Africa Construction Accounting Software Market - Revenue and Forecast to 2028 (US$ Million)
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