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US Construction Accounting Software Market Forecast to 2028 - COVID-19 Impact and Country 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 2022-12-28 I 101 Pages I The Insight Partners
The US construction accounting software market is projected to grow from US$ 239.56 million in 2022 to US$ 331.00 million by 2028; it is estimated to record a CAGR of 5.5% from 2022 to 2028.
In the first quarter of 2020, the COVID-19 pandemic inevitably disrupted the activities in the construction industry. However, the industry witnessed growth in its activities in the third quarter of 2020. In the last quarter, construction projects depended on the extent to which the pandemic impacted sub-contractors and suppliers in the supply chain. The number of single-family homes and privately?owned housing under construction increased significantly in the US in the past ten years. According to the new residential construction statistics by the US Census Bureau and the US Department of Housing and Urban Development, privately?owned housing completions increased by 5.9% from 1,236,000 in January 2022 to 1,309,000 in February 2022. In addition, single?family housing completions reached 1,034,000 in February 2022 from 922,000 in January 2022, an increase of 12.1%.
The US is witnessing many ongoing mega construction projects in 2022, reflecting a robust construction industry in the country. A few such construction projects are Samsung semiconductor fabrication facility in Texas (US$17 billion), Amazon HQ2 office space in Virginia (US$2.5 billion), and the US/Mexico border wall (more than US$1 billion). The continuous rise in the number of construction projects in the US generates significant demand for software-based accounting services. Therefore, the growing construction industry drives the US construction accounting software market growth.
The technology sector has witnessed a significant rise in cloud-based software in recent times. This is due to the fact that the cloud-based software simplifies a business planning process with tailored business plan templates through better planning. Cloud-based construction accounting software benefits companies to integrate with other software. Accounting software is expected to integrate with project management solutions. Construction companies can easily transfer their project data from the accounting solution into their project management solution and back. This benefit has attracted a significant percentage of end users. In addition, the internet infrastructure has matured in developed countries and is flourishing in several developing countries, allowing end users in both developed and developing countries to access cloud-based software. This factor is driving the US construction accounting software market growth. Construction accounting software developers continuously invest in developing robust and secured cloud-based software to protect customer data and prevent cyber-attacks. This factor will drive the cloud-based segment in the US construction accounting software market during the forecast period
The COVID-19 outbreak has negatively affected business activities and company revenues in the construction accounting software industry. Lockdowns, construction project halts, and supply chain disruptions in the construction industry hindered the US construction accounting software market growth, especially in 2020.
The US construction accounting software market is segmented on the basis of offering, deployment, application, and geography. Based on offering, the market is segmented into solution and services. In 2021, the solutions segment held a larger market share. Based on deployment, the US construction accounting software market is divided into cloud and on-premises. The market in the cloud segment is expected to grow at the fastest pace during the forecast period. Based on application, the market is segmented into small and mid-size construction companies and large construction companies. The large construction companies segment contributed a substantial share in 2021.
The US construction accounting software market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the US construction accounting software market. The process also serves the purpose of obtaining an overview and forecast for the market with respect to all the segments. Primary interviews were conducted with industry participants and commentators to validate data and gain more analytical insights into the US construction accounting software market. Participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the market. A few of the major players operating in the US construction accounting software market are Deltek Inc.; Sage Group; Xero Limited; Viewpoint Inc.; Intuit Inc.; Acclivity Group LLC; Chetu Inc.; Corecon Technologies Inc.; Freshbook; and Foundation Software, LLC.
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 US Construction Accounting Software Market - By Offering
1.3.2 US Construction Accounting Software Market - By Deployment
1.3.3 US Construction Accounting Software Market - By Application
2. Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. US Construction Accounting Software Market Landscape
4.1 Market Overview
4.2 PEST Analysis
4.2.1 US - PEST Analysis
4.3 Ecosystem Analysis
4.4 Expert Opinion
4.5 Premium Insights
4.5.1 List of Companies Using Construction Accounting Software/Construction ERP in US/North America
4.5.2 Customer Buying Behavior Analysis
4.5.2.1 Overview
4.5.2.2 Desire to Improve Estimating/Takeoff and Project Management Are Top Reasons for New Software
4.5.2.3 Top Requested Software Capabilities by Buyers
5. 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. Construction Accounting Software Market- US Analysis
6.1 Overview
6.2 Construction Accounting Software Market- US Revenue and Forecast to 2028 (US$ Million)
6.3 Market Positioning - Five Key Players
7. US Construction Accounting Software Market Analysis - By Offering
7.1 Overview
7.2 Construction Accounting Software Market, By Offering (2021 and 2028)
7.3 Solution
7.3.1 Overview
7.3.2 Solution: Construction Accounting Software Market Revenue and Forecast To 2028 (US$ Million)
7.4 Services
7.4.1 Overview
7.4.2 Services: Construction Accounting Software Market Revenue and Forecast To 2028 (US$ Million)
8. US Construction Accounting Software Market Analysis - By Deployment
8.1 Overview
8.2 Construction Accounting Software Market, By Offering (2021 and 2028)
8.3 On Premise
8.3.1 Overview
8.3.2 On Premise: Construction Accounting Software Market Revenue and Forecast To 2028 (US$ Million)
8.4 Cloud
8.4.1 Overview
8.4.2 Cloud: Construction Accounting Software Market Revenue and Forecast To 2028 (US$ Million)
9. US Construction Accounting Software Market Analysis - By Application
9.1 Overview
9.2 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: 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: Construction Accounting Software Market Revenue and Forecast To 2028 (US$ Million)
10. Construction Accounting Software- COVID-19 Impact Analysis
10.1 US: Impact Assessment of COVID-19 Pandemic
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 Acclivity Group LLC
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 Chetu 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 Corecon Technologies Inc
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 Deltek Inc
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
12.5 Foundation Software LLC
12.5.1 Key Facts
12.5.2 Business Description
12.5.3 Products and Services
12.5.4 Financial Overview
12.5.5 SWOT Analysis
12.5.6 Key Developments
12.6 FreshBooks USA Inc
12.6.1 Key Facts
12.6.2 Business Description
12.6.3 Products and Services
12.6.4 Financial Overview
12.6.5 SWOT Analysis
12.6.6 Key Developments
12.7 Intuit Inc
12.7.1 Key Facts
12.7.2 Business Description
12.7.3 Products and Services
12.7.4 Financial Overview
12.7.5 SWOT Analysis
12.7.6 Key Developments
12.8 Sage Group Plc
12.8.1 Key Facts
12.8.2 Business Description
12.8.3 Products and Services
12.8.4 Financial Overview
12.8.5 SWOT Analysis
12.8.6 Key Developments
12.9 Viewpoint Inc
12.9.1 Key Facts
12.9.2 Business Description
12.9.3 Products and Services
12.9.4 Financial Overview
12.9.5 SWOT Analysis
12.9.6 Key Developments
12.10 Xero Ltd
12.10.1 Key Facts
12.10.2 Business Description
12.10.3 Products and Services
12.10.4 Financial Overview
12.10.5 SWOT Analysis
12.10.6 Key Developments
13. Appendix
13.1 About The Insight Partners
13.2 Glossary
LIST OF TABLES
Table 1. US Construction Accounting Software Market- Revenue and Forecast to 2028 (US$ Million)
Table 2. Glossary of Terms, US Construction Accounting Software Market
LIST OF FIGURES
Figure 1. Construction Accounting Software Market Segmentation
Figure 2. US Construction Accounting Software Market Overview
Figure 3. Solution Segment Held The Largest Market Share In 2021
Figure 4. Cloud Segment Held The Largest Market Share In 2021
Figure 5. Large Construction Companies Segment Held the Largest Market Share in 2021 Based on Application
Figure 6. US - PEST Analysis
Figure 7. Expert Opinion
Figure 8. Buyers Current Method
Figure 9. Top Reasons for Evaluating Construction Software
Figure 10. Top Requested Software Capabilities by Buyers
Figure 11. US Construction Accounting Software Market: Impact Analysis of Drivers and Restraints
Figure 12. US Construction Accounting Software Market- Revenue and Forecast to 2028 (US$ Million)
Figure 13. Construction Accounting Software Market, By Offering (2021 and 2028)
Figure 14. Solution: Construction Accounting Software Market Revenue and Forecast to 2028 (US$ Million)
Figure 15. Services: Construction Accounting Software Market Revenue and Forecast to 2028 (US$ Million)
Figure 16. Construction Accounting Software Market, By Offering (2021 and 2028)
Figure 17. On Premise: Construction Accounting Software Market Revenue and Forecast to 2028 (US$ Million)
Figure 18. Cloud: Construction Accounting Software Market Revenue and Forecast to 2028 (US$ Million)
Figure 19. Construction Accounting Software Market, By Application (2021 and 2028)
Figure 20. Small and Mid-sized Construction Companies: Construction Accounting Software Market Revenue and Forecast to 2028 (US$ Million)
Figure 21. Large Construction Companies: Construction Accounting Software Market Revenue and Forecast to 2028 (US$ Million)
Figure 22. Impact of COVID-19 Pandemic in US Markets
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