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.
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.
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 segmentedinto theGermany, the UK, France, Italy, Russia, and the Rest of Europe. The UK dominated the Europe construction accounting software market share in 2022.
Table of Contents
1. Introduction1.1 Scope of the Study
1.2 Research Report Guidance
1.3 Market Segmentation
1.3.1 Europe Construction Accounting Software Market - By Offering
1.3.2 Europe Construction Accounting Software Market - By Deployment
1.3.3 Europe Construction Accounting Software Market - By Application
1.3.4 Europe Construction Accounting Software Market - By Country
2. Key Takeaways
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. Europe Construction Accounting Software Market Landscape
4.1 Market Overview
4.2 Europe- PEST Analysis
4.3 Ecosystem Analysis
4.4 Expert Opinion
5. Europe 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. Europe Construction Accounting Software Market -Market Analysis
6.1 Europe Construction Accounting Software Market Overview
6.2 Europe Construction Accounting Software Market Forecast and Analysis
7. Europe Construction Accounting Software Market Analysis - By Offering
7.1 Overview
7.2 Europe Construction Accounting Software Market, by Offering (2021 and 2028)
7.3 Solution
7.3.1 Overview
7.3.2 Solution: Europe Construction Accounting Software Market- Revenue and Forecast to 2028 (US$ Million)
7.4 Services
7.4.1 Overview
7.4.2 Services: Europe Construction Accounting Software Market- Revenue and Forecast to 2028 (US$ Million)
8. Europe Construction Accounting Software Market Analysis - By Deployment
8.1 Overview
8.2 Europe Construction Accounting Software Market, by Deployment (2021 and 2028)
8.3 Cloud
8.3.1 Overview
8.3.2 Cloud: Europe Construction Accounting Software Market- Revenue and Forecast to 2028 (US$ Million)
8.4 On-Premise
8.4.1 Overview
8.4.2 On Premise: Europe Construction Accounting Software Market- Revenue and Forecast to 2028 (US$ Million)
9. Europe Construction Accounting Software Market - By Application
9.1 Overview
9.2 Europe 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: Europe 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: Europe Construction Accounting Software Market- Revenue and Forecast to 2028 (US$ Million)
10. Europe Construction Accounting Software Market - Country Analysis
10.1 Overview
10.1.1 Europe Construction Accounting Software Market, by Key Country - Revenue (2021) (US$ Million)
10.1.2 Europe Construction Accounting Software Market- by Country
10.1.2.1 Germany: Europe Construction Accounting Software Market - Revenue and Forecast to 2028 (US$ Million)
10.1.2.1.1 Germany: Europe Construction Accounting Software Market- by Offering
10.1.2.1.2 Germany: Europe Construction Accounting Software Market- by Deployment
10.1.2.1.3 Germany: Europe Construction Accounting Software Market- By Application
10.1.2.2 France: Europe Construction Accounting Software Market - Revenue and Forecast to 2028 (US$ Million)
10.1.2.2.1 France: Europe Construction Accounting Software Market- by Offering
10.1.2.2.2 France: Europe Construction Accounting Software Market- by Deployment
10.1.2.2.3 France: Europe Construction Accounting Software Market- By Application
10.1.2.3 Italy: Europe Construction Accounting Software Market - Revenue and Forecast to 2028 (US$ Million)
10.1.2.3.1 Italy: Europe Construction Accounting Software Market- by Offering
10.1.2.3.2 Italy: Europe Construction Accounting Software Market- by Deployment
10.1.2.3.3 Italy: Europe Construction Accounting Software Market- By Application
10.1.2.4 UK: Europe Construction Accounting Software Market - Revenue and Forecast to 2028 (US$ Million)
10.1.2.4.1 UK: Europe Construction Accounting Software Market- by Offering
10.1.2.4.2 UK: Europe Construction Accounting Software Market- by Deployment
10.1.2.4.3 UK: Europe Construction Accounting Software Market- By Application
10.1.2.5 Russia: Europe Construction Accounting Software Market - Revenue and Forecast to 2028 (US$ Million)
10.1.2.5.1 Russia: Europe Construction Accounting Software Market- by Offering
10.1.2.5.2 Russia: Europe Construction Accounting Software Market- by Deployment
10.1.2.5.3 Russia: Europe Construction Accounting Software Market- By Application
10.1.2.6 Rest of Europe: Europe Construction Accounting Software Market - Revenue and Forecast to 2028 (US$ Million)
10.1.2.6.1 Rest of Europe: Europe Construction Accounting Software Market- by Offering
10.1.2.6.2 Rest of Europe: Europe Construction Accounting Software Market- by Deployment
10.1.2.6.3 Rest of Europe: Europe 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 Chetu 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 Deltek 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 FreshBooks USA 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 Intuit 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 Sage Group Plc
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 Viewpoint 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 Xero Ltd
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
13. Appendix
13.1 About the Publisher
13.2 Glossary
List of Tables
Table 1. Europe Construction Accounting Software Market, Revenue and Forecast, 2019-2028 (US$ Mn)
Table 2. Germany: Europe Construction Accounting Software Market- by Offering -Revenue and Forecast to 2028 (US$ Million)
Table 3. Germany: Europe Construction Accounting Software Market- by Deployment -Revenue and Forecast to 2028 (US$ Million)
Table 4. Germany: Europe Construction Accounting Software Market- By Application-Revenue and Forecast to 2028 (US$ Million)
Table 5. France: Europe Construction Accounting Software Market- by Offering -Revenue and Forecast to 2028 US$ Million)
Table 6. France: Europe Construction Accounting Software Market- by Deployment -Revenue and Forecast to 2028 US$ Million)
Table 7. France: Europe Construction Accounting Software Market- By Application-Revenue and Forecast to 2028 (US$ Million)
Table 8. Italy: Europe Construction Accounting Software Market- by Offering -Revenue and Forecast to 2028 (US$ Million)
Table 9. Italy: Europe Construction Accounting Software Market- by Deployment -Revenue and Forecast to 2028 (US$ Million)
Table 10. Italy: Europe Construction Accounting Software Market- By Application-Revenue and Forecast to 2028 (US$ Million)
Table 11. UK: Europe Construction Accounting Software Market- by Offering -Revenue and Forecast to 2028 (US$ Million)
Table 12. UK: Europe Construction Accounting Software Market- by Deployment -Revenue and Forecast to 2028 (US$ Million)
Table 13. UK: Europe Construction Accounting Software Market- By Application-Revenue and Forecast to 2028 (US$ Million)
Table 14. Russia: Europe Construction Accounting Software Market- by Offering -Revenue and Forecast to 2028 (US$ Million)
Table 15. Russia: Europe Construction Accounting Software Market- by Deployment -Revenue and Forecast to 2028 (US$ Million)
Table 16. Russia: Europe Construction Accounting Software Market- By Application-Revenue and Forecast to 2028 (US$ Million)
Table 17. Rest of Europe: Europe Construction Accounting Software Market- by Offering -Revenue and Forecast to 2028 (US$ Million)
Table 18. Rest of Europe: Europe Construction Accounting Software Market- by Deployment -Revenue and Forecast to 2028 (US$ Million)
Table 19. Rest of Europe: Europe Construction Accounting Software Market- By Application-Revenue and Forecast to 2028 (US$ Million)
Table 20. Glossary of Terms, Europe Construction Accounting Software Market
List of Figures
Figure 1. Europe Construction Accounting Software Market Segmentation
Figure 2. Europe Construction Accounting Software Market Segmentation - Country
Figure 3. Europe Construction Accounting Software Market Overview
Figure 4. Europe Construction Accounting Software Market, By Offering
Figure 5. Europe Construction Accounting Software Market, By Country
Figure 6. Europe: PEST Analysis
Figure 7. Europe Construction Accounting Software Market Ecosystem Analysis
Figure 8. Expert Opinion
Figure 9. Europe Construction Accounting Software Market Impact Analysis of Drivers and Restraints
Figure 10. Europe Construction Accounting Software Market, Forecast and Analysis (US$ Mn)
Figure 11. Europe Construction Accounting Software Market Revenue Share, By Offering (2021 and 2028)
Figure 12. Solution: Europe Construction Accounting Software Market- Revenue and Forecast to 2028 (US$ Million)
Figure 13. Services: Europe Construction Accounting Software Market- Revenue and Forecast to 2028 (US$ Million)
Figure 14. Europe Construction Accounting Software Market Revenue Share, By Deployment (2021 and 2028)
Figure 15. Cloud: Europe Construction Accounting Software Market- Revenue and Forecast to 2028 (US$ Million)
Figure 16. On Premise: Europe Construction Accounting Software Market- Revenue and Forecast to 2028 (US$ Million)
Figure 17. Europe Construction Accounting Software Market Revenue Share, By Application (2021 and 2028)
Figure 18. Small and Mid-sized Construction Companies: Europe Construction Accounting Software Market- Revenue and Forecast to 2028 (US$ Million)
Figure 19. Large Construction Companies: Europe Construction Accounting Software Market- Revenue and Forecast to 2028 (US$ Million)
Figure 20. Europe Construction Accounting Software Market Revenue Share, By Country (2021 and 2028)
Figure 21. Germany: Europe Construction Accounting Software Market - Revenue and Forecast to 2028 (US$ Million)
Figure 22. France: Europe Construction Accounting Software Market - Revenue and Forecast to 2028 (US$ Million)
Figure 23. Italy: Europe Construction Accounting Software Market - Revenue and Forecast to 2028 (US$ Million)
Figure 24. UK: Europe Construction Accounting Software Market - Revenue and Forecast to 2028 (US$ Million)
Figure 25. Russia: Europe Construction Accounting Software Market - Revenue and Forecast to 2028 (US$ Million)
Figure 26. Rest of Europe: Europe Construction Accounting Software Market - Revenue and Forecast to 2028 (US$ Million)
Companies Mentioned
- Chetu Inc
- Deltek Inc
- FreshBooks USA Inc
- Intuit Inc
- Sage Group Plc
- Viewpoint Inc
- Xero Ltd
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 115 |
| Published | February 2023 |
| Forecast Period | 2022 - 2028 |
| Estimated Market Value ( USD | $ 249.01 Million |
| Forecasted Market Value ( USD | $ 369.12 Million |
| Compound Annual Growth Rate | 6.8% |
| Regions Covered | Europe |
| No. of Companies Mentioned | 7 |
