Construction Accounting Software Global Market Report 2024

The construction accounting software market size has grown strongly in recent years. It will grow from $1.58 billion in 2023 to $1.68 billion in 2024 at a compound annual growth rate (CAGR) of 6.3%. The growth in the historical period can be ascribed to the prevalence of manual accounting processes in the construction industry, the expansion of the construction sector and infrastructure projects, the growing complexity of construction project finances, the integration of technology in construction management, and the demand for precise cost estimation and project budgeting.

The construction accounting software market size is expected to see strong growth in the next few years. It will grow to $2.08 billion in 2028 at a compound annual growth rate (CAGR) of 5.5%. The growth in the forecast period can be attributed to an increased demand for real-time financial reporting, the acknowledgment of the significance of project profitability, challenges in managing subcontractor and vendor payments, the adoption of cloud-based construction accounting solutions, a growing demand for mobile construction accounting apps, an emphasis on data security and compliance features, the development of industry-specific features in accounting software, and the rise of subscription-based and software-as-a-service (SaaS) models. Major trends in the forecast period include the integration of artificial intelligence for automation, collaboration between accounting software providers and construction firms, technological advancements in data analytics and business intelligence, the adoption of blockchain for secure and transparent transactions, and the integration of the Internet of Things (IoT) for real-time project data.

The growth in the construction industry is expected to drive the expansion of the construction accounting software market in the future. Construction involves the creation of structures such as homes, factories, highways, and bridges. Construction accounting software empowers construction firms to monitor their costs and income in real-time, offering valuable insights into their financial performance. It enables the early identification of potential challenges, allowing for timely rectification before they escalate into significant issues. Additionally, it facilitates quick and straightforward invoicing and payment processing, saving time and effort. For example, in October 2021, a report by Oxford Economics, a UK-based economic information services company, revealed that global construction output was $10.7 trillion in 2020. It is projected to grow by 42%, or $4.5 trillion, from 2020 to 2030, reaching USD 15.2 trillion. Hence, the expanding construction industry is a driving force behind the growth of the construction accounting software market.

The transition to remote and flexible work is also expected to contribute to the growth of the construction accounting software market. Remote and flexible work refers to employment arrangements that allow individuals to perform their job duties from locations outside the traditional office setting. Construction accounting software facilitates seamless financial management and reporting for remote and flexible work, ensuring real-time collaboration and accessibility for construction projects. For instance, a survey conducted by FlexJobs' Career Pulse in February 2022, involving 2100 participants, indicated that 65% of respondents strongly preferred full-time remote work, while 32% desired a hybrid work arrangement. This high percentage of 97% signifies that a significant majority of workers wish to have the option of working remotely to some extent. Therefore, the shift toward remote and flexible work is a driving factor for the construction accounting software market.


Product innovations represent a growing trend gaining traction in the construction accounting software market. Major companies within this market are actively introducing innovative products to maintain and strengthen their positions. An example of this is AvidXchange, a US-based software company, which unveiled AvidPay integrated with TimberScan Titanium, a novel accounts payable solution tailored for the construction industry, in August 2022. This comprehensive purchase-to-pay solution enhances the efficiency of funds payable processes for construction industry experts such as contractors and developers. By utilizing a centralized, fully automated platform, users can manage financial tasks such as invoices and facilitate payments remotely from any location. The embedded workflow streamlines processes such as purchasing orders and invoice management, offering users the ability to establish automatic routing rules to expedite payments.

Major companies in the construction accounting software market are directing their efforts towards the development of advanced solutions, particularly cloud solutions, tailored for the construction industry to optimize their market profits. Cloud solutions, delivered, accessed, and managed over the Internet, provide a technology service or application without relying on local servers or computers. An example of this focus is demonstrated by Sage, a US-based provider of integrated business management software solutions, and Procore Technologies, a US-based provider of construction management software. In October 2021, they jointly launched the Sage Intacct Construction and Procore Connector, marking their inaugural cloud-to-cloud integration. This connector, building on their established partnership, grants construction professionals real-time access to financial information, fostering seamless collaboration between the field and back office. Leveraging the strengths of Sage's cloud-based construction accounting solution and Procore's construction management platform, Sage Intacct Construction empowers industry professionals to manage costs and productivity in real-time, drastically reducing financial consolidation time.

In July 2022, JDM Technology Group, Inc., a Canada-based software development company, undertook the acquisition of Deneb Software for an undisclosed amount. This strategic move aims to combine Deneb with JOBPOWER Software, another JDM Technology Group company with extensive experience in the construction software business. This integration positions Deneb to enhance its ability to assist contractors in distinguishing themselves within the competitive construction industry. Deneb Software, based in the US, specializes in the development of construction accounting and estimating software.

Major companies operating in the construction accounting software market report are Oracle Corporation, Intuit Inc., Trimble Inc., Sage Group plc, Xero Ltd, Procore Technologies Inc., Deltek Inc., Tally Solutions Pvt. Ltd, Buildertrend, CMiC, Acumatica, Chetu Inc, FreshBooks, BQE Core, Foundation Software LLC, Computer Guidance Corporation, B2W Software Inc., Jonas Construction Software Inc., Penta Technologies Inc., Corecon Technologies Inc., GCPay, Online Check Writer, Adeaca Corp, Melio Payments, Knowify.

North America was the largest region in the construction accounting software market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the construction accounting software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the construction accounting software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.

Construction accounting software comprises two main components solutions and services. Solutions involve the process of addressing specific organizational issues through a set of software tools and services. In the construction industry, software solutions are employed to aid construction firms in the accounting and financial management of their building projects. These solutions can be deployed through cloud-based or on-premises methods, each offering distinct functionalities such as audit reporting, accounts payable and receivable, project costing, and more. These applications find utility in both small to mid-size construction companies and large construction enterprises.

The construction accounting software market research report is one of a series of new reports that provides construction accounting software market statistics, including construction accounting software industry global market size, regional shares, competitors with a construction accounting software market share, detailed construction accounting software market segments, market trends and opportunities, and any further data you may need to thrive in the construction accounting software industry. This construction accounting software market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The construction accounting software market includes revenues earned by entities by providing services such as accounts payable and receivable, the general ledger, cash and financial management, financial reporting, and audit reporting. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).


The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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