The cost-estimating software market size was valued at US$ 1.85 billion in 2023 and is expected to reach US$ 3.89 billion by 2031. It is estimated to record a CAGR of 9.7% from 2023 to 2031.
The cost-estimating software market is segmented into five major regions - North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America. North America dominated the market in 2023, followed by Europe and APAC, respectively. As construction, energy, oil & gas, and other industries are rising in the region, the demand for cost-effective solutions to manage and track project costs is acting as one of the major factors fueling the growth of the cost-estimating software market. The region is witnessing a huge growth in the oil & gas sector. According to the Energy Information Administration (EIA) report, in 2022, the US and Canada account for 14.7% and 5.6% of the world's crude oil production. According to the same source, the US oil production in July 2022 surpassed 12.1 million barrels per day (bpd), with a 200,000 bpd rise from May. With the expansion of midstream infrastructure, this increased oil production trend will continue over the projected period. This continuous expansion of the oil & gas sector is expected to fuel the demand for cost-estimating software as it can help stakeholders estimate the cost of the project
The Asia Pacific cost-estimating software market is projected to experience highest growth rate from 2023 to 2030 owing to rapid technological developments, an increase in government initiatives, and the digitalization of economies. The large population in the region has contributed to the demand for residential, commercial, and industrial construction activities. For instance, in Q2 of 2023, the construction of the Sydney metro to Western Sydney airport rail line started in New South Wales, Australia. This project aims to deliver a safe, fast, and reliable metro in the country and is expected to be completed in Q2 of 2026.
Similarly, the construction of the Wadala GST office building started in Mumbai, India, in Q2 of 2023 and is expected to be completed in Q2 of 2026. Upon completion, the project will provide better administrative facilities for the people in the city. Also, the construction of the Minamiikebukuro Two Chome C Area Type One Urban redevelopment project started in Q2 of 222 in Tokyo, Japan, with an investment of ~US$ 1.02 billion. The project will provide better residential facilities in the city and is expected to be completed in Q4 2025. In Q2 of 2022, the construction of the Cadia Qui Nhon Mixed-Use development project started in Vietnam with an investment of US$ 320 million. The project will provide a wide range of facilities, including residential and retail, to meet the lifestyle needs of people in the country. The project is expected to be completed in Q4 2024. Hence, the increasing focus on construction activities is boosting the demand for cost-estimating software, propelling the growth of the market in APAC.
Based on industry vertical, the cost-estimating software is segmented into construction industry, oil and gas industry, mining industry, energy industry, and others. The construction industry segment held the largest cost-estimating software market share. Cost-estimating software is vital in the construction industry as it offers precise and effective cost estimations for building projects. This program uses past data, benchmarks from the industry, and current market conditions to produce accurate estimates for materials, labor, equipment, and other expenses related to the project. Moreover, it enables the development of thorough cost breakdowns, allows prompt modifications to accommodate alterations in project scope or market conditions, and promotes cooperation among project stakeholders. Furthermore, it allows construction companies to simplify their bidding process, enhance project budget accuracy, and improve overall project cost management, ultimately resulting in more informed decision-making and increased project profitability
Salesforce Inc, Oracle Corp, Sage Group Plc, Trimble Inc, Procore Technologies Inc, Autodesk Inc, RIB Software, Elecosoft, ConstructConnect, and MTI Systems, Inc are among the key cost-estimating software market players that are profiled in this market study.
The overall cost-estimating software market size has been derived using both primary and secondary sources. Exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the cost-estimating software market size. The process also helps obtain an overview and forecast of the market with respect to all the market segments. Also, multiple primary interviews have been conducted with industry participants to validate the data and gain analytical insights. This process includes 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 cost-estimating software market.
The cost-estimating software market is segmented into five major regions - North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America. North America dominated the market in 2023, followed by Europe and APAC, respectively. As construction, energy, oil & gas, and other industries are rising in the region, the demand for cost-effective solutions to manage and track project costs is acting as one of the major factors fueling the growth of the cost-estimating software market. The region is witnessing a huge growth in the oil & gas sector. According to the Energy Information Administration (EIA) report, in 2022, the US and Canada account for 14.7% and 5.6% of the world's crude oil production. According to the same source, the US oil production in July 2022 surpassed 12.1 million barrels per day (bpd), with a 200,000 bpd rise from May. With the expansion of midstream infrastructure, this increased oil production trend will continue over the projected period. This continuous expansion of the oil & gas sector is expected to fuel the demand for cost-estimating software as it can help stakeholders estimate the cost of the project
The Asia Pacific cost-estimating software market is projected to experience highest growth rate from 2023 to 2030 owing to rapid technological developments, an increase in government initiatives, and the digitalization of economies. The large population in the region has contributed to the demand for residential, commercial, and industrial construction activities. For instance, in Q2 of 2023, the construction of the Sydney metro to Western Sydney airport rail line started in New South Wales, Australia. This project aims to deliver a safe, fast, and reliable metro in the country and is expected to be completed in Q2 of 2026.
Similarly, the construction of the Wadala GST office building started in Mumbai, India, in Q2 of 2023 and is expected to be completed in Q2 of 2026. Upon completion, the project will provide better administrative facilities for the people in the city. Also, the construction of the Minamiikebukuro Two Chome C Area Type One Urban redevelopment project started in Q2 of 222 in Tokyo, Japan, with an investment of ~US$ 1.02 billion. The project will provide better residential facilities in the city and is expected to be completed in Q4 2025. In Q2 of 2022, the construction of the Cadia Qui Nhon Mixed-Use development project started in Vietnam with an investment of US$ 320 million. The project will provide a wide range of facilities, including residential and retail, to meet the lifestyle needs of people in the country. The project is expected to be completed in Q4 2024. Hence, the increasing focus on construction activities is boosting the demand for cost-estimating software, propelling the growth of the market in APAC.
Based on industry vertical, the cost-estimating software is segmented into construction industry, oil and gas industry, mining industry, energy industry, and others. The construction industry segment held the largest cost-estimating software market share. Cost-estimating software is vital in the construction industry as it offers precise and effective cost estimations for building projects. This program uses past data, benchmarks from the industry, and current market conditions to produce accurate estimates for materials, labor, equipment, and other expenses related to the project. Moreover, it enables the development of thorough cost breakdowns, allows prompt modifications to accommodate alterations in project scope or market conditions, and promotes cooperation among project stakeholders. Furthermore, it allows construction companies to simplify their bidding process, enhance project budget accuracy, and improve overall project cost management, ultimately resulting in more informed decision-making and increased project profitability
Salesforce Inc, Oracle Corp, Sage Group Plc, Trimble Inc, Procore Technologies Inc, Autodesk Inc, RIB Software, Elecosoft, ConstructConnect, and MTI Systems, Inc are among the key cost-estimating software market players that are profiled in this market study.
The overall cost-estimating software market size has been derived using both primary and secondary sources. Exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the cost-estimating software market size. The process also helps obtain an overview and forecast of the market with respect to all the market segments. Also, multiple primary interviews have been conducted with industry participants to validate the data and gain analytical insights. This process includes 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 cost-estimating software market.
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- Scrutinize in-depth market trends and outlook coupled with the factors driving the market, as well as those hindering it
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Table of Contents
1. Introduction
2. Executive Summary
3. Research Methodology
4. Cost-Estimating Software Market Landscape
5. Cost-Estimating Software Market - Key Market Dynamics
6. Cost-Estimating Software Market - Global Market Analysis
7. Cost-Estimating Software Market Analysis - by Deployment
8. Cost-Estimating Software Market Analysis - by Industry Vertical
9. Cost-Estimating Software Market - Geographical Analysis
10. Competitive Landscape
11. Industry Landscape
12. Company Profiles
13. Appendix
Companies Mentioned
- Salesforce Inc
- Oracle Corp
- Sage Group Plc
- Trimble Inc
- Procore Technologies Inc
- Autodesk Inc
- RIB Software
- Elecosoft
- ConstructConnect
- MTI Systems, Inc
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 178 |
| Published | July 2024 |
| Forecast Period | 2023 - 2031 |
| Estimated Market Value in 2023 | 1.85 Billion |
| Forecasted Market Value by 2031 | 3.89 Billion |
| Compound Annual Growth Rate | 9.7% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
