The construction accounting software market expected to grow from US$ 731.7 million in 2020 to US$ 1359.7 million by 2027; it is estimated to grow at a CAGR of 9.3% from 2020 to 2027.

Enhancing the data security to prevent data loss is attributing to the growth of the market. The construction accounting software market players use dedicated servers to store customer’s data. The software developer is significantly emphasizing cybersecurity measures to safeguard customer’s data from cyber attackers. Several companies across industries face a significant threat from cyber attackers, and in the recent past, numerous cyber-attacks have been recorded. The loss of customer’s data affects the reputation of accounting software providers, ultimately resulting in financial loss. Intending to eliminate the risk of customer’s data loss and financial crisis, the construction accounting software developing companies invest significant amounts in enhancing their security systems. Thus, strengthening the security level with advanced encryptions patches would benefit the companies, ultimately resulting in a higher customer base and financials. This is expected to drive the growth of the construction accounting software market during the forecast period.

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Construction Accounting Software Market – Company Profiles

Acclivity Group LLC
Chetu Inc
CMiC
Foundation software inc
FreshBooks
Intuit Inc.
Jonas construction software
Sage Group plc
Viewpoint, inc
Xero Limited

The construction accounting software market players use data centers not only to store customer’s data but also to store the company’s crucial information and plan samples. To prevent the loss of such information and data, the market players are focusing on developing and integrating robust anti-cyber threat solutions. Using a robust anti-piracy or anti-cyber threat solution is expected to attract an increased number of clienteles, and this factor is anticipated to boost the growth path for construction accounting software market players over the upcoming years.

Impact of COVID-19 Pandemic on Construction Accounting Software Market

The COVID-19 crisis is affecting the industries worldwide, and the global economy is anticipated to take the worst hit in the year 2020 and likely in 2021 also. The outbreak has created significant disruptions in the construction sector. The sharp decline in the international trade is negatively impacting the growth of the global economy. The production shutdowns, restrictions on supply chain, procurement management, labor scarcity, and border lockdowns to combat and contain the outbreak have adversely affected the construction sector. The production slowdown in the construction industry is directly affecting the adoption of various ad-hoc technologies and solutions such as construction accounting software, as the construction companies have reduced their spending on adopting several technology solutions to deal with the current scenario.

The construction accounting software market has been segmented as follows:

Construction Accounting Software Market – By Component

Solution
Services
Training and Consulting Services
Implementation and Integration Services

Construction Accounting Software Market – By Deployment

Cloud
On-Premise

Construction Accounting Software Market – By Application

Small and Mid-Size Construction Companies
Large Construction Companies

Construction Accounting Software Market – by Geography

North America
US
Canada
Mexico
Europe
France
Germany
Italy
Russia
U.K
Rest of Europe
Asia Pacific (APAC)
Japan
China
Australia
India
South Korea
Rest of APAC
Middle East and Africa (MEA)
Saudi Arabia
UAE
South Africa
Rest of MEA
South America (SAM)
Brazil
Argentina
Rest of SAM

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