At 11.3% CAGR, Asia Pacific Cost-Estimating Software Market is Projected to be Worth US$ 1,127.70 Million by 2031, says Business Market Insights

According to Business Market Insights’ research, the Asia Pacific cost-estimating software market was valued at US$ 477.47 million in 2023 and is expected to reach US$ 1,127.70 million by 2031, registering a CAGR of 11.3% from 2023 to 2031. Growing adoption of cloud computing and expansion of construction industry are among the critical factors attributed to drive the Asia Pacific cost-estimating software market growth.

Cloud computing is now a necessary component of all businesses and industries. Technology has served as a catalyst for growth, as it has radically transformed the way firms function. Organizations that move to the cloud can choose a subscription-based model that fits their budget, which eliminates the need for expensive hardware and installation. Rather than paying for unnecessary or undesired services, the majority of cloud solutions give businesses the option to pay for the resources they actually utilize.

Businesses can benefit from a fast deployment cycle with cloud solutions. As cloud technology makes it simple for teams to view, modify, and share documents and data at any time and from any location, it enhances team cooperation. With cloud-based workflow and file-sharing tools, the company may get real-time updates and increase its productivity and efficiency. Such collaborative work ensures that all stakeholders have a comprehensive understanding of project costs, fostering better decision-making and project outcomes. Due to all the above benefits, various market players are introducing cloud-based cost estimation software. For instance, in March 2021, Autodesk, Inc. announced the launch of Autodesk Takeoff, a new product that helps estimators perform 2D and 3D quantification workflows from a common data environment to increase collaboration, speed, and accuracy during the estimation process. Also, this new Autodesk Takeoff provides updates in real-time with cloud-based document management.

Integrating cost estimation software on a cloud platform helps provide increased scalability, accessibility, and real-time collaboration. Moreover, cloud-based cost estimation software facilitates better collaboration from anywhere and anytime. It also provides seamless interaction with Building Information Modeling (BIM) for a more comprehensive project view. Thus, the adoption of cloud computing is facilitating more collaborative approaches to cost estimation, which is fueling the growth of the cost-estimating software market.

On the contrary, lack of skilled professionals hampers the growth of Asia Pacific cost-estimating software market.

Based on deployment, the Asia Pacific cost-estimating software market is bifurcated into cloud and on premises. The cloud segment held 65.3% market share in 2023, amassing US$ 311.67 million. It is projected to garner US$ 779.07 million by 2031 to register 12.1% CAGR during 2023–2031.

In terms of industry vertical, the Asia Pacific cost-estimating software market is segmented into construction industry, oil and gas industry, mining industry, energy industry, others. The construction industry segment held 68.1% share of Asia Pacific cost-estimating software market in 2023, amassing US$ 324.94 million. It is anticipated to garner US$ 797.65 million by 2031 to expand at 11.9% CAGR during 2023–2031.

Based on country, the Asia Pacific cost-estimating software market is categorized China, Japan, India, South Korea, Australia, and the Rest of Asia Pacific. Our regional analysis states that China captured 30.3% share of Asia Pacific cost-estimating software market in 2023. It was assessed at US$ 144.88 million in 2023 and is likely to hit US$ 394.31 million by 2031, registering a CAGR of 13.3% during 2023–2031.

Key players operating in the Asia Pacific cost-estimating software market are Salesforce Inc, Oracle Corp, Sage Group Plc, Trimble Inc, Procore Technologies Inc, Autodesk Inc, RIB Software, Siemens AG, SLB, Aspen Technology Inc, and S&P Global Inc, among others.

• In November 2022, Trimble announced the launch of Trimble Construction Cloud powered by Microsoft Azure, an industry cloud to streamline construction projects. Trimble Construction Cloud was developed as part of Trimble's collaboration with Microsoft to advance technology adoption and accelerate the digital transformation of the construction, agriculture and transportation industries.
• In July 2022, Procore Technologies, Inc. a leading global provider of construction management software, announced the launch of a new solution, Procore Workforce Management, which features two key products — Field Productivity as well as, Workforce Planning, formerly known as LaborChart. Paired together, Field Productivity and Workforce Planning offer the industry's most comprehensive construction workforce management solution, allowing contractors visibility into their workforce to accurately forecast and manage human resources to help meet or beat estimated schedules and budgets

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