Report : Europe Construction Accounting Software Market Forecast to 2028 – COVID-19 Impact and Regional Analysis– by Offering (Solution and Services), Deployment (On-Premise and Cloud), and Application (Small and Mid-sized Construction Companies and Large Construction Companies)
At 6.8% CAGR, the Europe Construction Accounting Software Market is speculated to be worth US$ 369.12 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Europe construction accounting software market was valued at US$ 249.01 million in 2022 and is expected to reach US$ 369.12 million by 2028, registering a CAGR of 6.8% from 2022 to 2028. Growing construction industry and rising penetration of ERP modules in construction industry are the critical factors attributed to the Europe construction accounting software market expansion.
In the first quarter of 2020, the COVID-19 pandemic inevitably disrupted the activities in the construction industry. However, the construction industry witnessed growth in its activities in the third quarter of 2020. Still, projects in the construction sector for the last quarter depended on the extent to which the pandemic impacted sub-contractors and suppliers in the supply chain. Therefore, the growing construction industry drives the growth of the Europe construction accounting software market.
On the contrary, high reliance on traditional accounting tools hampers the Europe construction accounting software market.
Based on offering, Europe construction accounting software market is segmented into solution and services. The solution segment held 81.1% share of Europe construction accounting software market in 2022, amassing US$ 201.95 million. It is projected to garner US$ 308.60 million by 2028 to expand at 7.3% CAGR during 2022–2028.
Based on deployment, the Europe construction accounting software market is segmented into on-premise and cloud. The cloud held 69.5% share of Europe construction accounting software market in 2022, amassing US$ 173.03 million. It is projected to garner US$ 267.94 million by 2028 to expand at 7.6% CAGR during 2022–2028.
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 65.1% share of Europe construction accounting software market in 2022, amassing US$ 162.15 million. It is projected to garner US$ 231.28 million by 2028 to expand at 6.1% CAGR during 2022–2028.
Based on country, the Europe construction accounting software market has been categorized into the Germany, the UK, France, Italy, Russia, and the Rest of Europe. Our regional analysis states that the UK captured 30.5% share of Europe construction accounting software market in 2022. It was assessed at US$ 76.01 million in 2022 and is likely to hit US$ 121.59 million by 2028, exhibiting a CAGR of 8.1% during the forecast period.
Key players dominating the Europe construction accounting software market are Chetu Inc; Deltek Inc; FreshBooks USA Inc; Intuit Inc; Sage Group Plc; Viewpoint Inc; and Xero Ltd, among others.
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