At 8.7% CAGR, Europe Cost-Estimating Software Market is Projected to be Worth US$ 1,061.67 Million by 2031, says Business Market Insights

According to Business Market Insights' research, the Europe cost-estimating software market was valued at US$ 546.56 million in 2023 and is expected to reach US$ 1,061.67 million by 2031, registering a CAGR of 8.7% from 2023 to 2031. Integration of artificial intelligence and machine learning and expansion of construction industry are among the critical factors attributed to drive the Europe cost-estimating software market growth. 

Traditional cost estimation models frequently rely on manually picked characteristics, which are time-consuming and prone to bias. However, the use of technologies such as artificial intelligence (AI) and machine learning (ML) can considerably improve the precision of cost estimates by providing more accurate projections. Large datasets can be quickly analyzed by AI algorithms. As a result, they spot trends and patterns that human analysts would miss. This feature enables the creation of complex cost projections that take a wide range of variables into consideration. AI systems also constantly learn from fresh data. This implies that as a result of their improving precision over time, estimations become more accurate.

Similarly, machine learning aids in the refinement of projections. Through the use of sophisticated models, ML is able to project expenses in many scenarios. It takes into account a wide range of factors that could affect project costs. For example, the analysis automatically incorporates changes in labor rates or material costs. Because of their flexibility, estimates are guaranteed to stay accurate and relevant even when project conditions alter. Furthermore, the estimations take a lot less time because of AI and ML, which speed up the planning stage and enable more responsive reactions to market changes. Thus, the integration of advanced technologies such as AI and ML is expected to fuel the growth of the cost-estimating software market during the forecast period.

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

Based on deployment, the Europe cost-estimating software market is bifurcated into cloud and on premises. The cloud segment held 64.4% market share in 2023, amassing US$ 351.87 million. It is projected to garner US$ 724.99 million by 2031 to register 9.5% CAGR during 2023-2031.

In terms of industry vertical, the Europe cost-estimating software market is segmented into construction industry, oil and gas industry, mining industry, energy industry, others. The construction industry segment held 69.6% share of Europe cost-estimating software market in 2023, amassing US$ 380.29 million. It is anticipated to garner US$ 767.21 million by 2031 to expand at 9.2% CAGR during 2023-2031.

Based on country, the Europe cost-estimating software market is categorized into the UK, Germany, France, Italy, Russia, and the Rest of Europe. Our regional analysis states that the UK captured 28.4% share of Europe cost-estimating software market in 2023. It was assessed at US$ 155.44 million in 2023 and is likely to hit US$ 337.06 million by 2031, registering a CAGR of 10.2% during 2023-2031.

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

In November 2022, Trimble (NASDAQ: TRMB) 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. (NYSE: PCOR), 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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