Report : Middle East & Africa 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 4.8% CAGR, the Middle East & Africa Construction Accounting Software Market is speculated to be worth US$ 97.39 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Middle East & Africa construction accounting software market was valued at US$ 73.70 million in 2022 and is expected to reach US$ 97.39 million by 2028, registering a CAGR of 4.8% from 2022 to 2028. Growing construction industry and rising penetration of ERP modules in construction industry are the critical factors attributed to the Middle East & Africa 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 Middle East & Africa construction accounting software market.
On the contrary, high reliance on traditional accounting tools hampers the Middle East & Africa construction accounting software market.
Based on offering, Middle East & Africa construction accounting software market is segmented into solution and services. The solution segment held 79.9% share of Middle East & Africa construction accounting software market in 2022, amassing US$ 58.90 million. It is projected to garner US$ 79.08 million by 2028 to expand at 5.0% CAGR during 2022–2028.
Based on deployment, the Middle East & Africa construction accounting software market is segmented into on-premise and cloud. The cloud held 72.9% share of Middle East & Africa construction accounting software market in 2022, amassing US$ 53.70 million. It is projected to garner US$ 74.10 million by 2028 to expand at 5.5% CAGR during 2022–2028.
Based on application, the Middle East & Africa construction accounting software market is segmented into small and mid-sized construction companies and large construction companies. The large construction companies segment held 68.9% share of Middle East & Africa construction accounting software market in 2022, amassing US$ 50.80 million. It is projected to garner US$ 65.25 million by 2028 to expand at 4.3% CAGR during 2022–2028.
Based on country, the Middle East & Africa construction accounting software market has been categorized into Saudi Arabia, the UAE, South Africa, the Rest of Middle East & Africa. Our regional analysis states that the UAE captured 32.6% share of Middle East & Africa construction accounting software market in 2022. It was assessed at US$ 24.01 million in 2022 and is likely to hit US$ 32.39 million by 2028, exhibiting a CAGR of 5.1% during the forecast period.
Key players dominating the Middle East & Africa construction accounting software market are FreshBooks USA Inc; Intuit Inc; Sage Group Plc; and Xero Ltd, among others.
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