Report : North America 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 5.4% CAGR, the North America Construction Accounting Software Market is speculated to be worth US$ 396.88 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the North America construction accounting software market was valued at US$ 289.74 million in 2022 and is expected to reach US$ 396.88 million by 2028, registering a CAGR of 5.4% from 2022 to 2028. Growing construction industry and rising penetration of ERP modules in construction industry are the critical factors attributed to the North America 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. The number of single-family homes and privately‐owned housing under construction increased significantly in the US in the past ten years. According to the new residential construction statistics by the US Census Bureau and the US Department of Housing and Urban Development, privately‐owned housing completions increased by 5.9% from 1,236,000 in January 2022 to 1,309,000 in February 2022. In addition, single‐family housing completions reached 1,034,000 in February 2022 from 922,000 in January 2022, an increase of 12.1%. The US is witnessing many ongoing mega construction projects in 2022, reflecting a robust construction industry in the country. A few such construction projects are Samsung semiconductor fabrication facility in Texas (US$17 billion), Amazon HQ2 office space in Virginia (US$2.5 billion), and the US/Mexico border wall (more than US$1 billion). The continuous rise in the number of construction projects in the US generates significant demand for software-based accounting services. Therefore, the growing construction industry drives the growth of the North America construction accounting software market.
On the contrary, high reliance on traditional accounting tools hampers the North America construction accounting software market.
Based on offering, North America construction accounting software market is segmented into solution and services. The solution segment held 78.8% share of North America construction accounting software market in 2022, amassing US$ 228.34 million. It is projected to garner US$ 321.83 million by 2028 to expand at 5.9% CAGR during 2022–2028.
Based on deployment, the North America construction accounting software market is segmented into on-premise and cloud. The cloud held 74.1% share of North America construction accounting software market in 2022, amassing US$ 214.68 million. It is projected to garner US$ 302.72 million by 2028 to expand at 5.9% CAGR during 2022–2028.
Based on application, the North America construction accounting software market is segmented into small and mid-sized construction companies and large construction companies. The large construction companies segment held 65.7% share of North America construction accounting software market in 2022, amassing US$ 190.44 million. It is projected to garner US$ 248.63 million by 2028 to expand at 4.5% CAGR during 2022–2028.
Based on country, the North America construction accounting software market has been categorized into the US, Canada, and Mexico. Our regional analysis states that the US captured 82.7% share of North America construction accounting software market in 2022. It was assessed at US$ 239.56 million in 2022 and is likely to hit US$ 331.00 million by 2028, exhibiting a CAGR of 5.5% during the forecast period.
Key players dominating the North America construction accounting software market are Acclivity Group LLC; Chetu Inc; Corecon Technologies Inc; Deltek Inc; Foundation Software LLC; FreshBooks USA Inc; Intuit Inc; Sage Group Plc; Viewpoint Inc; and Xero Ltd, among others.
- In 2020; Xero, the global cloud-based platform for small businesses, has signed an agreement with MNP LLP (MNP), one of Canada’s largest national accounting, tax, and business consulting firms. By joining forces with Xero, accountants across MNP’s 80+ offices in Canada can now access a cloud accounting ledger and financial management tools and services—anytime, on any device—to serve their 150,000 small business customers more effectively. MNP has also experienced significant time-savings in the early days of using Xero, freeing up their team to take on more clients and focus on delivering additional value to clients.
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