Report : US Construction Accounting Software Market Forecast to 2028 – COVID-19 Impact and Country Analysis – by Offering (Solution and Services), Deployment (On Premise and Cloud), and Application (Small and Mid-Sized Construction Companies and Large Construction Companies)
According to our latest study on “US Construction Accounting Software Market Forecast to 2028 – COVID-19 Impact and Country Analysis – by Offering, Deployment, and Application,” the market is projected to grow from US$ 239.56 million in 2022 to US$ 331.00 million by 2028; it is estimated to record a CAGR of 5.5% from 2022 to 2028.
Accounting software is vital to operate all construction companies efficiently. Companies of all sizes continuously deal with numerous subcontractors, contractors, and temporary construction teams. The deals can complicate procurement, payroll, and other accounting functions. In such scenarios, reliable software is required to guarantee everything from purchase orders to inventory, and to ensure the equipment are tracked, utilized, and replenished accordingly. Construction accounting software offers several financial management tools such as payroll, general ledger, job costing, audit reporting, and accounts payable and receivable (AP/AR) for small and large construction activities. Certain construction accounting software solutions are developed and focused for specific financial information, while others offer accounting insights into the organization. The deployment of construction accounting software helps builders and contractors enhance project performance by offering all the relevant information to the project managers and minimizing the risk of manual financial calculation error.
Construction is one of the important industries growing exponentially in the US. The government of the US is investing heavily in developing commercial infrastructures, including airports, hotels, hospitals, universities, and office buildings. With a growing number of infrastructural projects, construction companies emphasize advanced technologies by using construction accounting software. The growing construction industry and the rising ERP module penetration in the industry are among the key factors driving the US construction accounting software market growth. However, the availability of free construction accounting software for some applications may hinder the US Construction Accounting Software market growth.
Impact of COVID-19 Pandemic on US Construction Accounting Software Market
The US is one of the most important economies for the adoption and growth of new technologies owing to favorable government policies to boost innovation and strengthen infrastructure capabilities. Any adverse impact on the growth of these industries hinders the economic growth of the country. The US is the world’s worst-affected country due to the COVID-19 outbreak. It is a prominent market for accounting software, especially in the construction sector. Lockdowns and travel restrictions imposed in the country have restrained the construction industry. The large and small construction projects had shut down across the country. Authorities in Boston, San Francisco, Pennsylvania, and California have ordered the temporary termination and shutdown of most construction projects in 2020. As a result, construction companies reduced their spending on adopting ad-hoc technologies such as accounting software, which, in turn, negatively impacted the US construction accounting software market.
The report segments the US Construction Accounting Software market as follows:
Based on offering, the US construction accounting software market is bifurcated into solution and services. The solution segment led the market with a larger share in 2021. Based on deployment, the US Construction Accounting Software market is bifurcated into on premise and cloud. The cloud segment led the US Construction Accounting Software market with a larger share in 2021. Based on application, the US Construction Accounting Software market is bifurcated into small and mid-sized construction companies and large construction companies. In 2021, the large construction companies segment led the US Construction Accounting Software market with a larger share.
Deltek Inc.; Sage Group; Xero Limited; Viewpoint Inc.; Intuit Inc.; Acclivity Group LLC; Chetu Inc.; Corecon Technologies Inc.; Freshbook; and Foundation Software, LLC are among the key players profiled during this market study. Several other essential market players were also studied and analyzed to get a holistic view of the market and its ecosystem.
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