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North America Construction Accounting Software Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Component (Solutions and Services), Deployment Type (Cloud and On-premises), and Application (SMEs and Large Enterprises)

Code: TIPRE00015466 | Pages: 114 | Industry: Technology, Media and Telecommunications | Date: Oct 2020
Covid

Market Introduction

An appropriate accounting software is very vital for operating all construction companies successfully. Companies of all sizes are continuously dealing with numerous subcontractors, contractors, and temporary construction teams which further complicates procurement, payroll, and several other accounting functions. Pertaining to this fact, a reliable software is required for guaranteeing everything from purchase orders, to inventory and equipment is being tracked, utilized and replenished accordingly. The market for Construction accounting software offers users with several financial management tools for construction activities and large projects. These solutions provide features such as payroll, job costing, general ledger, audit reporting, and accounts payable and receivable (AP/AR), among others. Certain construction accounting software solutions are developed and focused for specific financial information, while others offer accounting insights into the organization as a whole, thus there is huge demand of construction accounting software market from both kind of organizations. Construction accounting solutions are almost equivalent to basic accounting software; however, they are particularly tailored to the construction sector. Through deploying construction accounting software, builders and contractors are capable to enhance project performance by offering all the relevant information to the project managers. Thus, the flourishing construction sector is expected to create a significant demand for construction accounting software in the coming years, which is further anticipated to drive the North America construction accounting software market.

Furthermore, COVID-19 is having a very devastating impact over the North America region. North America is one of the most important regions for the adoption and growth of new technologies including construction accounting software owing to favorable government policies to boost innovation and strengthen the infrastructure capabilities, especially in developed countries such as the US and Canada. Hence, any impact on the growth of industries is expected to affect the economic growth of the region in a negative manner including the construction accounting software market. Presently, the US is the world’s worst-affected country due to the COVID-19 outbreak. The US is a prominent market for accounting software, especially in the construction sector. The huge increase in the number of confirmed cases and rising reported deaths in the country has affected construction accounting software market significantly. The large as well as small construction projects had shut down across the US, Canada, and Mexico in last few months and the construction companies have reduced their spending on ad-hoc technologies such as accounting software, which in turn, is impacting the growth of the construction accounting software market in the present scenario. However, the construction projects have rapidly increased their productivity, which in turn is anticipated to have positive impact the construction accounting software market from the next few months. North America region is home to a large number of technology companies, and thus the impact of coronavirus outbreak is anticipated to be quite severe in the year 2020 and likely in 2021. The impact of COVID-19 is short-term; it is likely to decrease in the coming years which would ultimately boost the construction accounting software market in North America.

Market Overview and Dynamics

The construction accounting software market in North America is expected to grow from US$ 208.31 million in 2019 to US$ 273.41 million by 2027; it is estimated to grow at a CAGR of 3.9% from 2020 to 2027. The developing countries are experiencing a rise in the number of construction projects in recent years, which are inclined toward adopting software-based solutions. Attributing to the fact that the construction companies are increasingly emphasizing accounting decisions to determine the ROI and future of respective businesses, the demand for construction accounting software is rising. Analyzing the financials using accounting software before starting a business allows emerging entrepreneurs to carry out unique business ideas and quickly and efficiently reflect their vision, which in turn is boosting the construction accounting software market in the region. A construction accounting software analysis also enables the new business owners to understand the fundraising strategies and expansion policies. Additionally, the software-based accounting plans help the end-user foresee problems and obstacles before the same. The awareness related to accounting software benefits in construction projects is strongly growing among entrepreneurs in developing regions. These factors are offering lucrative business opportunities for construction accounting software market players. The increase in demand for software-based construction accounting is also displaying a rise in the number of construction accounting service providers offering software-based plans, which is further anticipated to bolster the growth of the North America construction accounting software market.

Key Market Segments

In terms of component, the solutions segment accounted for the largest share of the North America construction accounting software market in 2019. In terms of application, the large enterprises segment held a larger market share of the North America construction accounting software market in 2019. On the basis of deployment type cloud segment held a larger share of the North America construction accounting software market 2019.

Major Sources and Companies Listed

A few major primary and secondary sources referred to for preparing this report on the construction accounting software market in North America are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are Acclivity Group LLC.; Chetu Inc.; CMiC; Foundation Software, Inc.; FreshBooks; Intuit Inc.; Jonas Construction Software Inc.; Sage Group plc; Viewpoint, Inc.; Xero Limited.

Reasons to buy report

  • To understand the North America construction accounting software market landscape and identify market segments that are most likely to guarantee a strong return
  • Stay ahead of the race by comprehending the ever-changing competitive landscape for North America construction accounting software market
  • Efficiently plan M&A and partnership deals in North America construction accounting software market by identifying market segments with the most promising probable sales
  • Helps to take knowledgeable business decisions from perceptive and comprehensive analysis of market performance of various segment form North America construction accounting software market
  • Obtain market revenue forecast for market by various segments from 2020-2027 in North America region.

North America Construction Accounting Software Market Segmentation

North America Construction Accounting Software Market - By Component

  • Solutions
  • Services

North America Construction Accounting Software Market - By Deployment Type

  • Cloud
  • On-Premises

North America Construction Accounting Software Market - By Application

  • SMEs
  • Large Enterprises

North America Construction Accounting Software Market - By Country

  • US
  • Canada
  • Mexico

North America Construction Accounting Software Market Company Profiles

  • Acclivity Group LLC.
  • Chetu Inc.
  • CMiC
  • Foundation Software, Inc.
  • FreshBooks
  • Intuit Inc.
  • Jonas Construction Software Inc.
  • Sage Group plc
  • Viewpoint, Inc.
  • Xero Limited

1.           Introduction

1.1         Study Scope

1.2         The Insight Partners Research Report Guidance

1.3         Market Segmentation

1.3.1        North America Construction Accounting Software Market – By Component

1.3.2        North America Construction Accounting Software Market – By Deployment

1.3.3        North America Construction Accounting Software Market – By Application

1.3.4        North America Construction Accounting Software Market- By Country

2.           Key Takeaways

3.           Research Methodology

3.1         Coverage

3.2         Secondary Research

3.3         Primary Research

4.           North America Construction Accounting Software Market Landscape

4.1         Market Overview

4.2         Porter’s Five Forces Analysis

4.2.1        Bargaining Power of Buyers

4.2.2        Bargaining Power of Suppliers

4.2.3        Threat to New Entrants

4.2.4        Threat to Substitutes

4.2.5        Competitive Rivalry

4.3         Ecosystem Analysis

4.4         Expert Opinion

5.           North America Construction Accounting Software – Key Market Dynamics

5.1         Drivers

5.1.1        Flourishing Construction Industry

5.1.2        Construction Industry Witnessing Growing Approach of ERP modules

5.2         Restraints

5.2.1        Greater Reliability on Old Accounting Tools

5.3         Market Opportunities

5.3.1        Developing Countries Getting Acknowledged

5.4         Future Trends

5.4.1        Data Security Advancement to Avert Data Loss

5.5         Impact Analysis of Drivers and Restraints

6.           Construction Accounting Software Market – North America Market Analysis

6.1         Construction Accounting Software Market North America Overview

6.2         North America Construction Accounting Software Market Forecast and Analysis

6.3         Market Positioning – Five Key Players

7.           North America Construction Accounting Software Market Analysis – By Component

7.1         Overview

7.2         North America Construction Accounting Software Market Breakdown, by Component, 2019 & 2027

7.3         Solution

7.3.1        Overview

7.3.2        Solution Market Revenue and Forecast to 2027 (US$ Million)

7.4         Services

7.4.1        Overview

7.4.2        Services Market Revenue and Forecast to 2027 (US$ Million)

7.4.2.1          North America: Construction Accounting Software Market, By Services

8.           North America Construction Accounting Software Market Analysis – By Deployment Type

8.1         Overview

8.2         North America Construction Accounting Software Market Breakdown, by Deployment Type, 2019 & 2027

8.3         Cloud

8.3.1        Overview

8.3.2        Cloud Market Revenue and Forecast to 2027 (US$ Million)

8.4         On-Premise

8.4.1        Overview

8.4.2        On-Premise Market Revenue and Forecast to 2027 (US$ Million)

9.           North America Construction Accounting Software Market Analysis – By Application

9.1         Overview

9.2         North America Construction Accounting Software Market Breakdown, by Application, 2019 & 2027

9.3         SMEs

9.3.1        Overview

9.3.2        SMEs Market Revenue and Forecast to 2027 (US$ Million)

9.4         Large Enterprises

9.4.1        Overview

9.4.2        Large Enterprises Market Revenue and Forecast to 2027 (US$ Million)

10.        North America Construction Accounting Software Market – Country Analysis

10.1      Overview

10.1.1     North America: Construction Accounting Software Market , by Key Country

10.1.1.1       US: Construction Accounting Software Market – Revenue and Forecast to 2027 (US$ Million)

10.1.1.1.1       US: Construction Accounting Software Market , by Component

10.1.1.1.2       US: Construction Accounting Software Market , By Deployment Type

10.1.1.1.3       US: Construction Accounting Software Market , By Application

10.1.1.2       Canada: Construction Accounting Software Market – Revenue and Forecast to 2027 (US$ Million)

10.1.1.2.1       Canada: Construction Accounting Software Market , by Component

10.1.1.2.1.1    Canada: Construction Accounting Software Market, By Services

10.1.1.2.2       Canada: Construction Accounting Software Market , By Deployment Type

10.1.1.2.3       Canada: Construction Accounting Software Market , By Application

10.1.1.3       Mexico: Construction Accounting Software Market – Revenue and Forecast to 2027 (US$ Million)

10.1.1.3.1       Mexico: Construction Accounting Software Market , by Component

10.1.1.3.1.1    Mexico: Construction Accounting Software Market, By Services

10.1.1.3.2       Mexico: Construction Accounting Software Market , By Deployment Type

10.1.1.3.3       Mexico: Construction Accounting Software Market , By Application

11.        North America Construction Accounting Software Market- COVID-19 Impact Analysis

11.1      North America

12.        Industry Landscape

12.1      Mergers and Acquisitions

13.        Company Profiles

13.1      Acclivity Group LLC

13.1.1     Key Facts

13.1.2     Business Description

13.1.3     Products and Services

13.1.4     Financial Overview

13.1.5     SWOT Analysis

13.1.6     Key Developments

13.2      Chetu Inc

13.2.1     Key Facts

13.2.2     Business Description

13.2.3     Products and Services

13.2.4     Financial Overview

13.2.5     SWOT Analysis

13.2.6     Key Developments

13.3      CMiC

13.3.1     Key Facts

13.3.2     Business Description

13.3.3     Products and Services

13.3.4     Financial Overview

13.3.5     SWOT Analysis

13.3.6     Key Developments

13.4      Foundation software inc

13.4.1     Key Facts

13.4.2     Business Description

13.4.3     Products and Services

13.4.4     Financial Overview

13.4.5     SWOT Analysis

13.4.6     Key Developments

13.5      FreshBooks

13.5.1     Key Facts

13.5.2     Business Description

13.5.3     Products and Services

13.5.4     Financial Overview

13.5.5     SWOT Analysis

13.5.6     Key Developments

13.6      Intuit Inc.

13.6.1     Key Facts

13.6.2     Business Description

13.6.3     Products and Services

13.6.4     Financial Overview

13.6.5     SWOT Analysis

13.6.6     Key Developments

13.7      Jonas construction software

13.7.1     Key Facts

13.7.2     Business Description

13.7.3     Products and Services

13.7.4     Financial Overview

13.7.5     SWOT Analysis

13.7.6     Key Developments

13.8      Sage Group plc

13.8.1     Key Facts

13.8.2     Business Description

13.8.3     Products and Services

13.8.4     Financial Overview

13.8.5     SWOT Analysis

13.8.6     Key Developments

13.9      Viewpoint, inc

13.9.1     Key Facts

13.9.2     Business Description

13.9.3     Products and Services

13.9.4     Financial Overview

13.9.5     SWOT Analysis

13.9.6     Key Developments

13.10   Xero Limited

13.10.1  Key Facts

13.10.2  Business Description

13.10.3  Products and Services

13.10.4  Financial Overview

13.10.5  SWOT Analysis

13.10.6  Key Developments

14.        Appendix

14.1      About The Insight Partners

             14.2      Word Index


LIST OF TABLES

Table 1.             North America Construction Accounting Software Market Revenue and Forecasts to 2027 (US$ Million)

Table 2.             North America Construction Accounting Software Market, by Services – Revenue and Forecast to 2027 (USD Million)

Table 3.             US Construction Accounting Software Market, by Component – Revenue and Forecast to 2027 (USD Million)

Table 4.             US: Construction Accounting Software Market , By Deployment Type –Revenue and Forecast to 2027 (US$ Million)

Table 5.             US: Construction Accounting Software Market , By Application –Revenue and Forecast to 2027 (US$ Million)

Table 6.             Canada: Construction Accounting Software Market , by Component –Revenue and Forecast to 2027 (US$ Million)

Table 7.             Canada: Construction Accounting Software Market, By Services – Revenue and Forecast to 2027 (US$ Million)

Table 8.             Canada: Construction Accounting Software Market , By Deployment Type –Revenue and Forecast to 2027 (US$ Million)

Table 9.             Canada: Construction Accounting Software Market , By Application –Revenue and Forecast to 2027 (US$ Million)

Table 10.          Mexico: Construction Accounting Software Market , by Component –Revenue and Forecast to 2027 (US$ Million)

Table 11.          Mexico: Construction Accounting Software Market, By Services – Revenue and Forecast to 2027 (US$ Million)

Table 12.          Mexico: Construction Accounting Software Market , By Deployment Type –Revenue and Forecast to 2027 (US$ Million)

Table 13.          Mexico: Construction Accounting Software Market , By Application –Revenue and Forecast to 2027 (US$ Million)

Table 14.            North America Construction Accounting Software Market: List of Abbreviation


LIST OF FIGURES

Figure 1.           North America Construction Accounting Software Market Segmentation

Figure 2.           North America Construction Accounting Software Market Segmentation – By Country

Figure 3.           North America Construction Accounting Software Market Overview

Figure 4.           Cloud-Based Deployment held the Largest Share of North America Construction Accounting Software Market

Figure 5.           Large Enterprises Segment held the Largest Share of North America Construction Accounting Software Market

Figure 6.           US held the Largest Share of North America Construction Accounting Software Market

Figure 7.           Solution Segment held the Largest Share of North America Construction Accounting Software Market

Figure 8.           Porter’s Five Forces Analysis

Figure 9.           North America Construction Accounting Software Market– Ecosystem Analysis

Figure 10.        Expert Opinion

Figure 11.        North America Construction Accounting Software Market: Impact Analysis of Drivers and Restraints

Figure 12.        North America Construction Accounting Software Market Forecast and Analysis, (US$ Million)

Figure 13.        North America Construction Accounting Software Market Breakdown, by Component, 2019 & 2027 (%)

Figure 14.        North America Solution Market Revenue and Forecast to 2027(US$ Million)

Figure 15.        North America Services Market Revenue and Forecast to 2027(US$ Million)

Figure 16.        North America Construction Accounting Software Market Breakdown, by Deployment type, 2019 & 2027 (%)

Figure 17.        North America Cloud Market Revenue and Forecast to 2027(US$ Million)

Figure 18.        North America On-Premise Market Revenue and Forecast to 2027(US$ Million)

Figure 19.        North America Construction Accounting Software Market Breakdown, by Application, 2019 & 2027 (%)

Figure 20.        North America SMEs Market Revenue and Forecast to 2027(US$ Million)

Figure 21.        North America Large Enterprises Market Revenue and Forecast to 2027(US$ Million)

Figure 22.        North America: Construction Accounting Software Market Revenue Share, by Key Country (2019 and 2027)

Figure 23.        US: Construction Accounting Software Market – Revenue and Forecast To 2027 (US$ Million)

Figure 24.        Canada: Construction Accounting Software Market – Revenue and Forecast To 2027 (US$ Million)

Figure 25.        Mexico: Construction Accounting Software Market – Revenue and Forecast To 2027 (US$ Million)

Figure 26.          Impact of COVID-19 Pandemic in North American Country Markets 

  1. Acclivity Group LLC.
  2. Chetu Inc.
  3. CMiC
  4. Foundation Software, Inc.
  5. FreshBooks
  6. Intuit Inc.
  7. Jonas Construction Software Inc.
  8. Sage Group plc
  9. Viewpoint, Inc.
  10. Xero Limited

 

  • Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the North America construction accounting software market
  • Highlights key business priorities in order to assist companies to realign their business strategies
  • The key findings and recommendations highlight crucial progressive industry trends in the North America construction accounting software market, thereby allowing players across the value chain to develop effective long-term strategies
  • Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
  • Scrutinize in-depth North America market trends and outlook coupled with the factors driving the construction accounting software market, as well as those hindering it
  • Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution

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