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)

The US construction accounting software 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.

US Construction Accounting Software Market Overview and Dynamics

The US construction accounting software 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. The construction industry is a major contributor to the US economy. As of 2020, the industry has more than 680,000 employers with ~7 million employees. Also, it creates nearly US$ 1.3 trillion worth of structures each year. The US economy has increased spending on the construction industry. In 2019, a few topmost construction spenders in the US were Texas (US$ 45.4 billion), New York (US$ 32.1 billion), California (US$ 24.8 billion), Florida (US$ 23 billion), and Pennsylvania (US$ 12.6 billion). Moreover, increasing residential permits within the country contribute to the growth of the construction industry. Further, public investment in affordable housing is supporting the residential building construction industry. All mentioned aspects about the construction of commercial and residential buildings in the US are projected to increase the penetration of construction accounting software in the coming years. Also, the presence of construction accounting software providers such as Sage, Xero Limited, and Quickbooks would drive the US construction accounting software market growth during the forecast period.

Key Market Segments

The US construction accounting software market, by offering, is bifurcated into solution and services. In 2021, the solution segment accounted for a larger market share. The software developers provide web-based construction accounting software, mobile-based construction accounting software, and automatic construction accounting software. These types of construction accounting software are increasingly gaining popularity among end users. The systems are integrated with robust software, allowing the entire system to function substantially and shortening the accounting. The construction accounting software developing companies invests substantial amounts and human resources in designing advanced features and expanding their feature portfolio on the systems. This factor attracts several construction accounting software developers, integrating the same on their systems. This facilitates the hardware/system manufacturers to attract customers, catalyzing the US construction accounting software market growth.

The US construction accounting software market, based on application, is bifurcated into small and mid-sized construction companies and large construction companies. In 2021, the large construction companies segment accounted for a larger share of the US construction accounting software market. Large construction companies can make huge investments in high-end software to increase productivity. As accounts play a vital role in managing financial transactions, large and well-established companies invest significantly in proper financial software to prevent the risk of malpractice. The accounting software in large-scale construction firms ensures 100% documented financial transactions and funds allocation. It is a cost-efficient and profitable solution for large businesses. Increasing investment in construction accounting software by large construction companies is driving the US construction accounting software market growth in the large construction companies segment.

Major Sources and Companies Listed

A few major primary and secondary sources referred to while preparing the report on the US construction accounting software market are company websites, annual reports, financial reports, national government documents, and statistical databases. Major companies listed in the US construction accounting software market report consist of Deltek Inc.; Sage Group; Xero Limited; Viewpoint Inc.; and Intuit Inc. are the five key market players operating in the US construction accounting software market. Acclivity Group LLC; Chetu Inc.; Corecon Technologies Inc.; Freshbook; and Foundation Software, LLC.

1. Introduction

1.1 Scope of the Study

1.2 The Insight Partners Research Report Guidance

1.3 Market Segmentation

1.3.1 US Construction Accounting Software Market – By Offering

1.3.2 US Construction Accounting Software Market – By Deployment

1.3.3 US Construction Accounting Software Market – By Application

2. Key Takeaways

3. Research Methodology

3.1 Coverage

3.2 Secondary Research

3.3 Primary Research

4. US Construction Accounting Software Market Landscape

4.1 Market Overview

4.2 PEST Analysis

4.2.1 US - PEST Analysis

4.3 Ecosystem Analysis

4.4 Expert Opinion

4.5 Premium Insights

4.5.1 List of Companies Using Construction Accounting Software/Construction ERP in US/North America

4.5.2 Customer Buying Behaviour Analysis

4.5.2.1 Overview

4.5.2.2 Desire to Improve Estimating/Takeoff and Project Management Are Top Reasons for New Software

4.5.2.3 Top Requested Software Capabilities by Buyers

5. Construction Accounting Software Market– Key Market Dynamics

5.1 Market Drivers

5.1.1 Growing Construction Industry

5.1.2 Rising Penetration of ERP Modules in Construction Industry

5.2 Market Restraints

5.2.1 High Reliance on Traditional Accounting Tools

5.3 Market Opportunities

5.3.1 Increasing Awareness of Implementing Technologies in Construction Industry

5.4 Future Trends

5.4.1 Enhancing Data Security to Prevent Data Loss

5.5 Impact Analysis of Drivers and Restraints

6. Construction Accounting Software Market– US Analysis

6.1 Overview

6.2 Construction Accounting Software Market– US Revenue and Forecast to 2028 (US$ Million)

6.3 Market Positioning – Five Key Players

7. US Construction Accounting Software Market Analysis – By Offering

7.1 Overview

7.2 Construction Accounting Software Market, By Offering (2021 and 2028)

7.3 Solution

7.3.1 Overview

7.3.2 Solution: Construction Accounting Software Market Revenue and Forecast To 2028 (US$ Million)

7.4 Services

7.4.1 Overview

7.4.2 Services: Construction Accounting Software Market Revenue and Forecast To 2028 (US$ Million)

8. US Construction Accounting Software Market Analysis – By Deployment

8.1 Overview

8.2 Construction Accounting Software Market, By Offering (2021 and 2028)

8.3 On Premise

8.3.1 Overview

8.3.2 On Premise: Construction Accounting Software Market Revenue and Forecast To 2028 (US$ Million)

8.4 Cloud

8.4.1 Overview

8.4.2 Cloud: Construction Accounting Software Market Revenue and Forecast To 2028 (US$ Million)

9. US Construction Accounting Software Market Analysis – By Application

9.1 Overview

9.2 Construction Accounting Software Market, By Application (2021 and 2028)

9.3 Small and Mid-sized Construction Companies

9.3.1 Overview

9.3.2 Small and Mid-sized Construction Companies: Construction Accounting Software Market Revenue and Forecast To 2028 (US$ Million)

9.4 Large Construction Companies

9.4.1 Overview

9.4.2 Large Construction Companies: Construction Accounting Software Market Revenue and Forecast To 2028 (US$ Million)

10. Construction Accounting Software- COVID-19 Impact Analysis

10.1 US: Impact Assessment of COVID-19 Pandemic

11. Industry Landscape

11.1 Overview

11.2 Market Initiative

11.3 New Product Development

11.4 Merger and Acquisition

12. Company Profiles

12.1 Acclivity Group LLC

12.1.1 Key Facts

12.1.2 Business Description

12.1.3 Products and Services

12.1.4 Financial Overview

12.1.5 SWOT Analysis

12.1.6 Key Developments

12.2 Chetu Inc

12.2.1 Key Facts

12.2.2 Business Description

12.2.3 Products and Services

12.2.4 Financial Overview

12.2.5 SWOT Analysis

12.2.6 Key Developments

12.3 Corecon Technologies Inc

12.3.1 Key Facts

12.3.2 Business Description

12.3.3 Products and Services

12.3.4 Financial Overview

12.3.5 SWOT Analysis

12.3.6 Key Developments

12.4 Deltek Inc

12.4.1 Key Facts

12.4.2 Business Description

12.4.3 Products and Services

12.4.4 Financial Overview

12.4.5 SWOT Analysis

12.4.6 Key Developments

12.5 Foundation Software LLC

12.5.1 Key Facts

12.5.2 Business Description

12.5.3 Products and Services

12.5.4 Financial Overview

12.5.5 SWOT Analysis

12.5.6 Key Developments

12.6 FreshBooks USA Inc

12.6.1 Key Facts

12.6.2 Business Description

12.6.3 Products and Services

12.6.4 Financial Overview

12.6.5 SWOT Analysis

12.6.6 Key Developments

12.7 Intuit Inc

12.7.1 Key Facts

12.7.2 Business Description

12.7.3 Products and Services

12.7.4 Financial Overview

12.7.5 SWOT Analysis

12.7.6 Key Developments

12.8 Sage Group Plc

12.8.1 Key Facts

12.8.2 Business Description

12.8.3 Products and Services

12.8.4 Financial Overview

12.8.5 SWOT Analysis

12.8.6 Key Developments

12.9 Viewpoint Inc

12.9.1 Key Facts

12.9.2 Business Description

12.9.3 Products and Services

12.9.4 Financial Overview

12.9.5 SWOT Analysis

12.9.6 Key Developments

12.10 Xero Ltd

12.10.1 Key Facts

12.10.2 Business Description

12.10.3 Products and Services

12.10.4 Financial Overview

12.10.5 SWOT Analysis

12.10.6 Key Developments

13. Appendix

13.1 About The Insight Partners

13.2 Glossary

LIST OF TABLES

Table 1. US Construction Accounting Software Market– Revenue and Forecast to 2028 (US$ Million)

Table 2. Glossary of Terms, US Construction Accounting Software Market

LIST OF FIGURES

Figure 1. Construction Accounting Software Market Segmentation

Figure 2. US Construction Accounting Software Market Overview

Figure 3. Solution Segment Held The Largest Market Share In 2021

Figure 4. Cloud Segment Held The Largest Market Share In 2021

Figure 5. Large Construction Companies Segment Held the Largest Market Share in 2021 Based on Application

Figure 6. US – PEST Analysis

Figure 7. Expert Opinion

Figure 8. Buyers Current Method

Figure 9. Top Reasons for Evaluating Construction Software

Figure 10. Top Requested Software Capabilities by Buyers

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

Figure 12. US Construction Accounting Software Market– Revenue and Forecast to 2028 (US$ Million)

Figure 13. Construction Accounting Software Market, By Offering (2021 and 2028)

Figure 14. Solution: Construction Accounting Software Market Revenue and Forecast to 2028 (US$ Million)

Figure 15. Services: Construction Accounting Software Market Revenue and Forecast to 2028 (US$ Million)

Figure 16. Construction Accounting Software Market, By Offering (2021 and 2028)

Figure 17. On Premise: Construction Accounting Software Market Revenue and Forecast to 2028 (US$ Million)

Figure 18. Cloud: Construction Accounting Software Market Revenue and Forecast to 2028 (US$ Million)

Figure 19. Construction Accounting Software Market, By Application (2021 and 2028)

Figure 20. Small and Mid-sized Construction Companies: Construction Accounting Software Market Revenue and Forecast to 2028 (US$ Million)

Figure 21. Large Construction Companies: Construction Accounting Software Market Revenue and Forecast to 2028 (US$ Million)

Figure 22. Impact of COVID-19 Pandemic in US Markets

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