Construction estimation software market was valued at US$ 854.5 million in 2023 and is projected to reach US$ 1220.3 million by 2030, growing at a compound annual growth rate (CAGR) of 4.8% from 2024 to 2030.
To Know more about this report (Description, TOC and List of Tables and Figures) — Construction Estimation Software Market
This steady growth is driven by several factors, including:
- Rising construction activity: Increasing infrastructure development, urbanization, and population growth are fueling demand for new construction projects, leading to a higher need for accurate and efficient cost estimation tools.
- Digitalization in the construction sector: The construction industry is embracing digital solutions to improve efficiency and manage projects effectively. Construction estimation software plays a crucial role in optimizing workflows and reducing errors in cost calculations.
- Need for better cost control: Competitive bidding and tight margins put pressure on contractors to accurately estimate project costs. Construction estimation software enables detailed quantification and analysis of material, labor, and equipment costs, leading to more competitive bids and improved profitability.
- Government initiatives: Many governments are promoting the use of digital technologies in the construction sector, including construction estimation software, to enhance project efficiency and transparency.
Key Players:
The market is dominated by a mix of established players and emerging startups offering varied software solutions. Some of the key players include:
- UDA Technologies: Offers the PlanGrid platform for construction collaboration and cost estimation.
- HCSS: Provides HeavyBid software for heavy construction, infrastructure, and energy projects.
- Estimator 360: Offers cloud-based construction estimating software for general, electrical, and mechanical contractors.
- Viewpoint: Provides ConstructionSuite software for project management, cost estimating, and field operations.
- ProEST Estimating: Delivers comprehensive estimating solutions for shipbuilding, aerospace, and defense industries.
Drivers and Opportunities:
- Integration with other construction software: Integration with BIM (Building Information Modeling) and field management software will create a more connected construction ecosystem, further propelling market growth.
- Cloud-based solutions: The shift towards cloud-based and subscription-based software models will increase accessibility and affordability, especially for smaller contractors.
- Advanced features and functionality: Development of AI-powered cost estimation, integration with real-time material pricing data, and enhanced collaboration tools will drive market adoption.
- Emerging markets: Increasing construction activity in Asia Pacific and Latin America will offer significant growth opportunities for construction estimation software providers.
Segmentation by Type:
- Takeoff Software: Used for extracting quantities and dimensions from construction plans and documents.
- Cost Databases: Provide updated pricing data for materials, labor, and equipment.
- Estimating Worksheets: Digital format for manually inputting and calculating project costs.
- Others: Specialised software for specific construction domains like landscaping or MEP (mechanical, electrical, and plumbing).
Segmentation by Application:
- Commercial Construction: Office buildings, hotels, retail spaces, etc.
- Industrial Construction: Factories, power plants, refineries, etc.
- Residential Construction: Single-family homes, apartment buildings, etc.
Segmentation by Region:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Overall, the construction estimation software market is poised for steady growth in the coming years, driven by increasing construction activity, digitalization, and the need for improved cost control.
Key players offering innovative solutions and catering to specific regional needs will stand to benefit from this expanding market.
