Construction Accounting Software Markets Report 2022-2028 - Enhancing Data Security to Prevent Data Loss Gaining Traction and Rising Penetration of ERP Modules Driving Growth

News provided by

Feb 14, 2023, 14:20 ET

DUBLIN, Feb. 14, 2023 /PRNewswire/ -- The "Construction Accounting Software Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Offering, Deployment, and Application" report has been added to ResearchAndMarkets.com's offering.

The construction accounting software market is expected to grow from US$ 943.91 million in 2022 to US$ 1,217.42 million by 2028; it is expected to grow at a CAGR of 4.3% from 2022 to 2028.

The construction accounting software market players use dedicated servers and data centers to store customer data and the company's crucial information and plan samples. Several companies across industries face a significant threat from cyber attackers, and in the recent past, numerous cyber-attacks have been recorded.

The data loss affects the reputation of accounting software providers, ultimately resulting in financial loss. To eliminate the risk of customer data loss and financial crisis, construction accounting software developing companies invest significant amounts in enhancing their security systems.

The players are also developing and integrating robust anti-cyberthreat solutions to prevent the loss of crucial information and data. Thus, by strengthening the security level with advanced encryption patches and using a robust anti-piracy or anti-cyberthreat solution, the companies are expected to attract increased clientele and propel financial growth. This factor is anticipated to boost the construction accounting software market growth in the coming years.

APAC is expected to register the highest CAGR in the construction accounting software market from 2022 to 2028. The growing population in India and China is raising the demand for commercial and residential infrastructure. Currently, China is witnessing various construction projects.

For instance, in Q1 of 2022, a project for constructing a 56 km metro railway line in Foshan, Guangdong, started, which is expected to be completed in 2026. Similarly, the construction project of a 28 km metro rail line between Chuansha Road Station to Dongjing Road Station in Shanghai commenced in Q1 2022 and is expected to be completed in 2027.

Thus, all such construction projects are expected to support the growth of the construction industry in the region, thereby fueling the construction accounting software market growth in the region. The economic growth within the MEA is attracting investors' attention to countries such as Saudi Arabia and the UAE, which is anticipated to create opportunities for construction projects.

In addition, the increase in construction projects, such as commercial and residential infrastructure, is raising the penetration of construction accounting software in the MEA. In SAM, Brazil holds a significant market share. In the context of the construction industry, the government invested US$ 167 million in 762 infrastructure projects to improve the conditions of Brazilian tourist cities in 2021.

Moreover, publicly funded infrastructure projects such as the "My House, My Life" program will further boost the construction industry's growth. Such government initiatives will help stimulate the development of the construction industry in the region.

The region promotes economic growth via increased public spending and a rise in infrastructural growth to assist private sector development; this is further expected to contribute to the construction industry's business growth. Thus, the more construction projects, the higher the penetration of construction accounting software will be.

The COVID-19 crisis drastically affected two huge markets in APAC - India and China. Lockdowns and temporary shutdowns of construction sites across major countries in Asia Pacific and huge disruption of the supply chain of various materials and goods greatly impacted the construction industry.

This caused serious delays in the construction of roads, schools, hospitals, ports, airports, and other critical pieces of infrastructure financed by public-private partnerships in Asia Pacific. All these factors negatively affected the adoption of construction accounting software in Asia Pacific.

A selection of companies mentioned in this report includes

Acclivity Group LLC
Chetu Inc.
Corecon Technologies Inc.
Deltek Inc.
Foundation Software, LLC
Freshbook
Intuit Inc.
Sage Group
Viewpoint Inc.
Xero Limited

Key Topics Covered:

1. Introduction
1.1 Scope of the Study
1.2 Research Report Guidance
1.3 Market Segmentation

2. Key Takeaways

3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research

4. Construction Accounting Software Market Landscape
4.1 Market Overview
4.2 PEST Analysis
4.3 Ecosystem Analysis
4.4 Expert Opinion

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 - Global Market Analysis
6.1 Global Construction Accounting Software Market Overview
6.2 Global Construction Accounting Software Market Forecast and Analysis
6.3 Market Positioning- Top Five Players

7. Construction Accounting Software Market Analysis - By Offering
7.1 Overview
7.2 Construction Accounting Software, by Offering (2021 and 2028)
7.3 Solution
7.4 Services

8. Construction Accounting Software Market Analysis - By Deployment
8.1 Overview
8.2 Construction Accounting Software, by Deployment (2021 and 2028)
8.3 Cloud
8.4 On-Premise

9. Construction Accounting Software Market - By Application
9.1 Overview
9.2 Construction Accounting Software, by Application (2021 and 2028)
9.3 Small and Mid-sized Construction Companies
9.4 Large Construction Companies

For more information about this report visit https://www.researchandmarkets.com/r/auc9c3

About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

Media Contact:

Research and Markets
Laura Wood, Senior Manager
[email protected]

For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900

U.S. Fax: 646-607-1904
Fax (outside U.S.): +353-1-481-1716

Logo: https://mma.prnewswire.com/media/539438/Research_and_Markets_Logo.jpg

SOURCE Research and Markets