Construction Accounting Software Market: Expected To Witness Substantial Growth Opportunity

Construction accounting software is a comprehensive accounting software for contractors. It has all the features and functions of basic accounting software. The key function of the software includes accounts receivables, account payable, and general ledger. The software also includes modules for construction specific functions, including equipment tracking, time and material billing, and consolidated general ledger. Construction accounting software has several applications or use cases. Some of the key applications are strategic planning and operations management. The software has functions similar to that of an enterprise resource planning (ERP) system.  By deploying construction accounting software, contractors and builders are able to improve project performance by providing all the relevant information to project managers.

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A typical construction accounting software has several features. One such key feature includes effective tracking of financial information/data for multiple business divisions of a single enterprise. It also helps in tracking and analyzing job costing. Further, it also helps in payroll management and inventory management. The software therefore helps in managing the entire project in an efficient manner. Most construction accounting software supports all the major operating systems including Windows, Mac OS, Linux, as well as Android.

The construction accounting software market is largely driven by growing preference for construction accounting software by construction companies over generic accounting software. Since construction accounting software includes an ERP module and can be integrated with other construction software, it is preferred by construction companies. Today, in the construction industry, a large number of contractors use some sort of accounting/payroll /costing software. This depicts the strong penetration of accounting and related software in the construction industry. Further, the construction accounting software market is expected to witness substantial growth opportunity during the forecast period. The reason for this is growing shift from generic accounting software to construction accounting software. The hindrance for construction accounting software market growth is likely to be the availability of free tools. However, these free tools available in the market are not very apt solutions for large construction projects. Therefore, it becomes necessary in such cases to deploy a proprietary software solution.

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The construction accounting software market can be segmented on the basis of component, deployment type, construction company size, and region. Based on component, the construction accounting software market can be bifurcated into software solutions and services. The services sub-segment can be further bifurcated into training and consulting services, and implementation & integration services. The deployment segment can be segmented into on-premise and cloud. In terms of construction company size, the construction accounting software market can be bifurcated into large construction companies, mid-size construction companies, and small construction companies.  Based on region, the construction accounting software market can be segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America.

Construction accounting software is offered as desktop based and as a mobile app. The mobile based software solution has helped end-users to access the information from anywhere and at any time. The construction accounting software market consists of a large number of big and medium sized vendors who have been offering cost effective and user-friendly software to the customer base. The market is witnessing substantial competition and this competition is expected to further strengthen with entry of new players in the market. Competition is expected to be on the basis of price, features of the software solution, and the brand.

Key players operating in the construction accounting software market includes Jonas Software, CoConstruct, ComputerEase Construction Software, Tally Systems, Inc., B2W Software Inc., FreshBooks, Inc., Foundation Software, Inc., Buildertrend, ROCTEK International., Acclivity Group LLC., Sage Group plc, Microsoft  Corporation, Oracle Corporation, Penta Technologies, Inc., and Maxwell Systems, Inc.

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Pragati Pathrotkar

Pragati’s longstanding experience in the field of market research is reflected in her insightful news articles on business, science, and technology as presented on Edition Truth. Her interest lies in understanding the ramifications of cultural diversity, green behavior, ecommerce, economic progress, and technical consciousness on these increasingly consumer-oriented industries. Her understanding of digital marketing techniques gives her news stories an engaging twist.

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