North America Construction Accounting Software Market Drivers and Forecasts by 2027

Historic Data: 2017-2018 | Base Year: 2019 | Forecast Period: 2020-2027

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)

Report Code : TIPRE00015466
Category : Technology, Media and Telecommunications

No. of Pages : 114

Buy Now

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 US, Canada, and Mexico are major economies in North America. Construction industry is flourishing and has witnessed growth in recent years which is driving the North America construction accounting software market in a positive way. The start of 2020 has been an unfavorable one for the construction industry. The COVID-19 pandemic inevitably lead to a poor first quarter of activity for the industry. The third quarter of 2020 likely saw an upturn in construction activity. Still, projects in this sector overall for the last quarter will be dependent upon the extent to which the pandemic impacts upon sub-contractors and suppliers in the supply chain. The construction industry's growth is maximum in the US. The majority of the construction is inclined toward the technology sector, followed by the healthcare sector. The US stands at the forefront and dominates the construction ecosystem; however, Canada and Mexico also reflects tremendous growth. The availability of easy funding and the demand for advanced technology results in the rise in the number of construction projects in these countries. From the North America perspective, US account for the majority share in terms of constructions. Canada has witnessed substantial growth in the number of construction projects recently due to the urban areas and roads' growth. The continuous rise in the number of construction projects in the country generates significant demand for software-based accounting services. These factors are driving the development of the construction accounting software market, which is further anticipated to drive the market in North America.

Further, the ongoing 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 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 industry 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 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.

With the new features and technologies, vendors can attract new customers and expand their footprints in emerging construction accounting software markets. This factor is likely to drive the North America construction accounting software market. The North America construction accounting software market is expected to grow at a good CAGR during the forecast period.