The construction accounting software market in Europe is expected to grow from US$ 196.00 million in 2019 to US$ 269.70 million by 2027; it is estimated to grow at a CAGR of 4.6% from 2020 to 2027.
UK, Germany, France, Italy and Russia are major economies in Europe. Growing adoption of ERP modules in construction industry has witnessed growth in recent years which is driving the Europe construction accounting software market in a positive way. Engineering and construction companies are now adopting building information management (BIM) as a common trend in some businesses, mostly in the UK, to promote the Government Construction Strategy. In the European Union (EU), where acquisition laws for projects may be updated, there has been a drive toward stabilizing least levels of BIM requisite to avail tender in government-funded projects. This compulsion to propose to a greater level of the agreement will only escalate BIM adoption in the coming years. For organizations in the engineering and construction market, acknowledging ERP or enterprise asset management (EAM) and project management alternatives, these trends upgrade a unified approach's significance. For corporations in the engineering and construction market, considering ERP or enterprise asset management (EAM) and project management options, these trends elevate an integrated strategy's importance. Construction accounting software can efficiently integrate with ERP modules. As numerous large construction businesses accept ERP modules for a more conventional flow of their trade, the demand for construction accounting software is also set to rise, which is further anticipated to drive the construction accounting software market in Europe.
Further, the ongoing COVID-19 is impacting the Europe region very badly. Spain, Italy, Germany, UK, and France are some of the worst affected member states in the European region due to the COVID-19 outbreak. As per the latest WHO estimates, the overall confirmed cases in Europe accounted for more than 4.10 million, with 218,035 deaths till 28th August 2020. Businesses in the region are facing severe economic difficulties as they had either to suspend their operations or reduce their activities in a substantial manner. It is a fact that European construction markets have had a lot of challenges leading up to the COVID -19 crisis with stagnation trends in several countries. Not surprisingly, the ongoing crisis is expected to have a huge negative impact on the markets in all the European countries this year. Pertaining to this fact, even the IT companies offering various construction related solutions have observed decline in their sales. However, as the regional experts of Europe foresee, positive growth rates will be seen already next year and a normalization in 2022. This in turn, is anticipated to have a positive impact on the construction accounting software market in the coming years.
With the new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. This factor is likely to drive the Europe construction accounting software market. The Europe construction accounting software market is expected to grow at a good CAGR during the forecast period.
Europe Construction Accounting Software Market
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Europe Construction Accounting Software Market Segmentation
Europe Construction Accounting Software Market – By Component
- Solutions
- Services
Europe Construction Accounting Software Market – By Deployment Type
- Cloud
- On-Premises
Europe Construction Accounting Software Market – By Application
- SMEs
- Large Enterprises
Europe Construction Accounting Software Market, by Country
- France
- Germany
- Italy
- Russia
- UK
- Rest of Europe
Europe Construction Accounting Software Market - Companies Mentioned
- Chetu Inc.
- FreshBooks
- Intuit Inc.
- Sage Group plc
- Viewpoint, Inc.
- Xero Limited
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Component, Deployment Type, and Application
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
UK, Germany, France, Italy, Russia
1.Introduction
1.1Study Scope
1.2The Insight Partners Research Report Guidance
1.3Market Segmentation
1.3.1Europe Construction Accounting Software Market – By Component
1.3.2Europe Construction Accounting Software Market – By Deployment
1.3.3Europe Construction Accounting Software Market – By Application
1.3.4Europe Construction Accounting Software Market- By Country
2.Key Takeaways
3.Research Methodology
3.1Coverage
3.2Secondary Research
3.3Primary Research
4.Europe Construction Accounting Software Market Landscape
4.1Market Overview
4.2Porter’s Five Forces Analysis
4.2.1Bargaining Power of Buyers
4.2.2Bargaining Power of Suppliers
4.2.3Threat to New Entrants
4.2.4Threat to Substitutes
4.2.5Competitive Rivalry
4.3Ecosystem Analysis
4.4Expert Opinion
5.Europe Construction Accounting Software – Key Market Dynamics
5.1Drivers
5.1.1Construction Industry Gradually Prospering
5.1.2Growing Adoption of ERP modules in construction industry
5.2Restraints
5.2.1Large Dependency on Conventional Accounting Tools
5.3Market Opportunities
5.3.1Developing Countries Becoming Conscious
5.4Future Trends
5.4.1Data Loss Prevention by Improved Data Security
5.5Impact Analysis of Drivers and Restraints
6.Construction Accounting Software Market – Europe Market Analysis
6.1Construction Accounting Software Market Europe Overview
6.2Europe Construction Accounting Software Market Forecast and Analysis
6.3Market Positioning – Five Key Players
7.Europe Construction Accounting Software Market Analysis – By Component
7.1Overview
7.2Europe Construction Accounting Software Market Breakdown, by Component, 2019 & 2027
7.3Solution
7.3.1Overview
7.3.2Solution Market Revenue and Forecast to 2027 (US$ Million)
7.4Services
7.4.1Overview
7.4.2Services Market Revenue and Forecast to 2027 (US$ Million)
7.4.2.1Europe Construction Accounting Software Market , By Services
8.Europe Construction Accounting software Market Analysis – By Deployment Type
8.1Overview
8.2Europe Construction Accounting Software Market Breakdown, by Deployment Type, 2019 & 2027
8.3Cloud
8.3.1Overview
8.3.2Cloud Market Revenue and Forecast to 2027 (US$ Million)
8.4On-Premise
8.4.1Overview
8.4.2On-Premise Market Revenue and Forecast to 2027 (US$ Million)
9.Europe Construction Accounting Software Market Analysis – By Application
9.1Overview
9.2Europe Construction Accounting Software Market Breakdown, by Application, 2019 & 2027
9.3SMEs
9.3.1Overview
9.3.2SMEs Market Revenue and Forecast to 2027 (US$ Million)
9.4Large Enterprises
9.4.1Overview
9.4.2Large Enterprises Market Revenue and Forecast to 2027 (US$ Million)
10.Europe Construction Accounting Software Market – Country Analysis
10.1Overview
10.1.1Europe: Construction Accounting Software Market, By Country
10.1.1.1Germany: Construction Accounting Software Market – Revenue and Forecast to 2027 (US$ Million)
10.1.1.1.1Germany: Construction Accounting Software Market, by Component
10.1.1.1.2Germany: Construction Accounting Software Market, by Deployment Type
10.1.1.1.3Germany: Construction Accounting Software Market, by Application
10.1.1.2France: Construction Accounting Software Market – Revenue and Forecast to 2027 (US$ Million)
10.1.1.2.1France: Construction Accounting Software Market, by Component
10.1.1.2.2France: Construction Accounting Software Market, by Deployment Type
10.1.1.2.3France: Construction Accounting Software Market, by Application
10.1.1.3Italy: Construction Accounting Software Market – Revenue and Forecast to 2027 (US$ Million)
10.1.1.3.1Italy: Construction Accounting Software Market, by Component
10.1.1.3.2Italy: Construction Accounting Software Market, by Deployment Type
10.1.1.3.3Italy: Construction Accounting Software Market, by Application
10.1.1.4UK: Construction Accounting Software Market – Revenue and Forecast to 2027 (US$ Million)
10.1.1.4.1UK: Construction Accounting Software Market, by Component
10.1.1.4.2UK: Construction Accounting Software Market, by Deployment Type
10.1.1.4.3UK: Construction Accounting Software Market, by Application
10.1.1.5Russia: Construction Accounting Software Market – Revenue and Forecast to 2027 (US$ Million)
10.1.1.5.1Russia: Construction Accounting Software Market, by Component
10.1.1.5.2Russia: Construction Accounting Software Market, by Deployment Type
10.1.1.5.3Russia: Construction Accounting Software Market, by Application
10.1.1.6Rest of Europe: Construction Accounting Software Market – Revenue and Forecast to 2027 (US$ Million)
10.1.1.6.1Rest of Europe: Construction Accounting Software Market, by Component
10.1.1.6.2Rest of Europe: Construction Accounting Software Market, by Deployment Type
10.1.1.6.3Rest of Europe: Construction Accounting Software Market, by Application
11.Europe Construction Accounting Software Market- COVID-19 Impact Analysis
11.1Europe
12.Industry Landscape
12.1Mergers and Acquisitions
13.Company Profiles
13.1Chetu Inc
13.1.1Key Facts
13.1.2Business Description
13.1.3Products and Services
13.1.4Financial Overview
13.1.5SWOT Analysis
13.1.6Key Developments
13.2FreshBooks
13.2.1Key Facts
13.2.2Business Description
13.2.3Products and Services
13.2.4Financial Overview
13.2.5SWOT Analysis
13.2.6Key Developments
13.3Intuit Inc.
13.3.1Key Facts
13.3.2Business Description
13.3.3Products and Services
13.3.4Financial Overview
13.3.5SWOT Analysis
13.3.6Key Developments
13.4Sage Group plc
13.4.1Key Facts
13.4.2Business Description
13.4.3Products and Services
13.4.4Financial Overview
13.4.5SWOT Analysis
13.4.6Key Developments
13.5Viewpoint, inc
13.5.1Key Facts
13.5.2Business Description
13.5.3Products and Services
13.5.4Financial Overview
13.5.5SWOT Analysis
13.5.6Key Developments
13.6Xero Limited
13.6.1Key Facts
13.6.2Business Description
13.6.3Products and Services
13.6.4Financial Overview
13.6.5SWOT Analysis
13.6.6Key Developments
14.Appendix
14.1About The Insight Partners
14.2Word Index
LIST OF TABLES
Table 1.Europe Construction Accounting Software Market Revenue and Forecasts to 2027 (US$ Million)
Table 2.Europe Construction Accounting Software Market, by Services – Revenue and Forecast to 2027 (USD Million)
Table 3.Germany Construction Accounting Software Market, by Component – Revenue and Forecast to 2027 (US$ Million)
Table 4.Germany Construction Accounting Software Market, by Services – Revenue and Forecast to 2027 (USD Million)
Table 5.Germany Construction Accounting Software Market, by Deployment Type – Revenue and Forecast to 2027 (US$ Million)
Table 6.Germany Construction Accounting Software Market, by Application – Revenue and Forecast to 2027 (US$ Million)
Table 7.France Construction Accounting Software Market, by Component – Revenue and Forecast to 2027 (US$ Million)
Table 8.France Construction Accounting Software Market, by Services – Revenue and Forecast to 2027 (USD Million)
Table 9.France Construction Accounting Software Market, by Deployment Type – Revenue and Forecast to 2027 (US$ Million)
Table 10.France Construction Accounting Software Market, by Application – Revenue and Forecast to 2027 (US$ Million)
Table 11.Italy Construction Accounting Software Market, by Component – Revenue and Forecast to 2027 (US$ Million)
Table 12.Italy Construction Accounting Software Market, by Services – Revenue and Forecast to 2027 (USD Million)
Table 13.Italy Construction Accounting Software Market, by Deployment Type – Revenue and Forecast to 2027 (US$ Million)
Table 14.Italy Construction Accounting Software Market, by Application – Revenue and Forecast to 2027 (US$ Million)
Table 15.UK Construction Accounting Software Market, by Component – Revenue and Forecast to 2027 (US$ Million)
Table 16.UK Construction Accounting Software Market, by Services – Revenue and Forecast to 2027 (USD Million)
Table 17.UK Construction Accounting Software Market, by Deployment Type – Revenue and Forecast to 2027 (US$ Million)
Table 18.UK Construction Accounting Software Market, by Application – Revenue and Forecast to 2027 (US$ Million)
Table 19.Russia Construction Accounting Software Market, by Component – Revenue and Forecast to 2027 (US$ Million)
Table 20.Russia Construction Accounting Software Market, by Services – Revenue and Forecast to 2027 (USD Million)
Table 21.Russia Construction Accounting Software Market, by Deployment Type – Revenue and Forecast to 2027 (US$ Million)
Table 22.Russia Construction Accounting Software Market, by Application – Revenue and Forecast to 2027 (US$ Million)
Table 23.Rest of Europe Construction Accounting Software Market, by Component – Revenue and Forecast to 2027 (US$ Million)
Table 24.Rest of EU Construction Accounting Software Market, by Services – Revenue and Forecast to 2027 (USD Million)
Table 25.Rest of Europe Construction Accounting Software Market, by Deployment Type – Revenue and Forecast to 2027 (US$ Million)
Table 26.Rest of Europe Construction Accounting Software Market, by Application – Revenue and Forecast to 2027 (US$ Million)
Table 27.Europe Construction Accounting Software Market: List of Abbreviation
LIST OF FIGURES
Figure 1.Europe Construction Accounting Software Market Segmentation
Figure 2.Europe Construction Accounting Software Market Segmentation – By Country
Figure 3.Europe Construction Accounting Software Market Overview
Figure 4.Cloud-Based Deployment held the Largest Share of Europe Construction Accounting Software Market
Figure 5.Large Enterprises Segment held the Largest Share of Europe Construction Accounting Software Market
Figure 6.Rest of Europe held the Largest Share of Europe Construction Accounting Software Market
Figure 7.Solution Segment held the Largest Share of Europe Construction Accounting Software Market
Figure 8.Porter’s Five Forces Analysis
Figure 9.Europe Construction Accounting Software Market– Ecosystem Analysis
Figure 10.Expert Opinion
Figure 11.Europe Construction Accounting Software Market: Impact Analysis of Drivers and Restraints
Figure 12.Europe Construction Accounting Software Market Forecast and Analysis, (US$ Million)
Figure 13.Europe Construction Accounting Software Market Breakdown, by Component, 2019 & 2027 (%)
Figure 14.Europe Solution Market Revenue and Forecast to 2027(US$ Million)
Figure 15.Europe Services Market Revenue and Forecast to 2027(US$ Million)
Figure 16.Europe Construction Accounting Software Market Breakdown, by Deployment type, 2019 & 2027 (%)
Figure 17.Europe Cloud Market Revenue and Forecast to 2027(US$ Million)
Figure 18.Europe On-Premise Market Revenue and Forecast to 2027(US$ Mn)
Figure 19.Europe Construction Accounting Software Market Breakdown, by Application, 2019 & 2027 (%)
Figure 20.Europe SMEs Market Revenue and Forecast to 2027(US$ Million)
Figure 21.Europe Large Enterprises Market Revenue and Forecast to 2027(US$ Million)
Figure 22.Europe: Construction Accounting Software Market Revenue Share, By Country (2019 and 2027)
Figure 23.Germany: Construction Accounting Software Market – Revenue and Forecast to 2027 (US$ Million)
Figure 24.France: Construction Accounting Software Market – Revenue and Forecast to 2027 (US$ Million)
Figure 25.Italy: Construction Accounting Software Market – Revenue and Forecast to 2027 (US$ Million)
Figure 26.UK: Construction Accounting Software Market – Revenue and Forecast to 2027 (US$ Million)
Figure 27.Russia: Construction Accounting Software Market – Revenue and Forecast to 2027 (US$ Million)
Figure 28.Rest of Europe: Construction Accounting Software Market – Revenue and Forecast to 2027 (US$ Million)
Figure 29.Impact of COVID-19 Pandemic in Europe Country Markets
- Chetu Inc.
- FreshBooks
- Intuit Inc.
- Sage Group plc
- Viewpoint, Inc.
- Xero Limited
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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