At 6.1% CAGR, Middle East & Africa Cost-Estimating Software Market is Projected to be Worth US$ 179.51 Million by 2031, says Business Market Insights

According to Business Market Insights' research, the Middle East & Africa cost-estimating software market was valued at US$ 111.99 million in 2023 and is expected to reach US$ 179.51 million by 2031, registering a CAGR of 6.1% from 2023 to 2031. Rising use of cost-estimating software in project management and expansion of construction industry are among the critical factors attributed to drive the Middle East & Africa cost-estimating software market growth.

Efficiency and accuracy are critical in the ever-changing field of project management. Using cost estimate software improves these areas significantly and offers several advantages. It greatly improves accuracy by reducing errors through the use of sophisticated algorithms, guaranteeing more accurate budget estimates. Additionally, the software accelerates the estimating procedure. Tasks that used to take hours or days can be completed in minutes using the software. In addition to saving time, this effectiveness enables project managers to react to changes more quickly, avoiding delays.

Cost-estimating software provides exceptional consistency because it uses a standardized method of calculation, ensuring uniformity across all project estimates. This uniformity is required for accurate comparison and analysis of various projects or proposals. The software also improves decision-making. When managers have accurate and trustworthy data at their disposal, they can make better decisions about project viability and budget allocation. As a result, projects are planned and carried out more strategically, maximizing resources and decreasing waste. Software for cost estimation also encourages accountability and openness among the project team members. Accessible detailed cost breakdowns make it easier to keep track of expenses and defend budgetary choices, which will promote confidence among interested parties and facilitates the successful completion of projects. Hence, as cost-estimating software helps enhance accuracy and efficiency to promote accountability and strategic decision-making, its demand is increasing, boosting the growth of the cost-estimating software market globally.

On the contrary, lack of skilled professionals hampers the growth of Middle East & Africa cost-estimating software market.

Based on deployment, the Middle East & Africa cost-estimating software market is bifurcated into cloud and on premises. The cloud segment held 59.2% market share in 2023, amassing US$ 66.35 million. It is projected to garner US$ 114.14 million by 2031 to register 7.0% CAGR during 2023-2031.

In terms of industry vertical, the Middle East & Africa cost-estimating software market is segmented into construction industry, oil and gas industry, mining industry, energy industry, others. The construction industry segment held 73.1% share of Middle East & Africa cost-estimating software market in 2023, amassing US$ 81.84 million. It is anticipated to garner US$ 134.77 million by 2031 to expand at 6.4% CAGR during 2023-2031.

Based on country, the Middle East & Africa cost-estimating software market is categorized Saudi Arabia, the UAE, South Africa, and the Rest of Middle East & Africa. Our regional analysis states that Saudi Arabia captured 37.0% share of Middle East & Africa cost-estimating software market in 2023. It was assessed at US$ 41.39 million in 2023 and is likely to hit US$ 73.22 million by 2031, registering a CAGR of 7.4% during 2023-2031.

Key players operating in the Middle East & Africa cost-estimating software market are Salesforce Inc, Oracle Corp, Sage Group Plc, Trimble Inc, Procore Technologies Inc, Autodesk Inc, RIB Software, Siemens AG, SLB, and S&P Global Inc, among others.

• In November 2022, Trimble announced the launch of Trimble Construction Cloud powered by Microsoft Azure, an industry cloud to streamline construction projects. Trimble Construction Cloud was developed as part of Trimble's collaboration with Microsoft to advance technology adoption and accelerate the digital transformation of the construction, agriculture and transportation industries.
  
  
• In July 2022, Procore Technologies, Inc. a leading global provider of construction management software, announced the launch of a new solution, Procore Workforce Management, which features two key products - Field Productivity as well as, Workforce Planning, formerly known as LaborChart. Paired together, Field Productivity and Workforce Planning offer the industry's most comprehensive construction workforce management solution, allowing contractors visibility into their workforce to accurately forecast and manage human resources to help meet or beat estimated schedules and budgets
  
  

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