At 10.2% CAGR, North America Cost-Estimating Software Market is Projected to be Worth US$ 1,438.28 Million by 2031, says Business Market Insights

According to Business Market Insights' research, the North America cost-estimating software market was valued at US$ 662.21 million in 2023 and is expected to reach US$ 1,438.28 million by 2031, registering a CAGR of 10.2% from 2023 to 2031. Integration of augmented reality and virtual reality for cost visualization and expansion of construction industry are among the critical factors attributed to drive the North America cost-estimating software market growth.

Virtual reality (VR) and augmented reality (AR) have the potential to revolutionize cost visualization. VR enables contractors to tour every corner of a construction site in detail and provides project managers, architects, and other stakeholders with a spatial framework for visualizing costs. Furthermore, compared to 2D drawings, VR offers a more accurate portrayal of complex projects. Stakeholders can view the scale, proportions, and spatial linkages. Teams can also interact remotely, debating cost implications while virtually on-site. Additionally, the technology helps prevent costly surprises during construction by helping to identify cost issues early on (such as clashes and design errors).

Similarly, AR can superimpose cost-related data on tangible things. For example, while on the job site, an engineer wearing AR glasses can view labor rates, material pricing, and project progress. Additionally, AR can identify areas that require repair, provide cost estimates, and recommend maintenance programs during a building inspection. Furthermore, on-site workers can access cost data hands-free, increasing efficiency. AR guidance technicians may also aid with maintenance and repairs, minimizing downtime and costs. A paradigm shift may be possible with the incorporation of VR and AR into cost visualization. It can empower decision-makers, improve teamwork, and result in better-informed cost management. Thus, the integration of AR and VR for cost visualization is expected to boost the growth of the cost-estimating software market.

On the contrary, lack of skilled professionals hampers the growth of North America cost-estimating software market.

Based on deployment, the North America cost-estimating software market is bifurcated into cloud and on premises. The cloud segment held 68.4% market share in 2023, amassing US$ 453.14 million. It is projected to garner US$ 1,035.38 million by 2031 to register 10.9% CAGR during 2023-2031.

In terms of industry vertical, the North America cost-estimating software market is segmented into construction industry, oil and gas industry, mining industry, energy industry, others. The construction industry segment held 68.9% share of North America cost-estimating software market in 2023, amassing US$ 456.18 million. It is anticipated to garner US$ 1,034.46 million by 2031 to expand at 10.8% CAGR during 2023-2031.

Based on country, the North America cost-estimating software market is categorized into the US, Canada, and Mexico. Our regional analysis states that the US captured 85.9% share of North America cost-estimating software market in 2023. It was assessed at US$ 568.58 million in 2023 and is likely to hit US$ 1,269.96 million by 2031, registering a CAGR of 10.6% during 2023-2031.

Key players operating in the North America cost-estimating software market are Salesforce Inc, Oracle Corp, Sage Group Plc, Trimble Inc, Procore Technologies Inc, Autodesk Inc, RIB Software, Elecosoft, ConstructConnect, MTI Systems Inc, Siemens AG, SLB, Aspen Technology Inc, 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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