At 4.0% CAGR, the South & Central America Construction Accounting Software Market is Projected to be worth US$ 52.11 million by 2028, says Business Market Insights

According to Business Market Insights’ research, the South & Central America construction accounting software market was valued at US$ 41.30 million in 2022 and is expected to reach US$ 52.11 million by 2028, registering a CAGR of 4.0% from 2022 to 2028. Growing construction industry and rising penetration of ERP modules in construction industry are the critical factors attributed to the South & Central America construction accounting software market expansion.             

The construction accounting software market players use dedicated servers and data centers to store customer data and company’s crucial information and plan samples. Several companies across industries face a significant threat from cyber attackers, and in the recent past, numerous cyber-attacks have been recorded. The data loss affects the reputation of accounting software providers, ultimately resulting in financial loss. To eliminate the risk of customer data loss and financial crisis, construction accounting software developing companies invest significant amounts in enhancing their security systems. The players are also developing and integrating robust anti-cyber threat solutions to prevent the loss of crucial information and data. Thus, by strengthening the security level with advanced encryption patches and using a robust anti-piracy or anti-cyber threat solution, the companies are expected to attract an increased number of clienteles and propel financial growth. This factor is anticipated to boost the growth of the construction accounting software market in the coming years.

On the contrary, high reliance on traditional accounting tools hurdles the growth of South & Central America construction accounting software market. 

Based on offering, the South & Central America construction accounting software market is bifurcated into solution and services. The solution segment held 81.9% market share in 2022, amassing US$ 33.81 million. It is projected to garner US$ 43.40 million by 2028 to expand at 4.2% CAGR during 2022–2028.

Based on deployment, the South & Central America construction accounting software market is bifurcated into on-premises and cloud. The cloud segment held 67.8% market share in 2022, amassing US$ 27.99 million. It is projected to garner US$ 37.19 million by 2028 to expand at 4.8% CAGR during 2022–2028.

Based on application, the South & Central America construction accounting software market is bifurcated into small and mid-sized construction companies and large construction companies. The large construction companies segment held 69.7% market share in 2022, amassing US$ 28.78 million. It is projected to garner US$ 34.78 million by 2028 to expand at 3.2% CAGR during 2022–2028.

Based on country, the South & Central America construction accounting software market has been categorized into Brazil, Argentina, and the Rest of South & Central America.  Our regional analysis states that Brazil captured 70.7% share of South & Central America construction accounting software market in 2022. It was assessed at US$ 29.19 million in 2022 and is likely to hit US$ 37.98 million by 2028, exhibiting a CAGR of 4.5% during 2022–2028.            

Key players operating in the South & Central America construction accounting software market are Intuit Inc, Xero Ltd, Trimble Inc., and Procore Technologies among others.

• In Nov 2021, Trimble Civil Construction Field Software Now Available Via Subscription Service Worldwide.
• In July 2021, New Procore ERP Connector Platform Provides Real-Time Insight on Financial Health of Construction Projects.

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