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Asia Pacific Construction Accounting Software Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Component, Deployment Type, and Application

Asia Pacific Construction Accounting Software Market Forecast to 2027 - COVID-19 Impact and Regional Analysis By Component, Deployment Type, and Application

  • October 2020
  • 108 pages
  • ID: 5989498
  • Format: PDF
  • The Insight Partners
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The construction accounting software market in APAC is expected to grow from US$ 201.98 million in 2019 to US$ 384.38 million by 2027; it is estimated to grow at a CAGR of 8.9% from 2020 to 2027.

The expansion of construction industry is bolstering the growth of APAC construction accounting software market.The construction accounting software market growth is maximum in China and India.

The start of 2020 has been unfavorable for the construction accounting software market due to the outbreak of COVID-19.Although, the third quarter of 2020 likely saw an upturn in construction activity, the projects in construction sector for the last quarter will depend upon the effect of pandemic on sub-contractors and suppliers in the supply chain.

Across APAC, construction activity is expected to remain flat in 2020, with growth in private housing and infrastructure, offsetting falls in industrial, commercial, and health sectors.With this growth in infrastructure and private housing, construction output would increase in the 3rd and 4th quarter of 2020.

With a notable rise in construction activity following the pandemic, this year the construction accounting software market would grow at a steady pace. Private housing yield rose in each of the last five years, and it is expected to continue to grow in 2021 despite a slowdown in property transactions and the continued falls in the prime housing market due to the COVID-19 pandemic. The growth of construction industry is maximum in the China and India. The majority of the construction is inclined toward the technology sector, followed by the healthcare sector. India stands at the forefront and dominates the construction ecosystem; however, Australia and Japan’s growth scenario also reflects tremendous growth. The availability of easy funding and the demand for advanced technology result in the rise in the number of construction projects in these countries. At present, the APAC market is dominated by China and India accounting for ~50% of the market collectively. The primary reason for this is the governments of these countries are spending heavily on the technological advancements. Growing adoption of ERP modules, increasing their invasion in the construction industry is among the other factors expected to positively influence the demand for construction accounting software market in APAC.

In terms of component, the solutions segment led the APAC construction accounting software market in 2019.The solutions segment in the construction accounting software includes software.

The hardware developers provide their customers with a web-based construction accounting software, mobile-based construction accounting software, signage and signaling systems, and automatic construction accounting software, among others.These types of construction accounting software are gaining popularity among the end users, and pertaining to this, the demand for the construction accounting software market is increasing.

The systems mentioned above are integrated with robust software, which allows the entire system to function substantially and facilitates to shorten the accounting.The software developing companies for construction accounting software invests substantial amounts and human resources in designing advanced features and expanding their feature portfolio on the systems, which attracts several construction accounting software developers.

This facilitates the hardware/system manufacturers to attract customers, thereby catalyzing the growth of the APAC construction accounting software market.

Also the ongoing COVID-19 is causing havoc in APAC region.The APAC is characterized by the presence of a large number of developing countries, positive economic outlook, high industrial presence, and a huge population.

The high growth rate of urbanization and industrialization in developing countries of the region is anticipated to offer ample growth opportunities to the market players operating in the construction accounting software market, as the investments in advanced technologies development are quite high in the region.According to the Organization for Economic Co-operation and Development (OECD), the other major economies such as India, South Korea, Australia, and Japan are also getting impacted by the pandemic.

China and India are among the worst-affected countries in the region, due to the outbreak of COVID-19 which also impacts the construction accounting software market.The governments are taking drastic measures to reduce the effects of COVID-19 outbreak by announcing lockdowns, travel, and trade bans.

The construction sector in the countries mentioned above have been experiencing less building activities and a weak supply chain. Additionally, the labor shortage has affected the construction sector in these countries. The construction companies are foreseen to revive substantial development of infrastructures by 2021, which is anticipated to create demand for construction accounting software. This, in turn, is expected to have positive impact on the construction accounting software market in the coming years.

The overall APAC construction accounting software market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the construction accounting software market.

The process also serves the purpose of obtaining overview and forecast for the APAC construction accounting software market with respects to all the segments pertaining to the region.Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic.

The participants who typically take part in such a process include industry experts such as VPs, business development managers, construction accounting software market intelligence managers, and national sales managers along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the APAC construction accounting software market. Chetu Inc.; Intuit Inc.; Sage Group plc; Viewpoint, Inc.; Xero Limited are among a few players operating in the APAC construction accounting software market.

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