Middle East & Africa Cost-Estimating Software Market Forecast to 2031 - Regional Analysis - by Deployment and Industry Vertical

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; it is estimated to register a CAGR of 6.1% from 2023 to 2031.

Integration of Augmented Reality and Virtual Reality for Cost Visualization Bolsters Middle East & Africa Cost-Estimating Software Market

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.

Middle East & Africa Cost-Estimating Software Market Overview

According to the World Economic Forum, the countries in the Middle East are actively participating in ambitious economic diversification strategies to decrease dependency on oil and gas as they embrace the digital revolution. The region is also benefited by a young workforce who are skilled in technology, along with high rates of internet and mobile device usage. The governments in the region are supporting their technology workforce by providing specialized training and helping individuals enhance their skills to stay up-to-date in the job market. All of these factors are expected to boost the adoption of cost-estimating software in the Middle East & Africa.

Similarly, in South & Central America, the World Bank introduced the Digital Economy for Latin America (DE4LAC), which utilizes the diagnostic framework previously created for the Digital Economy for Africa initiative. Its goal is to help national leaders pinpoint potential reforms and investment chances that can speed up the shift to a more inclusive digital economy.

Middle East & Africa Cost-Estimating Software Market Revenue and Forecast to 2031 (US$ Million)

Middle East & Africa Cost-Estimating Software Market Segmentation

The Middle East & Africa cost-estimating software market is categorized into deployment, industry vertical, and country.

• Based on deployment, the Middle East & Africa cost-estimating software market is bifurcated into cloud and on premises. The cloud segment held a larger Middle East & Africa cost-estimating software market share in 2023.
• 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 the largest Middle East & Africa cost-estimating software market share in 2023.
• By country, the Middle East & Africa cost-estimating software market is segmented into Saudi Arabia, the UAE, South Africa, and the Rest of Middle East & Africa. Saudi Arabia dominated the Middle East & Africa cost-estimating software market share in 2023.

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

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