Europe Cost-Estimating Software Market Forecast to 2031 - Regional Analysis - by Deployment and Industry Vertical

The Europe cost-estimating software market was valued at US$ 546.56 million in 2023 and is expected to reach US$ 1.06 billion by 2031; it is estimated to register a CAGR of 8.7% from 2023 to 2031.

Growing Adoption of Cloud Computing Drives Europe Cost-Estimating Software Market

Cloud computing is now a necessary component of all businesses and industries. Technology has served as a catalyst for growth, as it has radically transformed the way firms function. Organizations that move to the cloud can choose a subscription-based model that fits their budget, which eliminates the need for expensive hardware and installation. Rather than paying for unnecessary or undesired services, the majority of cloud solutions give businesses the option to pay for the resources they actually utilize.

Businesses can benefit from a fast deployment cycle with cloud solutions. As cloud technology makes it simple for teams to view, modify, and share documents and data at any time and from any location, it enhances team cooperation. With cloud-based workflow and file-sharing tools, the company may get real-time updates and increase its productivity and efficiency. Such collaborative work ensures that all stakeholders have a comprehensive understanding of project costs, fostering better decision-making and project outcomes. Due to all the above benefits, various market players are introducing cloud-based cost estimation software.

For instance, in March 2021, Autodesk, Inc. announced the launch of Autodesk Takeoff, a new product that helps estimators perform 2D and 3D quantification workflows from a common data environment to increase collaboration, speed, and accuracy during the estimation process. Also, this new Autodesk Takeoff provides updates in real-time with cloud-based document management.

Integrating cost estimation software on a cloud platform helps provide increased scalability, accessibility, and real-time collaboration. Moreover, cloud-based cost estimation software facilitates better collaboration from anywhere and anytime. It also provides seamless interaction with Building Information Modeling (BIM) for a more comprehensive project view. Thus, the adoption of cloud computing is facilitating more collaborative approaches to cost estimation, which is fueling the growth of the cost-estimating software market.

Europe Cost-Estimating Software Market Overview

Factors such as increasing demand for cost-estimating software across various industries, advancements in AI and ML technologies, and the availability of advanced cost management software solutions provided by companies such as Cleopatra Enterprise, Elecosoft, and Batieu, among others, contributed to the growth of the cost-estimating software market in Europe. European Cleopatra Enterprise stands out as a top-notch cost management software solution in the market, offering comprehensive project control and management features for the process industry.

Furthermore, The Digital Europe Programme (DIGITAL) offers essential financial support by backing initiatives in critical areas such as supercomputing, artificial intelligence, cybersecurity, and advanced digital skills and promoting extensive utilization of digital technologies across both the economy and society. It aids industries, small and medium-sized enterprises (SMEs), and public administrations in their digital evolution by strengthening the network of European Digital Innovation Hubs (EDIH).

Europe Cost-Estimating Software Market Revenue and Forecast to 2031 (US$ Million)

Europe Cost-Estimating Software Market Segmentation

The Europe cost-estimating software market is categorized into deployment, industry vertical, and country.

• Based on deployment, the Europe cost-estimating software market is bifurcated into cloud and on premises. The cloud segment held a larger Europe cost-estimating software market share in 2023.
• In terms of industry vertical, the Europe 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 Europe cost-estimating software market share in 2023.
• By country, the Europe cost-estimating software market is segmented into the UK, Germany, France, Italy, Russia, and the Rest of Europe. The UK dominated the Europe cost-estimating software market share in 2023.

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

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