The cost-estimating software market was valued at approximately US$ 1.85 billion in 2023 and is projected to grow to around US$ 3.89 billion by 2031, reflecting a compound annual growth rate (CAGR) of 9.7% from 2023 to 2031.

The market for cost-estimating software is divided into five primary regions: North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America. In 2023, North America led the market, followed closely by Europe and APAC. The increasing demand for efficient solutions to manage and monitor project costs in sectors such as construction, energy, and oil & gas is a significant driver of growth in this market. The oil & gas industry, in particular, is experiencing substantial expansion in this region. According to a report from the Energy Information Administration (EIA), the United States and Canada contributed 14.7% and 5.6% respectively to global crude oil production in 2022. The report also noted that U.S. oil production exceeded 12.1 million barrels per day in July 2022, marking a 200,000 bpd increase from May. This upward trend in oil production, supported by the development of midstream infrastructure, is expected to persist, thereby increasing the demand for cost-estimating software, which assists stakeholders in accurately estimating project costs.

The Asia Pacific region is anticipated to witness the highest growth rate in the cost-estimating software market from 2023 to 2030, driven by rapid technological advancements, increased government initiatives, and the ongoing digital transformation of economies. The region's large population has spurred demand for various construction projects, including residential, commercial, and industrial developments. For example, in the second quarter of 2023, construction commenced on the Sydney metro to Western Sydney airport rail line in New South Wales, Australia, aimed at providing a safe and efficient metro service, with completion expected by Q2 2026. Similarly, the Wadala GST office building project in Mumbai, India, began construction in Q2 2023 and is also slated for completion in Q2 2026, enhancing administrative facilities in the city. In Tokyo, Japan, the Minamiikebukuro Two Chome C Area Type One Urban redevelopment project started in Q2 2022, with an investment of approximately US$ 1,022 million, aimed at improving residential options and expected to finish by Q4 2025. Additionally, the Cadia Qui Nhon Mixed-Use development project in Vietnam, which began in Q2 2022 with a budget of US$ 320 million, will offer a variety of residential and retail facilities, targeting completion by Q4 2024. The surge in construction activities across the region is significantly driving the demand for cost-estimating software, thereby fostering market growth in APAC.

From an industry vertical perspective, the cost-estimating software market is categorized into several sectors, including construction, oil and gas, mining, energy, and others. The construction sector holds the largest share of the cost-estimating software market. This software is crucial in the construction industry as it provides accurate and efficient cost estimations for various building projects. By leveraging historical data, industry benchmarks, and current market conditions, the software generates precise estimates for materials, labor, equipment, and other project-related expenses. Furthermore, it facilitates the creation of detailed cost breakdowns, allows for timely adjustments in response to changes in project scope or market dynamics, and enhances collaboration among project stakeholders. Additionally, it streamlines the bidding process for construction firms, improves budget accuracy, and optimizes overall project cost management, leading to better decision-making and increased profitability.

Key players in the cost-estimating software market include Salesforce Inc, Oracle Corp, Sage Group Plc, Trimble Inc, Procore Technologies Inc, Autodesk Inc, RIB Software, Elecosoft, ConstructConnect, and MTI Systems, Inc, all of which are highlighted in this market analysis.

The overall size of the cost-estimating software market has been determined through a combination of primary and secondary research methods. Extensive secondary research was conducted using both internal and external sources to gather qualitative and quantitative data regarding the market size. This approach also aids in providing a comprehensive overview and forecast of the market across all segments. Additionally, numerous primary interviews were held with industry stakeholders to validate the findings and gain deeper analytical insights. This process involved engaging with industry experts, including VPs, business development managers, market intelligence managers, and national sales managers, as well as external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the cost-estimating software sector.