According to our latest study on "Cost-Estimating Software Market Size and Forecasts (2021 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis - by Deployment, Industry Vertical," the cost-estimating software market size was valued at US$ 1.85 billion in 2023 and is expected to reach US$ 3.89 billion by 2031; it is estimated to record a CAGR of 9.7% from 2023 to 2031.

The cost-estimating software market is segmented into five major regions-North America, Europe, Asia Pacific (APAC), the Middle East & Africa (MEA), and South & Central America. North America dominated the market in 2023, followed by Europe and APAC, respectively. The Europe cost-estimating software market is segmented into Germany, France, the UK, Italy, Russia, and the Rest of Europe. In terms of revenue, UK dominated the cost-estimating software market share. In 2022, the construction industry in the UK expanded by 3.4% due to a sharp rise in new construction work. Also, in 2023, various residential and commercial construction projects started in the country. For instance, in Q2 2023, the construction of the Hanwood Park residential community started in Kettering, which is expected to be completed in Q4 2027. Similarly, the construction of the London Discovery and Research Laboratory started in Q2 2023 in London, the UK. This project is forecast to be completed in Q4 2025 and aims to provide leading-edge laboratory and office environments for innovative therapeutics. Also, the construction of the mRNA Innovation and Technology Centre commenced in Q2 2023 in Oxfordshire and is expected to be completed in Q4 2025. The project aims to provide the flu and RSV vaccine, COVID-19 vaccine, and other vaccines and improve the standard care for NHS customers across the world. Thus, the increase in construction activities is propelling the growth of the cost-estimating software market in the UK

Germany is Europe's largest construction market, accounting for ~10% of the gross domestic product in construction every year. The construction industry occupies a relatively important position and contributes considerably to the economic growth in Germany. The construction sector in Germany is experiencing a boom in construction projects due to strong urbanization and the need for residences. A few major construction projects initiated in Germany during Q2 2022 are as follows: the Hochmuttinger Stra