South & Central America Cost-Estimating Software Market Forecast to 2031 - Regional Analysis - by Deployment (Cloud and On Premises) and Industry Vertical (Construction Industry, Oil and Gas Industry, Mining Industry, Energy Industry, and Others)

The South & Central America cost-estimating software market was valued at US$ 58.92 million in 2023 and is expected to reach US$ 86.55 million by 2031; it is estimated to register a CAGR of 4.9% from 2023 to 2031.

Integration of Artificial Intelligence and Machine Learning Fuels South & Central America Cost-Estimating Software Market

Traditional cost estimation models frequently rely on manually picked characteristics, which are time-consuming and prone to bias. However, the use of technologies such as artificial intelligence (AI) and machine learning (ML) can considerably improve the precision of cost estimates by providing more accurate projections. Large datasets can be quickly analyzed by AI algorithms. As a result, they spot trends and patterns that human analysts would miss. This feature enables the creation of complex cost projections that take a wide range of variables into consideration. AI systems also constantly learn from fresh data. This implies that as a result of their improving precision over time, estimations become more accurate.

Similarly, machine learning aids in the refinement of projections. Through the use of sophisticated models, ML is able to project expenses in many scenarios. It takes into account a wide range of factors that could affect project costs. For example, the analysis automatically incorporates changes in labor rates or material costs. Because of their flexibility, estimates are guaranteed to stay accurate and relevant even when project conditions alter. Furthermore, the estimations take a lot less time because of AI and ML, which speed up the planning stage and enable more responsive reactions to market changes. Thus, the integration of advanced technologies such as AI and ML is expected to fuel the growth of the cost-estimating software market during the forecast period.

South & Central America Cost-Estimating Software Market Overview

The South America (SAM) cost-estimating software market is segmented into Brazil, Argentina, and the Rest of SAM. The region is highly focused on boosting its oil & gas sector to stay ahead in the global market. As per the International Energy Agency (IEA), expenditure on upstream SAM activities is set to rise due to the huge investment by SAM countries such as Brazil, Argentina, Venezuela, and Colombia. In addition, the increasing oil & gas production in Brazil, Bolivia, Colombia, and Peru is encouraging numerous firms to invest in this sector. In November 2022, Petrobras, a Brazil-based state-held oil firm, announced that it would invest ~US$ 78 billion until 2027 to boost oil production. Thus, the growing oil & gas sector in the region is expected to increase the demand for cost-estimating software.

The region is witnessing a significant rise in construction activities. For instance, in March 2022, Ideal announced that it had started the construction of its new distribution center in Quilicura, Chile. Similarly, in Q2 2023, the construction of Cabo Branco Tourism Complex commenced in Brazil and is expected to finish in Q4 2025. This project will provide enhanced leisure and living facilities for people in the region. Also, in Q2 2023, the construction of Macae Airport Expansion and Modernization started. This project aims to provide enhanced transportation facilities for passengers and is anticipated to be completed in Q4 2025. Thus, the increase in construction projects is expected to fuel the growth of the cost-estimating software market in the region.

South & Central America Cost-Estimating Software Market Revenue and Forecast to 2031 (US$ Million)

South & Central America Cost-Estimating Software Market Segmentation

The South & Central America cost-estimating software market is categorized into deployment, industry vertical, and country.

Based on deployment, the South & Central America cost-estimating software market is bifurcated into cloud and on premises. The cloud segment held a larger South & Central America cost-estimating software market share in 2023.

In terms of industry vertical, the South & Central America 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 South & Central America cost-estimating software market share in 2023.

By country, the South & Central America cost-estimating software market is segmented into Brazil, Argentina, and the Rest of South & Central America. Brazil dominated the South & Central America cost-estimating software market share in 2023.

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

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