Facts and Factors Market Research has published a new report titled “Construction Bid Management Market By Component (Software and Services), By End-User (Subcontractors and General Contractors), and By Vertical (Private and Public): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018 – 2027”.
According to the report, the global construction bid management market was valued at approximately USD 1,105 million in 2018 and is expected to reach a value of around USD 4,568 million by 2027, at a CAGR of around 17.1 % between 2019 and 2027.
Construction bid management is the method of submitting a guarantee of managing a construction project. The procedure starts with a cost estimation for proposal and material takeoff. A construction tender or bid is defined as an offer to work at a particular amount of profits.
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Large-scale use of bid management software to drive the market growth
Construction ventures are complex and massive utilization of web-based information management technology finds huge applications in such intricate settings. The computers & software are used for speeding up the data transmission, offering formatting ease for routine documentation, and maintaining accurate logs of transfer of these documents. Moreover, the manifold responsibility of the builder, engineer, and contractor depends on the accuracy of the data or information presented to them. All these aspects are projected to determine the growth of the construction bid management market during the forecast timespan.
Apart from this, governments across the globe are adopting a standardized approach to assessing cybersecurity due to massive threats from varied sources. The standardized approach includes high compliance specifications for ICT (information & communication technology) services. These aforementioned factors are likely to spur market growth over the forecast timeline. Nonetheless, high dependency on manual procedures can impede the industry expansion over the forecast timeline.
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Software segment to dominate the overall market growth in terms of value
The software segment, which was evaluated at nearly USD 945 million in 2017, is likely to generate huge revenue during the forecast timeline. The growth of the segment can be credited to the massive use of software like AutoCAD in the building & construction activities. Apart from this, the growing trend of using big data analytics and predictive analytics software will further contribute to the growth of the segment during the forecast timeframe.
General contractors to lead the end-user segment during the forecast period
The general contractors segment is likely to dominate the end-user segment during the forecast timeline. The growth can be due to the massive use of the bid management software for documentation purposes as well as document management at the general contractor level.
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North America to dominate the overall market growth in terms of revenue
The presence of a large number of bidding firms in the region along with the mandatory use of the BIM technology software in countries like the U.S. will contribute notably towards the growth of the construction bid management market in North America. Apart from this, the thriving construction activities in the region and huge funding on the new construction projects will boost the regional market trends. Canada and the U.S. are projected to be the major regional growth drivers.
The key players in the construction bid management market include The Construction Link Inc., Systemates, Inc., Specialty Software Group LLC., Sage Software, ProjStream, Pantera Global Technology, Inc., Procore Technologies, Inc., A/E/C Solutions Inc., Bid Planroom, B2W Software Inc., Bid Messenger, Chetu Inc., Synlio, BidScaler Technologies, CoConstruct, Oracle, ConstructConnect, Inc., Contractors Register, Inc., JBKnowledge, Inc., and InEight Inc.
This report segments the construction bid management market as follows:
Global Construction Bid Management Market: By Component Segment Analysis
Global Construction Bid Management Market: By End-User Segment Analysis
- General Contractors
Global Construction Bid Management Market: By Vertical Segment Analysis
Global Construction Bid Management Market: Regional Segment Analysis
- North America
- The U.S.
- Asia Pacific
- Latin America
- The Middle East and Africa
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