18-Oct-2022 | Facts and Factors
According to Facts and Factors, the global construction bid management market size was worth USD 2,351.30 million in 2021 and is estimated to grow to USD 5,939.27 million by 2028, with a compound annual growth rate (CAGR) of approximately 16.70% over the forecast period. The report analyses the construction bid management market drivers, restraints/challenges, and their effect on the demands during the projection period. In addition, the report explores emerging opportunities in the construction bid management market.
Construction bid management is used to select projects for construction and the best possible way to accomplish the construction for both the bidder and the client. To put it briefly, a project owner who wants to establish a construction project and contractors who can perform construction services are involved in construction bidding. Presenting a proposal for a construction project includes filing a construction bid. The construction bid displays prospective clients. Construction bidding can refer to how a construction company & its client submit & approve bids and how the contractor assigns work to subcontractors after a deal has been accepted. Accuracy is the life-or-death deciding factor of a construction bid. A realistic cost (with a profit margin) is estimated by the bidder using blueprints, construction plans, and material quantities takeoffs to make the job economically viable. Bidding is an important step in the construction process that enables businesses or enterprises to engage qualified contractors. Contractors submit tenders as proposals during the bidding process to manage and carry out that project. Construction bid management encompasses the whole process, whether online or offline.
Browse the full “Construction Bid Management Market Size, Share, Growth Analysis Report By Type (On-premise, Cloud-based), By Application (Construction Company, General Contractors, Construction Managers, Others), and By Region - Global and Regional Industry Insights, Overview, Comprehensive Analysis, Trends, Statistical Research, Market Intelligence, Historical Data and Forecast 2022 – 2028" report at https://www.fnfresearch.com/construction-bid-management-market
Construction projects are complicated, and the widespread use of web-based information management technology finds extensive use in such complex situations. Using computers and software allows for faster data transmission, easier formatting of routine documentation, and reliable tracking of document transfers. Furthermore, the integrity of the data or information provided to the builder, engineer, and contractor determines how much responsibility they bear. During the anticipated time frame, all these factors are anticipated to impact how the global construction bid management market expands. In addition, due to the enormous dangers of several sources, governments worldwide are developing a uniform way of analyzing cybersecurity. High compliance standards for ICT (information and communication technology) services are part of the standardized approach. Over the anticipated time frame, the variables above are projected to fuel market growth. However, a heavy reliance on manual processes could prevent the business from growing as predicted.
The global construction bid management market is segregated based on type, application, and region. Based on type, the market has been divided into two types: cloud-based and on-premise. The market for construction management software hosted in the cloud is expanding quickly. The construction firm, general contractor, construction manager, and other categories comprise the market according to application. The market's largest contributor was the segment of general contractors in 2021.
The global construction bid management market is divided into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America according to geography. In 2021, North America had the biggest market share. The rising use of digital technology in the infrastructure business and BIM by engineers, designers, architects, and constructors is driving regional growth. The government's support of technology adoption for higher-quality construction projects benefits the region's construction bid management sector. The key reason driving the expansion of the North American construction bid management sector will be reduced design time. The US and Canadian firms dominate the construction bid management sector in the region.
Report Scope
Report Attribute |
Details |
Market Size in 2021 |
USD 2,351.30 Million |
Projected Market Size in 2028 |
USD 5,939.27 Million |
CAGR Growth Rate |
16.70% CAGR |
Base Year |
2021 |
Forecast Years |
2022-2028 |
Key Market Players |
iSqFt Holdings, Chetu, Sage Software, Pantera Global Technology, Tenderfield, Construction Software Technologies, Bid Planroom, and others. |
Key Segment |
By Type, Application, and Region |
Major Regions Covered |
North America, Europe, Asia Pacific, Latin America, and the Middle East &, Africa |
Purchase Options |
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Key players in the global construction bid management market include iSqFt Holdings, Chetu, Sage Software, Pantera Global Technology, Tenderfield, Construction Software Technologies, and Bid Planroom.
Recent Developments
• February 2021: To position itself as the market leader in construction management software, Buildertrend announced the acquisition of CoConstruct. Through a growth investment, Bain Capital Tech Opportunities and HGGC purchased Buildertrend.
Global construction bid management market is segmented as follows:
By Type
By Application
- Construction Company
- General Contractors
- Construction Managers
By Region
- North America
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Nordic Countries
- Benelux Union
- Belgium
- The Netherlands
- Luxembourg
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Southeast Asia
- Indonesia
- Thailand
- Malaysia
- Singapore
- Rest of Southeast Asia
- Rest of Asia Pacific
- The Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Brazil
- Argentina
- Rest of Latin America
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