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Construction Procurement Software Market Size

Report ID: GMI11292
Published Date: Sep 2024
Report Format: PDF

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Construction Procurement Software Market Size

Construction Procurement Software Market was valued at USD 851.3 million in 2023 and is anticipated to grow at a CAGR of over 8.5% between 2024 and 2032, due to the rapid digital transformation in the construction industry. Digital procurement solutions automate tasks such as supplier management, purchase orders, and contract management, providing real-time visibility into procurement activities and improving decision-making. To meet growing market demand market players are focusing on strategic initiatives.

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The surge in construction activities and the growing complexity of projects are anticipated to drive market growth. Construction procurement software helps streamline all processes by automating tasks, improving coordination among teams, and ensuring accurate and timely procurement of materials and services. The increase in construction activities, driven by urbanization, infrastructure development, and renovation projects propels the market demand.

Construction Procurement Software Market Report Attributes
Report Attribute	Details
Base Year:	2023
Construction Procurement Software Market Size in 2023:	USD 851.3 Million
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	8.5%
2032 Value Projection:	USD 1.8 Billion
Historical Data for:	2021 - 2023
No. of Pages:	250
Tables, Charts & Figures:	340
Segments covered:	Component, Deployment Model, Organization Size, Application, End-user
Growth Drivers:	Rapid urbanization and infrastructure development Government initiatives and investments Growing adoption of digital technologies across construction sector Increasing focus on cost efficiency
Pitfalls & Challenges:	Data privacy and security concerns High implementation costs

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Integrating new procurement software with existing systems can restrain the market. Several construction firms use a variety of systems for different operations, such as financial accounting and supply chain management. Integrating procurement software with these established systems can be complex. Additionally, the integration process often requires customization, which can further increase costs and extend implementation timelines. Ensuring that procurement software can seamlessly integrate with existing systems is crucial for maximizing its benefits and avoiding potential pitfalls associated with integration challenges.

Authors: Preeti Wadhwani, Aishvarya Ambekar

Frequently Asked Questions (FAQ) :

The market size of construction procurement software was worth over USD 851.3 million in 2023 and will expand at an 8.5% CAGR between 2024 and 2032, owing to the need for increased efficiency and transparency in managing procurement processes.

The large organization segment will cross over USD 990 million by 2032, attributed to their complex procurement needs and extensive project portfolios.

North America construction procurement software industry accumulated 30% share in 2023, driven by the region's advanced technological infrastructure and high adoption rates of digital solutions.

Prominent players operating in the construction procurement software industry are Autodesk, Bentley Systems, Bluebeam, Inc., Buildertrend, CoConstruct, Oracle, Procore, Sage, SAP SE, and Trimble, among others.