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In a recently published report, Construction Bid Management Market report for till 2030. The report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U S Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mention the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Construction Bid Management Market products.
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Moreover, increase in ICT spending around the globe for hardware, software, services, new technologies and telecom among others is also anticipated to contribute to the growth of the market in the coming years. The spending on new technologies recorded around USD 0.6 million in 2018 and is further estimated to reach close to USD 1.3 million by 2023. The total ICT spending around the globe further recorded close to USD 5 million in 2019 and is further.
The report covers the forecast and analysis of the construction bid management market on a global and regional level. The study provides historical data from 2015 to 2018 along with a forecast from 2019 to 2027 based on revenue (USD Million). The study includes drivers and restraints of the construction bid management market along with the impact they have on the demand over the forecast period. Additionally, the report includes the study of opportunities available in the construction bid management market on a global level. In order to give the users of this report a comprehensive view of the construction bid management market, we have included a competitive landscape and an analysis of Porter's Five Forces model for the market. The study encompasses a market attractiveness analysis, wherein all the segments are bench marked based on their market size, growth rate, and general attractiveness.
The report provides company market share analysis to give a broader overview of the key players in the market. In addition, the report also covers key strategic developments of the market including acquisitions & mergers, new service launches, agreements, partnerships, collaborations & joint ventures, research & development, and regional expansion of major participants involved in the market on a global and regional basis.
The study provides a decisive view of the construction bid management market by segmenting the market based on the component, end-user, vertical, and regions. All the segments have been analyzed based on present and future trends and the market is estimated from 2019 to 2027. The regional segmentation includes the current and forecast demand for North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
The construction bid management market is expected to gain traction over the forecast timeline due to the large-scale application of bid management software to increase the operational efficiency of the construction bid management process. The software is used for speeding up the data transmission, offering formatting ease for routine documentation, and maintaining accurate logs of transfer of these documents. This, in turn, helps in improving the functionalities of the construction bid management activities along with saving the time required for the completion of the construction bid management process.
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Based on the component, the market for construction bid management can be sectored into software and services. In terms of end-user, the market can be divided into subcontractors and contractors. On the basis of vertical, the industry can be classified into private and public.
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 In Eight Inc.
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