Continuing on with our blog series, today let’s look at the construction estimating software market and how it is evolving. Today, there is an increasing need for cloud-based applications and mobile access, which is driving advancements in the construction estimating software market.
In fact, Persistence Market Research suggests the global construction estimating software market is expected to grow from $340 million in 2021 to $357.4 million in 2022. Looking forward, it will grow to $556 million, showing a 4.5% growth rate from 2022-2032.
Integration is one big estimating trend to watch in the construction industry. As one example, in January, Corecon Technologies announced a new integration with DocuSign eSignature. This is to be used within Corecon’s cloud-based construction estimating project management and job cost software suit. This new feature allows Corecon subscribers to securely obtain and track electronic signatures on construction documents along with other project information in one secure location.
Another big trend to watch in this space is the advent of the IoT (Internet of Things) and AI (artificial intelligence) in estimating technology, which improves workflow and accuracy of estimating of the cost of raw materials.
Here is the reality of the situation. Creating a winning bid is not an easy task. A majority of contractors lose bids due to inaccurate cost estimating. Artificial intelligence can help win more bids with fast and accurate estimates. This will ultimately eliminate overhead and save money.
Good construction cost estimating can forecast the cost of a project, and accuracy is key. It needs to take into account past project costs, current costs, the changing nature of material and equipment costs, labor hour, labor rate, sub quotes, indirect costs, bonds, capital costs, operations and maintenance costs, variances, and more.
Technology can increasingly help gather all this information in one location to help cost estimators make a more informed decision. What big trends are you seeing with construction estimating? Is there greater integration with software today than there has been in the past? Are you leveraging AI to make more informed decisions with the bid?
Also, if you are a technology provider offering estimating solutions to the construction industry, tell us all about it and why it is one of the most innovative solutions. Consider entering it for the Constructech Top Products award.
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