Global Prequalification Software Market Overview:
Prequalification software ensures the verification and validation of the workers involved in trade, subcontractors, general contractors construction projects, etc. before selecting and hiring them for the project. The software provides automation in managing all these operations and simplifies the process of improving vendor sections, selecting value bids, and reducing risk. It also provides a centralized database, online collaboration in a shared environment, and report analytics for betterment in projects.
Growth Drivers
- Growing Demand for Automation in Managing the Construction Projects
- Need for Connecting Subcontractors and General Contractors for Better Pre Qualification Activities
Roadblocks
- Regulatory Guidelines Associated with Market
Opportunities
- Surging Construction Activities in Developing Nations will Boost the Prequalification Software Market for Proper Management
Challenges
- Stiff competition in the Prequalification Software Market
Competitive Landscape:
Some of the key players profiled in the report are Procore Technologies (United States), Oracle (United States), Pantera Global Technology, Inc. (United States), ConsensusDocs (United States), Veriforce, LLC (United States), iSqFt (United States), PipelineSuite (United States), Spence Software Services Ltd. (Canada) and Mango Limited (New Zealand). Considering Market by Deployment, the sub-segment i.e. Cloud-Based will boost the Prequalification Software market. Considering Market by Features, the sub-segment i.e. Resource Management will boost the Prequalification Software market. Considering Market by End User, the sub-segment i.e. General Construction Contractor will boost the Prequalification Software market.
Latest Market Insights:
On 6th May 2021, Procore Technologies, Inc., announced it has acquired INDUS.AI, makers of an artificial intelligence-powered analytics platform for the construction industry. This acquisition adds computer vision capabilities to the Procore platform, helping owners, general contractors, and specialty contractors realize greater efficiencies, safety, and profitability. Terms of the transaction are not being disclosed.
On 1st February 2021, Pantera Global Technology announced the release of a new version of its PreQualification software for General Contractors. ProQual by Pantera has been known for being the only service that not only collects but also verifies subcontractor qualification data. ProQual by Pantera also allows large construction firms to have their own version to collect and verify the data through the customized SAAS CRM that Pantera has developed.
What Can be Explored with the Prequalification Software Market Study
Gain Market Understanding
Identify Growth Opportunities
Analyze and Measure the Global Prequalification Software Market by Identifying Investment across various Industry Verticals
Understand the Trends that will drive Future Changes in Prequalification Software
Understand the Competitive Scenario
- Track Right Markets
- Identify the Right Verticals
Research Methodology:
The top-down and bottom-up approaches are used to estimate and validate the size of the Global Prequalification Software market.
In order to reach an exhaustive list of functional and relevant players various industry classification standards are closely followed such as NAICS, ICB, SIC to penetrate deep in important geographies by players and a thorough validation test is conducted to reach most relevant players for survey in Prequalification Software market.
In order to make priority list sorting is done based on revenue generated based on latest reporting with the help of paid databases such as Factiva, Bloomberg etc.
Finally the questionnaire is set and specifically designed to address all the necessities for primary data collection after getting prior appointment by targeting key target audience that includes Prequalification Software Developers, Prequalification Software Industry Association, Research and Development Institutes, Potential Investors, Regulatory Bodies and Others.
This helps us to gather the data related to players revenue, operating cycle and expense, profit along with product or service growth etc.
Almost 70-80% of data is collected through primary medium and further validation is done through various secondary sources that includes Regulators, World Bank, Association, Company Website, SEC filings, OTC BB, USPTO, EPO, Annual reports, press releases etc.