LONDON–(BUSINESS WIRE)–SpendEdge has been monitoring the global construction professional services market and the market is poised to experience spend growth of more than USD 190 billion between 2018-2023 at a CAGR of over 4% during the forecast period. Request Free Sample Pages.
Read the 107-page research report with TOC and LOE on “The Global Construction Professional Services Market – Procurement Intelligence Report, Pricing Outlook in Geographies that include APAC, North America, South America, and MEA, and insights into best practices to optimize procurement spend.”
Enterprises across the globe are getting heavily reliant on construction professional services (CPS) for their construction project planning process. The implementation of these services is known to facilitate cost-savings during the execution of the construction project. Driven by this demand, CPS firms are leveraging advanced technologies 3D modeling and design virtualization to improve building design, planning, and implementation of construction projects. This simplifies the project implementation process and reduces costs.
The infrastructure construction sector is receiving a major financial boost from the government in the US for the modernization of the country’s infrastructure that includes highways, bridges, airports, energy, rural infrastructure, and water resources. This will be the primary driving force behind spend growth in the construction professional services market in the US. APAC is expected to witness a rapid increase in spend growth momentum over the next couple of years. This growth will be attributed to the prevalence of favorable government policies and increasing expenditure in the construction sector.
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Insights into the market pricing trends
The adoption of technologies such as BIM, 3D modeling, and design virtualization will act as one of the significant operational cost accelerators for suppliers. This is expected to increase service prices over the forecast period.
- The rising shortage of skilled labor and the growing salaries of personnel involved in CPS will increase employee expenses incurred by suppliers. This will drive the procurement expenses of buyers in the construction professional services market.
What are the strategies to adopt to optimize procurement spend in this market?
It is recommended that buyers partner with regional suppliers who will have the liberty to serve buyers at low billing rates while protecting them during fluctuations in currency exchange rates in that region. Suppliers from the local region tend to have an exhaustive knowledge of the regional building codes and environmental regulations which enhances buyer’s visibility on the entire project and contractual compliance.
- Buyers must partner with suppliers who exhibit capabilities to handle large datasets. This is crucial in an age that is witnessing the necessity to analyze project-related data, track performance of resources and utilization of equipment, and monitor planned versus actual costs and schedules.
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Some of the key topics covered in this report are:
- Construction professional services market spend segmentation by region
- Total cost of ownership analysis in the construction professional services market
- Regional spend opportunity for construction professional services suppliers
- Construction professional services suppliers cost structure
- Construction professional services pricing models analysis
- Construction professional services procurement best practices
- Category management objectives
- Cost saving opportunities in the construction professional services market
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