Procore Strengths, Domain Expertise, and Key Differentiators
Procore Technologies is a global provider of cloud-based construction software, offering a comprehensive suite of project management tools. With a user base comprising hundreds of thousands of registered users, Procore facilitates the management of diverse construction projects, ranging from industrial plants and office buildings to apartment complexes, university facilities, and retail centers. The platform empowers organizations to significantly enhance project efficiency and accountability by optimizing and mobilizing project communications and documentation processes.
Procore Recent Developments
In September 2023, Procore introduced Procore Copilot, an artificial intelligence-driven conversational and predictive interface. This innovative feature empowers customers to streamline laborious manual processes across the entire Procore Platform.
In March 2023, Procore revealed Procore Risk Advisors, a solution designed to revolutionize insurance challenges within the construction industry. This forward-looking construction brokerage offers improved insurance options, including exclusive A+ rated programs in collaboration with Allianz Global Corporate & Specialty and Swiss Re.
In October 2021, Procore released platform upgrades aimed at providing project teams with increased flexibility and deeper insights. These enhancements include a new reports builder for cross-platform insights and a global workflow engine, enhancing the efficiency of estimating and bidding processes.
Procore Mergers and Acquisitions (M&A) Activities
In November 2021, Procore Technologies successfully concluded its acquisition of Levelset, strategically enhancing its standing as a provider of construction management software. This strategic move is anticipated to augment the Procore platform with lien rights management capabilities, enabling the effective handling of intricate compliance workflows and enhancing the efficiency of payment processes within the construction sector. The acquisition not only solidifies Procore's current market position but also opens avenues for future growth, leveraging synergies in its data assets.
In October 2021, Procore Technologies expanded its portfolio through the acquisition of LaborChart, a provider of workforce management software tailored for specialty contractors and self-performing general contractors. This acquisition strengthens the integration between office and field operations, empowering contractors with improved scheduling, management, forecasting, and communication tools. The ultimate result is an enhancement in profit margins for contractors operating in these specific domains.
In May 2021, Procore Technologies extended its capabilities through the acquisition of INDUS.AI, developers of an artificial intelligence-powered analytics platform designed for the construction industry. This strategic move incorporates computer vision functionalities into the Procore platform, offering efficiency, safety, and profitability benefits for owners, general contractors, and specialty contractors. While the exact financial details of the transaction remain undisclosed, this acquisition underscores Procore's commitment to advancing technological solutions in the construction sector.
Procore's acquisition of Esticom in 2020 marked a significant development, as Esticom's expertise in estimating project costs seamlessly integrated into the Procore platform, now branded as Procore Estimating. This integration equips users with comprehensive tools for digital takeoff, estimating, and constructing bid proposals. Moreover, the integration extends to crucial workflows such as project budgeting, change management, and the purchase order process, reflecting Procore's commitment to providing a holistic solution for construction project management.
Procore Customers in ARTW Customer Database
Leveraging a rigorous data-centric research methodology, APPS RUN THE WORLD asks the simple question: Who’s buying Procore applications and why? And we provide the answers – supported by decades of research – to our clients around the world. Our Customer database has over 100 data fields that detail company usage of Procore and other enterprise apps by function, customer size, industry, location, implementation status, partner involvement, Line of Business Key Stakeholders and IT decision makers contact details. List of Verified Procore Project Management Software customers.
Procore Overview
6309 Carpinteria Avenue
Carpinteria, CA, 93013, United States
1 866-477-6267
https://www.procore.com/
Ownership: - NYSE:PCOR
Number of Employees: 3568
Functional Markets: Analytics and BI, Collaboration, Content Management, ERP Financial, ERP Services and Operations, HCM, PLM, PPM, Procurement,
Key Verticals: Construction,
Procore Key Enterprise and Cloud Applications
Procore Project Management Software
Procore Revenues, $M:
| Type/Year | 2022 | 2023 | YoY Growth, % |
|---|---|---|---|
| Total Revenues, $M | Subscribe | Subscribe | Subscribe |
| Enterprise Applications Revenues, $M | Subscribe | Subscribe | Subscribe |
| Cloud Applications Revenues, $M | Subscribe | Subscribe | Subscribe |
* Enterprise Applications Revenues = License + Support & Maintenance + SaaS
** All revenue figures are estimates based on public records, Cloud and Non-Cloud business models in Apps Run The World's vendor database, and annual survey results including vendor feedback.
Procore Revenue Breakdown By Type, $M:
Procore Enterprise Applications Revenues By Functional Markets, $M:
Procore Enterprise Applications Revenues By Verticals, $M:
Procore Revenues By Region, $M
| Region | % of Total Revenues | 2023 Total Revenues, $M | 2023 Enterprise Applications Revenues, $M | 2023 Cloud Applications Revenues, $M |
|---|---|---|---|---|
| Americas | Subscribe | Subscribe | Subscribe | Subscribe |
| EMEA | Subscribe | Subscribe | Subscribe | Subscribe |
| APAC | Subscribe | Subscribe | Subscribe | Subscribe |
| Total | Subscribe | Subscribe | Subscribe | Subscribe |
Procore Direct vs Indirect sales
| Region | Direct Sales | Indirect Sales | Total |
|---|---|---|---|
| Type % | Subscribe | Subscribe | Subscribe |
| Revenues, $M | Subscribe | Subscribe | Subscribe |
Procore Customers - Breakdown by Geo, Size, Vertical and Product
List of Verified Procore Customers
No. of Procore Customers: 15000
No. of Procore Enterprise Applications Customers: 15000
No. of Procore Cloud Customers: 15000
No. of Procore Cloud Subscribers: 2 Million
Established in 2002, Procore has cultivated a substantial market presence with a customer base of 15,000 and an annual user count of 2 million, spanning 150 countries globally. Noteworthy clients within its portfolio include ABLe Communications, Inc., Asturian Group, BBE, BBL Construction Services, The Beck Group, Boston Children's Hospital, Brookfield Properties, AMP Electric, Consigli, FSG, Dominion Mechanical, KBD Group, Oxford Properties, Tino Mechanical, Nabholz Construction, Hathaway Dinwiddie, Fort Myer Construction, Juneau Construction, and numerous others. This diverse clientele underscores Procore's widespread adoption and relevance across various sectors within the construction industry.
Procore Market Opportunities, M&A and Geo Expansions
In November 2022, Procore announced its strategic expansion into Germany, reinforcing its international presence and exemplifying the company's ongoing dedication to Europe, the Middle East, and North Africa. This move follows Procore's successful ventures into the MENA region in 2021 and France in 2022, demonstrating a continued commitment to investing in and serving these markets. The launch underscores Procore's objective of empowering construction professionals in Germany and neighboring countries with its unified platform, fostering operational efficiency through accelerated collaboration, streamlined communication, and enhanced decision-making based on real-time, accurate data.
In September 2021, a strategic alliance was established between Associated Builders and Contractors (ABC) and Procore Technologies, Inc., offering exclusive discounted pricing on Procore products and services to ABC chapters and members for their new acquisitions. This partnership builds upon Procore's ongoing collaboration with ABC since 2016, further evidenced by its active participation in key initiatives, as a member of the ABC Tech Alliance and ABC Tech Marketplace. This cooperative effort signifies a mutually beneficial relationship aimed at enhancing technological solutions within the construction industry.
Procore Risks and Challenges
Introducing new technologies to users carries a potential risk of encountering resistance within the company, as employees may be hesitant to embrace unfamiliar technological changes. This resistance poses a challenge to the smooth adoption and implementation of innovative solutions.
Procore Ecosystem, Partners, Resellers and SI
Procore has cultivated a diverse network of partners, encompassing referral partnerships, mutual ownership arrangements for solutions, and collaborative development initiatives. Notable partners include Xero, Sage, Box, Oracle, Okta, Cosential, Egnyte, Docusign, Smartvid, Smartsheet, and various others.
Furthermore, Procore has demonstrated substantial growth in emerging markets, particularly in Australia and New Zealand, while also expanding its user base across Canada. The recent establishment of a new office in London signifies the company's strategic move to penetrate the UK market, showcasing a concerted effort to extend its global footprint and capitalize on opportunities in diverse geographical regions.
Procore Cloud Infrastructure Insights
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- Procore Public Cloud and Infrastructure (IaaS)
- Procore Platform (PaaS)
- Procore Application Delivery
- Procore Private Cloud and Data Centers
Research Methodology
Data used in research reports are derived from publicly available documents, continuous surveys of applications vendors, customers, resellers, Independent Software Vendors, systems integrators and other verifiable sources.
Vendor shares and market forecast results are based on a combination of existing databases as well as demand side and supply side research conducted throughout the year with validation from vendors, customers, channel partners and documentations such as earnings releases and 10Q and 10K filings, vertical industry studies, regional and country-level statistics from public and private institutions(i.e. colleges, universities, government agencies and trade associations).
For additional information on our methodologies, here's the link:
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