New research from Quire, the leader in Technical Report Management, reveals that while the Architecture, Engineering, and Construction (AEC) industries, commercial real estate sector, and environmental consulting organizations faced significant challenges in 2023 and are still grappling with labor shortages, they are bullish on their 2024 prospects for solid growth.
DOYLESTOWN, Pa., Feb. 27, 2024 /PRNewswire-PRWeb/ -- Quire Research Reveals Businesses in the AEC, Commercial Real Estate, and Environmental Consulting Industries Optimistic about 2024, Face Continuous Labor Shortages, and Anticipate Technical Report Volume to Escalate
New research from Quire, the leader in Technical Report Management, reveals that while the Architecture, Engineering, and Construction (AEC) industries, commercial real estate sector, and environmental consulting organizations faced significant challenges in 2023 and are still grappling with labor shortages, they are bullish on their 2024 prospects for solid growth.
The January 2024 survey of more than 200 of Quire's AEC, commercial real estate, and environmental clients and contractors also indicated that client organizations currently produce between 1,000+ and 10,000+ paid deliverables annually. Survey respondents anticipate that number to grow by 5 to 10 percent in 2024, resulting in a heightened demand for hundreds to thousands more paid deliverables.
"Our recent research signaled that AEC, commercial real estate, and environmental consulting executives struggled with heightened competition, economic headwinds, and recruitment challenges over the past year. Looking ahead in 2024, however, they are optimistic about the prospects of strong growth," said Chris Connell, Chief Executive Officer of Quire.
"This anticipated growth will bring an increased demand for paid deliverables," added Kelly L. Stratton, Quire founder and President. "Given the tight labor market, it's more important than ever to streamline, automate, and accelerate the technical report and commercial proposal development and delivery process as well as optimize business workflow performance. We look forward to collaborating with our clients this year to enhance their technical report and commercial proposal throughput, ensure higher-quality deliverables, and drive top-line growth."
From environmental site assessments to geotechnical reporting to construction progress monitoring across thousands of users, the Quire Technical Report Management® platform reduces report and proposal development time by as much as 70 percent. The innovative platform also provides comprehensive analytics for data-driven resource and workflow decision-making, helping improve the bottom line. In 2023, Quire clients delivered 195,000 technical reports and commercial proposals through the platform, and with the expected increase in 2024, the company expects this number to grow significantly.
Research Result Details
2023 and 2024 Technical Report Insights
In 2023, 65 percent of survey respondents delivered 1,000+ paid technical reports, and 22 percent generated 10,000+ paid technical reports.
- In 2024, more than 25 percent of survey respondents believe the demand for technical reports will increase by more than 10 percent.
- This year, seventy-five percent of survey respondents expect a technical report increase of at least five percent.
2023 Challenge Insights
- Ninety-five percent of survey respondents indicated that 2023 was challenging for their organizations.
- More than 60 percent reported "slight" to "no" growth for the year.
- Seventeen percent reported that 2023 was a "down" year for their business.
- Thirty-seven percent said the economic headwinds were "challenging" or "very challenging."
- Ninety-five percent of survey participants cited increasing competition as a major challenge to winning new business.
- Twenty-eight percent indicated that maintaining or increasing profitability was "challenging."
- Eighty-four percent of survey respondents cited recruiting as "challenging."
- Seventy percent of survey respondents noted that keeping top talent is a significant concern.
2024 Growth Insights
- All survey participants indicated their businesses will experience growth this year.
- Nearly two-thirds of survey respondents expect 10 percent or more growth.
- Fifteen percent expect growth north of 20 percent.
For more insights on the Quire research findings, access the company's on-demand webinar titled, "Reflections & Projections: Technical Report Writing Trends in 2023 & Outlook for 2024" by visiting https://info.openquire.com/2023-trends-2024-outlook.
About Quire
Quire is the leader in Technical Report Management (TRM) for project-driven companies in the Architecture, Engineering, and Construction (AEC), Commercial Real Estate, and Environmental Consulting industries. The company is trusted by thousands of consultants to generate deliverables and commercial proposals for their businesses. Supporting customers in more than a dozen major industries spanning more than 180 service areas, Quire's intuitive TRM SaaS platform streamlines the technical report and commercial proposal creation process to ensure consistent, high-quality deliverables. With innovative tools and a staff of industry experts, Quire has enabled clients to create and optimize over 7,300 report templates, thus reducing report and proposal development time by as much as 70 percent. Quire's QuireSight Analytics provides additional value by revealing key insights into the deliverable process versus industry benchmarks, enabling data-driven resource and workflow decisions that improve the bottom line. Founded in 2010, the company has impacted more than $1 billion in deliverable-related revenue. For more information, visit www.openquire.com.
Media Contact:
Elizabeth Mars
Marketri for Quire
303.955.0319
Media Contact
Elizabeth Mars, Marketri, 1 303.955.0319, [email protected], www.marketri.com
SOURCE Marketri
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