Quire, the pioneer in cloud-based Technical Report Management™ (TRM™), unveiled considerable growth in technical report deliverables across the AEC, Environmental Consulting, and Commercial Real Estate sectors.
DOYLESTOWN, Pa., July 24, 2024 /PRNewswire-PRWeb/ -- Technical Report Management™ platform drives efficiency gains amid soaring demand
Quire, the pioneer in cloud-based Technical Report Management™ (TRM™), released its latest MarketWatch report, unveiling considerable growth in technical report deliverables across the architecture, engineering, and construction (AEC), Environmental Consulting, and Commercial Real Estate sectors. The comprehensive analysis of industry report writing activity, efficiency metrics, and trends demonstrates that customers are significantly outpacing earlier growth projections.
Key Findings
• Technical report deliverable volume surged 32% for the first half of 2024 compared to 2023
• Efficiency improvements were significant, with average editing time decreasing 15% year-over-year
• All customer segments saw growth, with the 500-999 employee segment experiencing an astounding 130% increase in report volume
• Approximately 25% of firms with more than 1,000 employees achieved the dual benefit of increased volume and decreased editing time
• Customers generated more than 60 different technical report types during the first half of 2024
• Contractor activity soared, with 70% more reports generated than last year
"The growth in technical report activity by our customers has been substantial. Quire's TRM solution has become a real advantage to customers considering the challenges they are currently facing," notes Chris Connell, CEO of Quire. "Demand for deliverables is high and project backlogs are at record levels partly due to increased investment in private and public infrastructure. At the same time, talent is scarce and labor costs are increasing – a perfect storm of obstacles for firms looking to grow profitably. TRM is helping customers take advantage of the high-demand environment while providing the efficiencies required to overcome these challenges."
Geotechnical Reports Surge
Among the diverse types of technical reports generated, the geotechnical report category saw particularly explosive growth:
• Overall, Geotechnical Category reports are expected to increase by over 700% in 2024 from the previous year
• Geotechnical Investigation reports grew by 2,000% over two years, with a 1,100% increase in the last year alone
• Geotechnical Letter reports saw a significant increase of 533% from 2023 to 2024
• Geoenvironmental reports grew 1033% in the first half of 2024 compared to the same period in 2023
Quire's 2024 annual survey revealed two-thirds of customers anticipated growth of 10% or more. However, the TRM platform shows that activity growth surpassed client expectations across most firm sizes:
• 130% increase in report volume for firms with 500-999 employees
• 23% increase for firms with 20-99 employees
• 17% increase for firms with 1,000+ employees
• 6% increase for firms with 100-499 employees
The analysis also highlights notable growth in contractor engagement. Contractors are essential partners for many customers in creating technical reports, providing geographic reach as well as additional capabilities to meet increasing demand. In the first half of 2024, contractor report volumes grew by 70%, and the average number of reports per contractor rose by more than 59%.
"This data underscores the importance of Technical Report Management and the benefits firms can realize by applying best-in-class tools to the deliverable process," Connell adds. "The dramatic growth in report generation, coupled with improved efficiency, has far-reaching consequences for our customers. Firms can increase their capacity and take on more projects without increasing costs. Companies leveraging TRM are gaining an advantage by delivering higher volumes of quality reports faster than their competitors."
Methodology
Quire's MarketWatch research analyzed customer activity for the first half of 2024 and is based on data from over 100 direct customers, thousands of contractors, and more than 1,000,000 technical reports generated through its TRM platform, spanning the AEC, Environmental Consulting, and Commercial Real Estate industries.
For the complete analysis, visit https://openquire.com/customer-activity-review-q2-2024/.
About Quire
Quire is the leader in Technical Report Management (TRM) for project-driven companies in the AEC, Commercial Real Estate, and Environmental Consulting industries. Trusted by thousands of consultants, Quire's intuitive SaaS platform streamlines technical report and commercial proposal creation, ensuring consistent, high-quality deliverables. Since 2010, Quire has enabled the delivery of over one million technical reports, impacting more than $1.5 billion in deliverable-related revenue. For more information, visit www.openquire.com.
LinkedIn: https://www.linkedin.com/company/quire/
Media Contact
Chris Connell, Quire, 1 412-736-7665, [email protected], www.openquire.com
SOURCE Quire
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