Procore Technologies (PCOR) Investor Day 2024 summary

Strategic vision and market opportunity

• Focused on durable, efficient growth in a massive, underpenetrated global construction market, estimated at $15 trillion by 2030, with a $10 trillion monetizable opportunity across owners, GCs, and subcontractors.

• Construction represents 8% of the global workforce, with significant digitization potential and durable long-term growth.

• Diversified customer base and global expansion de-risk sector fluctuations, with recent entries into the Middle East and Central Europe and activity in 11 go-to-market countries.

• Large white space remains, with only ~12% logo capture in the U.S. and ~2% internationally among owners, and significant expansion potential across all segments.

• Triple TAM approach allows monetization of each construction dollar across multiple stakeholders.

Go-to-market transformation and growth levers

• Transitioning to a regionalized go-to-market model with general managers for each region and increased technical resources to support customers throughout their lifecycle, with full implementation targeted for the second half of 2025.

• Four primary growth vectors: acquiring new customers, volume expansion, product cross-sell, and international expansion.

• Only ~45% of customers' total ACV is currently on the platform, with an incremental $1T+ ACV upsell opportunity from existing customers.

• Swarming accounts with technical specialists accelerates adoption, ROI realization, and cross-sell, especially for large and strategic customers.

• Tailored marketing and sales strategies by region and stakeholder, with a focus on customer centricity and deep technical engagement.

Product innovation and platform differentiation

• Unified, interoperable platform connects all project stakeholders, enabling seamless workflows from pre-construction to closeout, with advanced AI features and integrations.

• Recent launches include Resource Management, enhanced scheduling, Connectability, and Procore Pay, all leveraging AI and analytics.

• Platform flexibility supports customers at varying stages of digital maturity, from pen-and-paper to advanced data-driven operations.

• Data platform and AI investments enable real-time insights, benchmarking, and automation, creating a competitive moat.

• New product packaging and outcome-based selling strategies are being developed to simplify adoption and drive cross-sell.