Procore’s Expanding Role in the Owners Market: A Conversation

Chapter 1

Expanding Procore's Reach: From General Contractors to Owners

Procore’s initial success was built on serving general contractors, but in 2019, the company made a strategic move to expand its offerings to owners. The acquisition of Honest Buildings, a platform focused on construction cost management for owners, was a catalyst for this shift. According to Lewis, Procore recognized that construction projects involve more than just general contractors and saw an opportunity to better support owners and specialty contractors.

Since then, the owners segment has grown significantly, now representing about a quarter of Procore's overall business, with $250 billion in projects managed annually by 4,000 owner customers.

Despite this progress, Lewis acknowledges that there is still work to be done. “I still meet with owners today who say Procore seems like a good solution for owners, but it was originally a product built for general contractors,” he says.

The company aims to change that perception by tailoring its platform to better fit owners' needs, including improvements in user experience, collaboration tools, pricing models, and essential owner-centric functionalities like capital planning and asset management.

Chapter 2

Why Procore is a Platform for Owners

One of the fundamental differences between owners and contractors is their long-term relationship with an asset. While construction projects may last two to four years, owners operate these buildings for decades. Procore is evolving to support owners throughout the entire lifecycle, from planning and building to long-term operations.

The company’s Plan-Build-Operate model ensures that data captured early during the planning and construction phases seamlessly transitions into operations. By enhancing document management, integrating with permitting platforms, and focusing on asset management, Procore is making it easier for owners to optimize their buildings long after construction ends. Lewis explains, “How do you digitally hand over all the information built out during construction and seamlessly build an asset register for the next 50 years?” Procore’s advancements in asset tracking and digital handover processes aim to solve this challenge.

Chapter 3

Investing in the Future: What Owners Can Expect

Procore’s product roadmap includes significant investments in budgeting, estimating, and scheduling tools to help owners make data-driven decisions earlier in the planning process. New enhancements, such as conceptual estimating, allow owners to use historical data to forecast costs before full project designs are available. Additionally, Procore is improving its portfolio-level insights, enabling owners to see financial and scheduling risks across all projects in a single view.

Risk mitigation is an area of focus and a key benefit of Procore. “The two most important things for an owner are budget and schedule,” Lewis emphasizes. With enhanced scheduling capabilities and integrations between budgets and timelines, Procore aims to provide owners with greater visibility and control. Features like the new portfolio dashboard and AI-powered search tools further simplify project oversight.

Chapter 4

The Future of Construction: Automation, AI, and Digital Transformation

The next decade is expected to bring a fundamental shift in how construction data is captured and used. Lewis highlights the growing role of autonomous systems and passive data collection, including reality capture, drones, and AI-powered analysis. “If historically, data entry was limited by how much humans could type into a system, that’s no longer the case,” he notes. The challenge now is managing the explosion of data and extracting meaningful insights.

Procore is investing heavily in AI-driven solutions to help owners filter and interpret this vast amount of information. The goal is to move from reactive to predictive decision-making, allowing owners to anticipate issues before they arise. These advancements will not only improve efficiency but also drive better outcomes across the industry.

Chapter 5

Helping Owners Stay Competitive

For most owners, construction is not their core business—it’s an investment made to achieve broader objectives. Whether they are real estate developers, technology firms building data centers, or oil and gas companies managing infrastructure, their primary focus is on operating assets rather than constructing them.

Recognizing this, Procore is committed to providing owners with insights and best practices to streamline construction processes. Beyond software, the company is looking at leveraging its Customer Advisory Board and industry thought leadership to foster collaboration and knowledge-sharing among owners.

Chapter 6

A New Era for Owners and Procore

Procore’s journey into the owners market is far from over. With continued investment in owner-specific tools, AI-driven insights, and an expanded focus on long-term asset management, the company is positioning itself as an indispensable partner for owners looking to navigate an increasingly complex construction landscape.

As Lewis puts it, “We want to take owners to the next level. There is so much more we can do to support them, and we’re doubling down on those investments to make it happen.”

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