USD 5.95 billion
Building Information Modeling Market Size, Share, Growth Analysis, By Offering(Software (Architectural Design, Sustainability, Structures, MEP), By Project Phase(Pre-Construction, Construction, Operations), By Vertical(Residential, Industrial, Commercial, Others), By Deployment Mode(On-premises, Cloud), By Application(Planning & Modelling, Construction & Design, Asset Management, Building System Analysis & Maintenance Scheduling), By End User(AEC Professionals, Consultants & Facility Managers, Others), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG45E2219 |
Region:
Global |
Published Date: September, 2024
Pages:
197
|Tables:
62
|Figures:
75
Building Information Modeling Market Insights
Building Information Modeling Market size was valued at USD 5.5 billion in 2022 and is poised to grow from USD 6.6 billion in 2023 to USD 24.07 billion by 2031, growing at a CAGR of 13.12% during the forecast period (2024-2031).
This market is expected to grow significantly over the forecast period. Building information modeling, popularly known as BIM, refers to the process of creating and maintaining digital representations of a location's functional and physical attributes. A BIM is a file that can be networked, extracted, or traded to support decisions regarding a building or other constructed asset. In the construction sector, building information modeling is applied for managing the life cycle of a project. The traditional construction methods are extremely related to the building information modeling market full value chain. For the last few years, they have been growing quickly and forming into a powerful and interconnected network. The industries where building information modeling has been applied have resulted in many innovative software models and commercial developments. Commercial buildings, which include office and retail constructions, are the largest market. Implementation of building information modeling in construction to achieve efficient power in the improved design of electric systems without waste and costs has been facilitated by the sated consumption in commercial buildings and the increases in energy costs. With growing construction projects, increasing requests for automated models in the architecture, engineering, and construction (ACE) industry, and growing awareness of the benefits of BIM globally, the resistance to adopting BIM in the construction industry is depleting. Adoption becomes even easier for commercial and infrastructure projects. Government regulations on the usage of BIM in building construction would further accelerate acceptance of BIM globally.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
NA
Fastest Growth
NA
Growth Rate
12.8% CAGR
Global Building Information Modeling Market 2024-2028 ($ Bn)
Country Share for North America Region- 2023 (%)
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Building Information Modeling Market Segmental Analysis
Global Building Information Modeling Market is segmented by Offering, Project Phase, Vertical, Deployment Mode, Application, End User, and Region. Based on Offering, the market is segmented into Software (Architectural Design, Sustainability, Structures, MEP, Construction, Facility Management), Services (Software Support and Maintenance, Project Management and Support). Based on Project Phase, the market is segmented into Pre-Construction, Construction, Operation. Based on Vertical, the market is segmented into Residential, Industrial, Commercial, Others. Based on Deployment Mode, the market is segmented into On-premises, Cloud. Based on Application, the market is segmented into Planning & Modelling, Construction & Design, Asset Management, Building System Analysis & Maintenance Scheduling, Others. Based on End User, the market is segmented into AEC Professionals, Consultants & Facility Managers, Others. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa
Building Information Modeling Market Analysis by Project Phase
Preconstruction held the leading position in the BIM market over the forecast period. Implementation of BIM at this stage will possibly allow stakeholders to provide an entire scope of operations which would involve all the aspects of the project. This will help in the efficient design and workflow of strategic planning, with proper cost projection that may ensure a massive understanding of needs right from the beginning. With a proactive approach, errors and miscommunications are pretty much reduced to the barest minimum, and potential issues are resolved and found about promptly. During the pre-construction stage of projects, BIM is highly essential as it helps in optimizing the timeframes for a project, helping in distributing resources effectively, and certainly increase the efficiency of the project as a whole.
On the other hand, the construction segment is expected to grow rapidly, partly due to the advantages it gets from BIM. Project managers are empowered by BIM technologies, and BIM technologies will be able to enforce very stringent quality control requirements in the actual building process. To ensure that all processes run smoothly, software is important in controlling and coordinating various factors such as workers, supplies, equipment, and procedures. BIM reduces delays and helps reduce hazards through its provision of real-time communication and cooperation among stakeholders. In addition, the post-construction advantages associated with BIM improve facility management for owners, enabling efficient maintenance and operations, which increases demand for creative BIM solutions in the sector.
Building Information Modeling Market Analysis by Offering
The more significant source for the improvement of project efficiency and cooperation is the software segment, which leads in the Building Information Modeling market. BIM software allows the stakeholders to design and analyze complex digital models of real structures by providing necessary tools for some activities like the making of the cost, design visualization, and project management. It promotes teamwork and reduces errors by smooth communication among architects, engineers, contractors, and owners. Furthermore, the development and integration of BIM software with the features of cloud plus real-time update enhance its future status. It thereby becomes crucial for modern building practices and development in the entire sector.
Hardware seems to be the fastest-growing category for the BIM market. This demand from more powerful computers for running complicated BIM applications will be mostly driving this growth. The data involved in big datasets and complex simulations often necessitates huge amounts of processing capacity, and high-performance hardware-including workstations, servers, and specialist graphic processing units-GPUs-is increasingly necessary as BIM technology adoption picks up speed. These hardware developments do not only enhance the functionality of BIM software but also improve cooperation and visualization ability. Modern hardware investment will possibly increase by leaps and bounds as businesses struggle to make their BIM workflow streamlined, thereby propelling market growth even further.
Global Building Information Modeling Market Size By Offering, 2023(%)
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Building Information Modeling Market Regional Insights
North America led the building information modeling market with the highest revenue share in the forecast period. The government requirement to implement BIM software along with earlier adoption of advanced digital technologies is anticipated to accelerate industrial growth. On similar lines, South America will experience tremendous growth throughout the forecast period due to rising infrastructure and construction costs. In Mexico, BIM software was made mandatory from 2017. However, probably by 2022, other nation governments are going to enforce this mandate as seen in Chile and Peru. This is predicted to drive the regional building information modeling market even more.
Asia-Pacific is to grow rapidly over the course of the forecast period based on growth in smart city initiatives developed in several countries such as South Korea, China, India, and Singapore. The need for innovative and efficient building and infrastructure solutions is gaining pace at the same rate as the rate of urbanization. With thousands of infrastructure projects proposed in China, the country will dominate the market. Three megaprojects scheduled to be executed in China using BIM software include Shanghai Tower, Beijing Phoenix Media Center, and Shanghai Disneyland Resort. This should propel the growth of the market during the period under forecast.
Global Building Information Modeling Market Size By Geography, 2023-2024
- Largest
- Fastest
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Building Information Modeling Market Dynamics
Building Information Modeling Market Drivers
Rise in Project Efficiency
- Optimizing processes, improving stakeholder engagement BIM helps increase the project efficiency rate significantly by optimizing the processes and improving stakeholder engagement. Being an integrated tool that provides for accurate cost prediction, real-time visualization, and thorough planning, BIM facilitates teams to identify problems beforehand, thus saving on expensive delays and costly rework. Taking a proactive stance will help in shaving off building durations, coupled with optimal allocation of resources, saving plenty of money. Since BIM can execute projects more effectively and efficiently, it poses as an essential part of the current building methods and leads to its widespread adoption across the industry since companies seeking to up their competitive stand wants to leverage it.
Regulatory Compliance and Sustainability
- Growing regulatory requirements about environmentally friendly building processes will drive Building Information Modeling (BIM) adoption. Stringent environmental regulations are being created by governments and industry associations. These call for thorough documentation of the energy performance and sustainability efforts of a project. As BIM can generate multiple designs, stakeholders can now witness how their decisions are going to affect the environment and ensure that they are in line with regulations. BIM also promotes easier application of environmentally responsive products and techniques that can improve energy efficiency throughout a building's lifecycle. BIM further accelerates market development as firms work to fulfil such changing demands by making it an essential tool in accomplishing set requirements for compliance and sustainability goals.
Restraints
High Upfront Cost of Investment
- It has a high upfront cost for investment, which really makes BIM not go mainstream. The cost of purchasing licenses and the upgrading of equipment and tools may require too much money, which is a significant drawback especially to the SMEs that have tight budgets. This cost barrier may deter some businesses from totally committing to BIM solutions while still choosing more traditional approaches that have smaller upfront costs. As such, the enormous investment made will eventually pose a setback to the overall market growth and will hinder it, especially in the case of the smaller businesses who are bound to benefit the most from the efficiency delivered by BIM.
Skill Gap and Training Needs
- The main reason for the weak penetration of BIM into the construction industry is the skill gap existing among professionals. If employees lack the necessary training and know-how to better use BIM software, the implementation of it may fail. Inefficiency, error, and misunderstanding could arise from the lack of skills at various stages of projects. Organizations need to provide comprehensive training programs to upskill their personnel, raising the overall cost, and might also delay the initiation of BIM. Companies need to undertake focused instructional programs so that they can apply BIM technology fully while navigating these challenges.
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Building Information Modeling Market Competitive Landscape
The market is highly competitive, with several key players, and goes globally; thus, the companies are trying to expand their geographical footprint and offer the latest BIM solutions to capture a significant share of the market. Various global leaders in BIM market compete with each other mainly on features, price, scalability, integration prospects, and after-sales services. The emphasis is given to developing high-end BIM software products relating to project management, construction documentation, conflict detection, collaborative design, and 3D modeling.
Top Player’s Company Profiles in Building Information Modeling Market
- Autodesk Inc.
- Nemetschek Group
- Bentley Systems
- Dassault Systèmes
- Trimble Inc.
- Schneider Electric
- Procore Technologies, Inc.
- TreisTek India Pvt. Ltd.
- Concora
- AFRY AB
- 4M
- Asite
- Hexagon AB
- Archidata Inc.
- ACCA software
- Beck Technology
- Computers and Structures, Inc. (CSI)
- SierraSoft
- Cadsoft Corporation
- Topcon
- Vectorworks, Inc.
Building Information Modeling Market Recent Developments
- July 2024: Esri and Autodesk have strengthened their partnership to better ensure data interoperability between Geographic Information Systems (GIS) and Building Information Modeling (BIM). ArcGIS Pro now supports direct read for CAD and BIM elements from the company's products, marking a new step in a partnership that aims to revolutionize geospatial and design data management processes for professionals working in the AEC industry from architects and engineers to construction managers.
- June 2024: Hexagon acquired Cordoba-based BIM specialist business Voyansi so as to expand the firm's solution offering in BIM. This acquisition supports leadership in the global BIM market for Hexagon but also highlights the talent in Argentina's technology industry. The company is based in Córdoba and has spent the last 15 years developing design, architecture, and engineering services for the construction industry globally.
- In February 2023, Asite acquired 3D Repo, a UK-based leader in cloud-based building information modeling (BIM) collaboration software. This calculated acquisition keeps Asite at the helm of digital engineering and gives its clients some of the most advanced solutions to manage the whole building process.
Building Information Modeling Key Market Trends
- Integration of AI and Machine Learning: The integration of artificial intelligence (AI) and machine learning, new trends that are changing the BIM sector, refers to the process of combining these technologies with BIM. These technologies advance BIM software by giving predictive modeling, advanced analytics, and task automation. Using AI at any stage of a project helps it analyze vast amounts of data, hence finding trends and making suggestions for improvements-a good tool for making better decisions. This amalgamation decreases the likelihood of errors, improves the overall project result, and enables one to efficiently utilize resources. Since companies wish to launch streamlined operations, it is expected that AI and machine learning in BIM solutions would be implemented on the rise.
- Cloud-Based BIM Solutions: The construction industry witnesses a steady trend toward cloud-based Building Information Modelling (BIM) solutions. Cloud technology enables the stakeholders involved in a project to collaborate in real time from anywhere across the globe, and the accessibility of data improves with it, making communication easier. In this way, data can be shared and updated, which reduces the cost for expensive local infrastructure and increases the efficiency of the entire project. A cloud-based system will, for instance, usually give scale choices adapted to businesses of all sizes, making BIM more accessible. Demands for cloud-based BIM solutions will rise even higher, as remote work and international cooperations grow. This will help foster new ideas and better project management.
Building Information Modeling Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our Global Building Information Modeling (BIM) Market analysis, the market is driven by factors such as increasing infrastructure development projects, growing adoption of cloud-based BIM solutions, and the need for efficient project management and cost control in the construction industry. Additionally, the integration of BIM with emerging technologies like artificial intelligence (AI) and virtual reality (VR) is expected to further propel market growth. However, challenges such as high implementation costs and a lack of skilled professionals may hinder the market's progress. Overall, the market research analyst predicts a positive outlook for the global BIM market in the coming years.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 5.5 billion |
| Market size value in 2031 | USD 24.07 billion |
| Growth Rate | 13.12% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Building Information Modeling Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Building Information Modeling Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Building Information Modeling Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Building Information Modeling Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Building Information Modeling Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Building Information Modeling Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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