Building Information Modeling Market

Product Overview:

Building Information Modeling Market size was USD 5.7 billion in 2021 and is projected to grow from USD 7.4 billion in 2023 to USD 23.8 billion by 2032, exhibiting a CAGR of 13.9% during the forecast period.

Building Information Modeling (BIM) is a representation in digital form related to the functional and physical characteristics of a building. Building Information Modeling software promotes architects, engineers, and other construction professionals to design, direct and share the required information about a building project entirely through its lifecycle from organization and sketch to building and operation. Building Information Modeling market includes a wide range of services, software products, and technologies.

Market Highlights

Building Information Modeling Market is expected to project a CAGR of 13.9% during the forecast period, 2022-2032

Building Information Modeling Market is expected to reach USD 23.8 billion, growing at a CAGR of 13.9% during forecast period. It enables to combine and create a perfect virtual model of a building and interchange the data between different projects. It aids in analysing each of the quantitative and qualitative aspects related to the construction. The increasing population and urbanization are expected to boost the construction activities globally which is creating demand for the infrastructural projects and is positively influencing the growth of Building Information Modeling Market. The increasing adoption of Building Information Modeling owing to its advantages over tools like CAD systems and paper-based design and modeling is expected to boost the growth of the market. 

Building Information Modeling Market Segmentation:

Service segment is expected to grow with high CAGR during the forecast period

Building Information Modeling Market is classified based on the Component into Solution, Service. Service segment is expected to dominate the market in the forecast period. This segment is expected to grow faster as the owners of construction projects, managers and design team members acquire the Building Information Modeling services more often to achieve the details of the project which may aid in upgrading the quality of construction by reducing the maintenance cost. The growing demand for services like virtualization, documentation support etc. may boost the growth of the segment.

On-Premise segment is expected to grow with high CAGR during the forecast period

Building Information Modeling Market is classified based on the Deployment Mode into On-Premise, Cloud-Based. The On-Premise segment dominated the market in 2021 and is also expected to continue its dominance over the forecast period owing to the rising concerns over the protection of data related to construction projects. Major companies provide on-premise software in various sectors.

Market Dynamics:   

Growth Drivers

Advancements in Technology is Expected to Boost the Growth of the Market

The growing advancements in technology and developments in cities is creating an option for people to shift to metropolitan cities. The increasing demand and necessity for more infrastructures and residential buildings is creating growth opportunity for the Building Information Modeling Market. The rising expenditure in the real-estate field and the construction of commercial, government buildings is boosting the growth of the market. The advancements in technology related to the investment in engineering and construction and the capability of software in estimating the expensed and reducing operational cost is creating demand for market.

Increasing Demand for Sustainable Building is Expected to Boost the Growth of the Market

Certain governments are focusing on promoting initiatives related to the adoption of Building Information Modeling like the incentives, regulations and standards which may boost the market growth. The demand for sustainable building practices is increasing due to the environmental concerns, growing energy costs, and requirement of proper utilization of resources. Building Information Modeling aids in assisting the engineers and designers of buildings to opt for sustainable and energy-efficiency which is expected to drive the demand for Building Information Modeling market.

Restraint

High Implementation Cost May Restrain the Growth of the Market

The initial cost of implementation of Building Information Modeling software is high which may hamper the growth of the market. The regular servicing and maintenance required for the software is of high cost and the lack of expertise in handling of software is expected to hinder the market growth.

Recent Developments:

• In November 2020, Autodesk Inc. declared the new cloud-based AEC for the design industry and launched Autodesk BIM Collaborate for virtual design and other non-authorized workers.

• In November 2020, Autodesk Inc. declared the merging of Workforce Management Capabilities of Autodesk Cloud Construction and Bridgit Bench.

Building Information Modeling Market

Key Players Covered:

• Autodesk Inc. 
• Dassault Systèmes SA
• Trimble Ltd. 
• Nemetschek AG
• Beck Technology Ltd.
• Hexagon AB
• Pentagon Solution Ltd.
• AVEVA Group Plc.
• LOD Planner Inc.
• Pinnacle Infotech
• Revit Modeling India
• Planon Group
• ACCA software S.p.A.
• Vectorworks, Inc.
• Other Prominent Players (Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis)

Regional Analysis

Building Information Modeling Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. The North America region dominated the Building Information Modeling (BIM) market in 2021 and is expected to dominate the market in forecast period owing to the high rate of adoption in construction industry in countries of this region. The presence of key market players in the regions of this country is also expected to drive market growth. The rise of construction projects in the region has also a scope for market growth.

Impact of Covid-19 on Building Information Modeling Market

The COVID-19 outbreak had resulted in the economic downfall. Several countries had imposed lockdowns and travel bans to control the coronavirus spread. Covid-19 had negatively affected several industries. Covid-19 created a negative impact on the growth. The shift towards working remotely by BIM vendors had led to adaptation of remote collaboration tools and had positive impact on adoption of cloud-based BIM solutions. Covid-19 had mixed impact on the market growth. Few had a positive impact and few with negative affect on the market.

Building Information Modeling Market is further segmented by region into:

• North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States and Canada
• Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil and Rest of Latin America
• Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey and Rest of Europe
• Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia and Rest of APAC
• Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa and Rest of MENA.

Building Information Modeling Market Scope and Segments:

Frequently Asked Questions (FAQ):