The building information modeling market size is expected to grow from US$ 7.16 billion in 2022 to US$ 17.32 billion by 2030; it is estimated to grow at a CAGR of 11.7% from 2022 to 2030.
Analyst Perspective:
The increasing population and growing urbanization are raising the number of residential and commercial construction projects worldwide. As BIM helps to improve accuracy and coordination in construction projects, further increasing the productivity and efficiency of design and construction teams is one of the major factors fueling the growth of the building information modeling market. Also, in the oil and gas industry, BIM technology helps oil and gas companies in reducing the development time of the project. In addition, the technology also helps oil and gas companies collect data through which they can measure the performance, quality, and management of both materials and personnel, raising the demand for BIM in the oil and gas industry. Furthermore, the growing government initiatives for the adoption of BIM, such as mandating BIM in projects and establishing BIM standards and guidelines, are further creating an opportunity for the growth of the building information modeling market.
Market Overview:
Building information modeling (BIM) is a crucial process to ensure the planning, design, and construction of buildings. A structure or building can be planned, designed, and built within a single 3D model through this highly collaborative process that involves architects, engineers, real estate developers, builders, manufacturers, and other construction experts. In addition, during the design, construction, and operation phases, BIM is utilized to create and manage data. It combines data from various disciplines to produce intricate digital renderings that are controlled in an open cloud environment for real-time collaboration. Further, using BIM improves decision-making, offers more sustainable solutions, and reduces costs for architectural, engineering and construction (AEC) projects, boosting the growth of the building information modeling market.
Strategic Insights
Market Driver:
Rising Construction Projects Worldwide is Fueling the Growth of Building Information Modeling Market
The construction of commercial and residential buildings is growing worldwide, majorly in developing countries. In July 2021, the TASS, a Russian news agency, reported that the commissioning of housing in Russia increased by 28.4% in the first five months of 2021 compared to 2020. According to the Ridgewater Homes website data, in 2021, Australia witnessed a 10% growth in the construction of residential buildings. This growth is attributed to the increased demand for houses due to rising sustained employment, record-low interest rates, and a surge in government programs such as HomeBuilder. Several government initiatives are supporting the growth of the housing industry. For instance, in February 2021, the South Korean government announced that it would ease building regulations and support redevelopment projects in South Korean urban areas by supporting the construction of 836,000 new houses nationwide. Also, the new housing policy by the government focuses on increasing the number of houses in the Seoul metropolitan area and other major cities. Moreover, according to the Ministry of Land, Infrastructure, and Transport of South Korea, the latest policy consists of constructing 323,000 and 293,000 new houses in Seoul and Gyeonggi Province, respectively. Similarly, in September 2021, the Egyptian government announced the construction of 37 new smart city projects with an initial investment of US$ 20 billion in an area of 16,800 hectares.
The growing industrialization is leading to the construction of new office complexes globally. For instance, in Q1 of 2022, the construction of Ostendstraße 1-14 Commercial Buildings started in Berlin, Germany, with an investment of ~US$ 1,293 million. The project aims to meet the growing requirement for office, hotel, retail, and commercial facilities in the region. The project is expected to be completed in Q4 of 2027. Similarly, the construction of the Commerz III Commercial Office Complex started in Q1 of 2022 in Mumbai, India. This 43-story commercial office complex construction is expected to require an investment of ~US$ 900 million and will be completed in Q4 of 2027. Thus, the rise in residential and commercial construction projects globally is raising the demand for building information modeling as the technology supports architects throughout the design process, further fueling the growth of the building information modeling market.
Market Segmental Analysis:
Based on type, the building information modeling market is segmented into software and services. The software segment held the largest building information modeling market share in 2022 and is anticipated to register the highest CAGR during the forecast period. BIM software helps design and construction teams to work more efficiently as it improves accuracy and provides better coordination between different trades and disciplines, leading to fewer problems in the final design and construction. In addition, the software also helps to capture the data created during the process to benefit operations and maintenance activities. Thus, all the above factors are raising the demand for BIM software across the globe, propelling the building information modeling market growth in the forecasted period.
Market Regional Analysis:
North America is expected to witness significant growth in the building information modeling market in the forecasted period. The US holds the largest building information modeling market share in 2022.
North America is a technologically advanced region owing to factors such as a high inclination toward technological innovation, high GDP, developed infrastructure, and favorable economic policies. Because of all the above factors, the demand for BIM is increasing for the construction of residential, commercial, and industrial infrastructure, fueling the growth of the building information modeling market. Also, the growing number of new construction projects in the region is expected to increase the demand for BIM as it helps in achieving a virtually constructed structure in a single 3D view, thus allowing design and construction teams to work more efficiently. Some of the new construction projects carried out in the region are as follows:
- In November 2021, Samsung announced its plan to construct a new advanced chip-making plant in Texas. The plant is estimated to cost ~US$ 17 billion and is expected to be operational in 2024.
- In May 2023, the Buffalo Bills announced that the construction of the new stadium had started in Western New York. This new Bills Stadium is built on 242 acres of land, and the construction is expected to be completed in July 2026.
Thus, the growing number of construction projects is propelling the building information modeling market growth in North America.
Market Key Player Analysis:
Autodesk Inc, Archidata Inc, AVEVA Group plc, Asite Ltd, AECOM, Bentley Systems, Dassault Syst, Nemetschek SE, Trimble Inc., and Hexagon are among the key building information modeling market players. These building information modeling market players are focused on continuous green technology product development and innovation.
Market Recent Developments:
Inorganic and organic strategies such as product launches, partnerships, collaborations, and mergers and acquisitions are highly adopted by companies in the building information modeling market. A few recent key market developments by these companies are listed below:
- In August 2023, BIMcollab, developed by KUBUS BV, announced the acquisition of BIMlink, a well-known Dutch developer of a BIM centered Common Data Environment for the construction industry. BIMlink’s solutions are used by large building owners in the Netherlands, including three leading universities, several hospitals, the National Police, Booking.com and many more. The acquisition of BIMlink will strengthen KUBUS’ portfolio significantly.
- In June 2023, OpenSpace announced the launch of OpenSpace BIM+. This new OpenSpace BIM+ is a suite of easy-to-use 3D tools that can help field teams and virtual design and construction (VDC) teams to get work done faster by unlocking BIM coordination on site. Furthermore, the tool also helps to compare 2D drawings and 3D models, allowing field teams to navigate and compare site conditions to the project’s BIM.
- In May 2023, Agacad, the Lithuania-based developer of advanced technologies for building information modeling and management (BIM), acquired SBS Group, another Lithuanian software creator specializing in quantification, budgeting and project management tools for construction and engineering. Through this acquisition, Agacad will be able to offer its clients full digital construction solutions with true BIM processes.
- In December 2021, Capgemini and Autodesk, Inc. announced that they had signed a global collaboration framework agreement, enabling them to join forces to deliver end-to-end Building Information Modeling (BIM) platforms and transformation programs. Through this collaboration, Capgemini has become the first authorized Autodesk System Integrator, playing a key role in the development of the program.
- In April 2020, Glodon Singapore announced the launch of its new generation of Cubicost 5D BIM Solution. This innovation by the company is driven not only to lead the market in BIM and Digital Cost Management for AEC Professionals but it also serves as a platform for constant developments that enables easier integration of solutions in the market space.
- In February 2020, Pennar Industries announced the acquisition of Oneworks BIM Technologies, a company engaged in supporting clients through the technical processes of Building Information Modelling Management and Data Collection. Oneworks is in 3D digital Building Information modeling. The services it offers include developing, modeling, converting and mapping of buildings with seamless integration of building data in a 3D model.
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Building Information Modeling Market Report Analysis
-
CAGR (2023 - 2031)11.70% -
Market Size 2023
US$ 8.00 Billion -
Market Size 2031
US$ 19.38 Billion
Report Coverage
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Key future trends
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Industry landscape and competition analysis & recent developments
- Detailed company profiles
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
Key Players
- Autodesk Inc
- Archidata Inc
- AVEVA Group plc
- Asite Ltd
- AECOM
- Bentley Systems
- Dassault Syst
- Nemetschek SE
- Trimble Inc.
- Hexagon
Regional Overview
- North America
- Europe
- Asia-Pacific
- South and Central America
- Middle East and Africa
Market Segmentation
By Type
- Software
- Services
By Project Life Cycle
- Preconstruction
- Construction
- Operations
By Applications
- Civil Infrastructure
- Oil and Gas
- Industrial
- Utilities
- Others
By End User
- AEC Professionals
- Contractors
- Others
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Building Information Modeling Market Report Scope
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 8.00 Billion |
| Market Size by 2031 | US$ 19.38 Billion |
| Global CAGR (2023 - 2031) | 11.70% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Type
|
| Regions and Countries Covered |
North America
|
| Market leaders and key company profiles |
|
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
This text is related
to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
- Autodesk Inc
- Archidata Inc
- AVEVA Group plc
- Asite Ltd
- AECOM
- Bentley Systems
- Dassault Syst
- Nemetschek SE
- Trimble Inc.
- Hexagon
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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