Building Information Management System Market to Grow by USD 15.99 Billion from 2024-2028, Driven by Rising Global Construction Projects, AI's Role in Shaping the Market Landscape - Technavio Report

NEW YORK, Aug. 30, 2024 /PRNewswire/ -- Report with market evolution powered by AI- The global building information management system market size is estimated to grow by USD 15.99 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 13.26% during the forecast period. Rise in global construction projects is driving market growth, with a trend towards integration of cloud-based solutions for real-time collaboration. However, high implementation and operational costs for building information management systems poses a challenge. Key market players include ACCA software Spa, Accruent, Acuity Brands Inc., Autodesk Inc., Azbil Corp., Bentley Systems Inc., Bricsys NV, Delta Controls Inc., Eleco Plc, Honeywell International Inc., Johnson Controls International Plc., Nemetschek SE, Procore Technologies Inc., RIB Software GmbH, Schneider Electric SE, Siemens AG, Trane Technologies plc, Trimble Inc., and Vantage-BMS.

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Key Market Trends Fueling Growth

In the Building Information Management System (BIM) market, the integration of cloud-based solutions is a significant trend. Cloud technology enables real-time collaboration among architects, engineers, and construction professionals, regardless of their locations. This integration facilitates instantaneous updates and access to shared data, leading to increased efficiency and fewer errors. Notable companies offering cloud-based BIM solutions include Autodesk Inc. With BIM 360, Trimble Solutions Corporation with Trimble Connect, and Bentley Systems incorporated with ProjectWise. These platforms allow teams to work on the same model simultaneously, reducing delays and conflicts. The use of cloud-based BIM solutions streamlines workflows, enhances communication, and provides a single source of truth for project data. As technology advances, the ability to work collaboratively from different locations will become essential for successful project outcomes. Consequently, the integration of cloud-based solutions is expected to fuel the growth of the global BIM market during the forecast period. 

The Building Information Management System (BIMS) market is experiencing significant growth due to increasing infrastructure projects and smart city initiatives. BIMS technologies, including 3D models and digital twins, are revolutionizing the global construction industry by enabling computer-controlled production and improved facility management. Utilities, transportation, and various sectors such as commercial, residential, industrial, and educational institutes are embracing BIMS to optimize energy spending through preventive maintenance and real-time monitoring of HVAC, lighting systems, and other energy-consuming assets. BIMS also enhances security management, emergency management, and professional services through IoT sensors, AI, and cloud platforms. Construction professionals, including civil engineers, architects, consultants, construction supervisors, and building contractors, are leveraging BIMS to streamline projects and improve overall efficiency. 

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Market Challenges

• Building information management systems (BIMS) are essential tools for managing construction projects and facilities, but their implementation and operational costs can be substantial. The initial investment for BIMS can range from USD20,000 to USD5 million, including software purchases, infrastructure upgrades, and system integrations. For large-scale or complex projects, costs can exceed USD10 million. Ongoing maintenance, which includes software updates, technical support, and data management, adds to the financial burden, with annual costs ranging from USD50,000 to USD500,000. Training staff to use BIMS effectively also requires an investment, with costs varying based on the number of users and the depth of training required. These high costs can be a significant barrier to adoption, particularly for smaller organizations or projects with limited budgets. Consequently, the substantial costs associated with BIMS may hinder the growth of the global building information management system market during the forecast period.
• The Building Information Management System (BIMS) market is growing rapidly as more building owners recognize the benefits of digitizing their operations. However, implementing a BIMS comes with challenges. Preventive maintenance, facility management, security management, energy management, infrastructure management, and emergency management require seamless integration. Professional services and managed services are essential for successful implementation. BIMS caters to various sectors, including residential, commercial, and industrial. Commercial buildings like office buildings, educational institutes, airports, and railways, as well as residential premises, benefit from BIMS. Industrial applications include factories, production plants, distribution facilities, and warehouses. Construction, civil engineers, architects, consultants, construction supervisors, and building contractors are key stakeholders in the BIMS value chain. Sensors, AI, cloud platforms, software, and machine learning are critical components of BIMS. The construction phase is a crucial time to implement BIMS, ensuring optimal use of resources and efficient project delivery.

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Segment Overview 

This building information management system market report extensively covers market segmentation by

1. Sector 
• 1.1 Commercial
• 1.2 Residential
• 1.3 Industrial
• 1.4 Institutional
2. Type 
• 2.1 Software
• 2.2 Hardware
3. Geography 
• 3.1 Europe
• 3.2 North America
• 3.3 APAC
• 3.4 South America
• 3.5 Middle East and Africa

1.1 Commercial- The Building Information Management System (BIMS) market is growing as more businesses recognize its benefits. BIMS streamlines construction projects by managing data related to design, construction, and facility management. This leads to improved project efficiency, reduced costs, and enhanced collaboration among team members. Companies in the architecture, engineering, and construction industries are increasingly adopting BIMS to optimize their operations. The market is expected to continue expanding due to the increasing demand for better project management solutions.

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Research Analysis

The Building Information Management System (BIMS) market is experiencing significant growth due to the increasing adoption of digital technologies in the global construction industry. Infrastructure projects and smart city initiatives are driving the demand for BIMS, as they require advanced systems to manage complex data and optimize resources. BIMS utilizes computer-controlled production, 3D models, digital twins, and BMS technologies to enhance building operations. IoT sensors, AI, and cloud platforms are integral components of BIMS, enabling real-time monitoring and predictive maintenance for HVAC, lighting systems, and energy management. Building owners benefit from improved facility and security management, reducing energy spending and enhancing overall operational efficiency. Civil engineers and construction professionals leverage BIMS software to streamline project planning, design, and execution.

Market Research Overview

The Building Information Management System (BIMS) market is experiencing significant growth due to the increasing adoption in various sectors, including infrastructure projects and smart city initiatives. BIMS enables computer-controlled production, digital twin technology, and facility management in the global construction industry. Utilities, transportation, and various sectors such as HVAC, lighting systems, and energy management are leveraging BIMS for energy spending optimization, preventive maintenance, and improved efficiency. BIMS technologies are integrated with Internet of Things (IoT) sensors and AI, including machine learning, to monitor and manage building operations. The market spans across various sectors, including residential, commercial, and industrial, encompassing commercial buildings, residential premises, office buildings, educational institutes, airports and railways, factories, production plants, distribution facilities, and warehouses. Building owners, civil engineers, architects and consultants, construction supervisors, and building contractors are key stakeholders in the BIMS market. BIMS solutions offer professional services and managed services to cater to the diverse needs of clients. The market is expected to continue its growth trajectory due to the increasing demand for efficient and sustainable building management systems.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Sector
• Commercial
• Residential
• Industrial
• Institutional
• Type
• Software
• Hardware
• Geography
• Europe
• North America
• APAC
• South America
• Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

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SOURCE Technavio