Building Information Modeling Market to grow by USD 8.42 billion from 2021 to 2026 | The rise in the work from home model drives the market - Technavio

NEW YORK, Aug. 18, 2023 /PRNewswire/ -- The building information modeling market is set to grow by USD 8.42 billion from 2021 to 2026 and register a CAGR of 19.14%, according to Technavio's latest market research report estimates. With a focus on identifying dominant industry influencers, Technavio's reports present a detailed study by the way of synthesis, and summation of data from multiple sources. This report offers an up-to-date analysis of the current market scenario, the latest trends and drivers, and the overall market environment. Technavio offers in-depth market insights that assist global businesses to obtain growth opportunities. Read Sample Report

The report also covers the following areas:

• Building Information Modeling Market size
• Building Information Modeling Market trends
• Building Information Modeling Market industry analysis

Factors such as the rise in work from a home model, the growing need for building automation to enhance business outcomes, and rapid population growth increase the demand for residential sectors will offer immense growth opportunities. To leverage the current opportunities, market vendors must strengthen their foothold in the fast-growing segments, while maintaining their positions in the slow-growing segments. The building information modeling market is fragmented, and the degree of fragmentation will accelerate during the forecast period.

Building Information Modeling Market 2022-2026: Segmentation

• Type 
• Software
• Services
• Geography 
• North America
• Europe
• APAC
• Middle East And Africa
• South America

The building information modeling market share growth by the software segment will be significant during the forecast period. Utilizing BIM software, a 3D design tool, facilitates the optimization of design processes in architecture, construction, plant, and civil fields. BIM models encompass the entire lifecycle of a project, spanning from inception to completion, enabling more efficient, cost-effective, and environmentally conscious project execution. This extensive utilization of BIM software is set to propel the growth of the BIM market in the forecast period.

Building Information Modeling Market 2022-2026: Company Analysis and Scope

To help businesses improve their market position, the building information modeling market provides a detailed analysis of around 15+ vendors operating in the market. Some of these vendors include 4M SA Advanced Software Engineering Systems, ABB Ltd., ACCA Software Spa, AECOM, Asite Solutions Ltd., Autodesk Inc., AVEVA Group Plc, Bentley Systems Inc., Cadsoft Corp., Dassault Systemes SE, GRAITEC Innovation SAS, Hexagon AB, Nemetschek SE, Pinnacle Infotech Inc., Plannerly, Planon Shared Services BV, Schneider Electric SE, Siemens AG, The Beck Group, and Trimble Inc.

Company Offerings 

• Autodesk Inc. - The company offers building information modeling such as AEC Collection which provides designers, engineers, and contractors with a set of BIM and CAD tools supported by a cloud-based common data environment that facilitates project delivery from early stage design through to construction.
• AVEVA Group Plc - The company offers building information modeling such as AVEVA Bocad which provides class-leading productivity in structural steelwork, enabling consistently rapid, high-quality design, fabrication and construction, for on-time, budget delivery of a high-quality project.
• Bentley Systems Inc.- The company offers building information modeling such as OpenBuildings Designer, Legion Model Builder, Legion Simulator, and Staad Pro.

What's New?

• Special coverage on the Russia-Ukraine war; global inflation; recovery analysis from COVID-19; supply chain disruptions, global trade tensions; and risk of recession 
• Global competitiveness and key competitor positions 
• Market presence across multiple geographical footprints - Strong/Active/Niche/Trivial - buy the report!

Market Dynamics 

Driver

The rise in the work from home model is notably driving the market growth. The building and infrastructure sector, which is characterized by fragmentation and lack of structure, has encountered significant challenges due to the COVID-19 outbreak. The implementation of work-from-home measures to ensure social distancing and curb the virus's spread led to disruptions in the workforce, material supplies, plant operations, machinery, and construction projects during the 2020 and 2021 shutdowns. The pandemic has spurred a shift toward remote working, enabling professionals like designers and structural engineers to utilize tools such as BIM software for planning future projects. Through BIM software, engineers and builders can remotely manage tasks such as customer contracts, project management, and sales operations. Moreover, industry stakeholders recognize the opportunity to enhance labourers' skills and provide them with foundational digital tool knowledge to enhance overall efficiency. This proactive approach is expected to foster growth in the building information modeling (BIM) market during the forecast period.

Trends- Rising urbanization and infrastructure projects are emerging market trends. 

Challenge - The low digitization rate in the construction industry is a major challenge hindering market growth. 

Building Information Modeling Market 2022-2026: Key Highlights

• CAGR of the market during the forecast period 2022-2026
• Detailed information on factors that will assist in building information modeling market growth during the next five years
• Estimation of the building information modeling market size and its contribution to the parent market
• Predictions on upcoming trends and changes in consumer behaviour
• The growth of the building information modeling market
• Analysis of the market's competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of building information modeling market vendors

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Related Reports:
The building information modeling software (BIM) market size is estimated to grow at a CAGR of 19.61% between 2022 and 2027. The market size is forecast to increase by USD 6,631.73 million. This report extensively covers market segmentation by end-user (architects, AEC engineering offices, contractors, facility managers, and others), deployment (on-premises and cloud-based), and geography (North America, Europe, APAC, South America, and Middle East and Africa). The increasing need for the management of large-scale projects is the key factor driving the growth of the global building information modeling software market.

The 5-D building information modeling market share is expected to increase to USD 840.99 million from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 15.68%. This report extensively covers 5-D building information modeling market segmentation by type (software and service) and geography (North America, Europe, APAC, Middle East and Africa, and South America). One of the key factors driving growth in the 5-D building information modeling market is the advantages of 5-D BIM over previous versions.

Table of contents

Executive Summary

Market Landscape

Market Sizing

Historic Market Size

Five Forces Analysis

Market Segmentation by Type

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, and Trends

Vendor Landscape

Vendor Analysis

Appendix

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