Building Information Modeling Market Size - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

Building Information Modeling Market Size - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

The Building Information Modelling (BIM) market was estimated to be worth USD 8.89 billion in 2020 and is projected to reach USD 23.2 billion by 2026, registering a CAGR of 17.62% over the forecast period of (2021 - 2026). With the rapid growth in population, there has been a rise in the demand for the residential sector, with various governments across the globe providing incentives for the growth of this sector. Companies, globally are taking advantage of BIM to optimize their operations in residential structure design, making this sector a viable growth opportunity for BIM market.

Key Highlights

• The architecture planning and modeling domain have witnessed a paradigm shift in the past few years owing to the emergence of computer software. Advancements in digital design tools, computer-controlled fabrication, computer-controlled connectedness, and inter-connectedness have bought out a new phase of the design and build process.
• Building information modeling (BIM) has witnessed an increased adoption owing to its various advantages over the existing tools, such as paper-based design and modeling, and CAD systems. BIM primarily facilitates the users to create an accurate, precise, geometric virtual model with all the components and structures involved in the building.
• BIM technology is expected to witness high growth as many government regulations are promoting the usage of BIM solutions in various regional markets. Moreover, many private organizations across the globe are increasingly moving towards BIM, owing to its efficient modeling systems, thus driving the market growth.

Key Market TrendsCommercial Application to Witness High Growth

• Commercial establishments have been one of the largest application bases for BIM solutions. Technological advancements in the field of forecasting and analytics, coupled with increasing user awareness are expected to be the major drivers of growth in this market.
• The major segment making use of BIM software is the development of smart cities and smart offices across the globe. As each region is preparing for the future, the implementation of smart cities and smart offices is gaining momentum, indirectly increasing the dependence on BIM software for better operational efficiency.
• The US Department of Energy reported that around 20% of all US energy usage goes towards powering of the commercial buildings. To minimize this energy consumption, the government of the US and many companies are investing funds toward developing energy-saving buildings owing to their advantages over conventional commercial complexes.
• With the increasing construction across various region, the market is expected to witness growth during the forecast period.

North America to Witness Significant Growth

• The Key market characteristics, such as a rapidly increasing urban population and the increasing government spending, are expected to create enormous opportunities for companies specializing in the latest technological achievements within the market.
• A huge disruption in the GIS industry is emerging rapidly as it is moving towards 3D modeling. The evolution reflects the transformation, the design, and construction industry is experiencing as it transforms from 2D to 3D BIM, thus, indicating the emergence of GIS and BIM integration into one holistic environment, which is expected to drive the market.
• BIM solution is also expected to be valuable in developing sustainable buildings and correlated systems. As these sustainable building designs are evolving to be a standard requirement, BIM’s ability to capture and handle large amounts of data related to the built environment is expected to be a valuable tool for the construction sector.
• With regular software updates, general contractors have been identified to expand their use of BIM beyond just preconstruction model clash detection. Also, general contractors have started using the model for coordination, to add construction layout points and, using a total robotic station, and to take the accuracy into the field.

Competitive Landscape

The building information modeling market is highly competitive owing to the presence of many small and large vendors providing solutions in the domestic as well as in the international market. The market appears to be mildly concentrated moving towards the fragmented stage with the emergence of new players in the market. major players in the market are adopting strategies like product and service innovation and mergers and acquisitions. Some of the major players in the market are Autodesk Inc., Bentley Systems Inc., Dassault Systemes SA, Hexagon AB among others.

• May 2019 - Autodesk, Inc. by combining the power of its BIM and the cloud, has moved from static images to completely immersive, intelligent virtual reality solution. The solution allows any project stakeholder to experience a digital model before it is built, helping to ensure vision aligns with the design. Potential conflicts or required changes can more easily be identified before issues arise during construction.
• July 2018 - Autodesk, Inc. announced the acquisition of Salem, Massachusetts-based Assemble Systems, Inc. Assemble Systems provides a SaaS solution that enables construction professionals to condition, query and connect BIM data to key workflows across bid management, estimating, scheduling, site management, and finance.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

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