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Building Informing Modeling Market: Current Analysis and Forecast (2021-2027)
Emphasis on Component (Software, Services); Project Phase (Pre-constructional, Construction Post constructional); Application (Commercial, Residential, and Industrial); End-use (Architects and Engineers, Facility or Construction Managers, Builders & Contractors)
The Global Building Information Modeling Market is expected to register a CAGR of around 15% over the period of 2021-2027. The building information modeling market is being increasingly utilized in all infrastructural projects related to its benefits in speeding up and planning the construction procedures. Construction companies experience a deadline, and governments are taking initiatives in this field. Therefore, these two factors can enhance the rise of the building information modeling market share.
Rising adoption of remote working due to COVID-19, the rapid rise in urbanization, wide-ranging benefits of BIM realized by the AEC industry, and growing government initiatives for the adoption of BIM are some of the prominent factors contributing to the growth of the building information modeling market. Moreover, the rising trend of IoT in the construction sector, the increasing trend of BIM, and the growing focus of organizations on introducing new standards such as ISO 19650 in the BIM market act as a growth opportunity for the market players.
Autodesk Inc., Asite Solutions Limited, AVEVA Group plc, Beck Technology Ltd., Bentley Systems Inc., Dassault Systèmes SE, Hexagon AB, Nemetschek SE, Pentagon Solutions Ltd., Trimble Inc. are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst Component, software category accounted for the majority share in the market in 2020”
Based on component, the market is bifurcated into software and services. The software segment dominated the market in 2020. The main reason for this growth is the global increase in the demand for digital products/tools in the AEC industry. The software provides various functionalities like 3D CAD drawings with more flexibility.
“Amongst Project phase, Preconstruction is expected to witness highest CAGR during the forecast period”
Based on the project phase, the market is categorized into preconstruction, construction, and post-construction. The pre-construction segment lead the market in 2020 and the same trend is expected in the forthcoming years as well as BIM pre-construction helps in the laying of the entire operation scope, building project estimation, designing, and planning workflow.
“Amongst Applications, the commercial segment is expected to witness the highest CAGR during the forecast period”
Based on application, the market is segmented into commercial, residential, and industrial. The commercial segment is expected to lead the market during the forecast period. The huge cost associated with constructing the commercial would boost the demand for an efficient digital collaboration tool. This is expected to increase the need for software in constructing commercial buildings, also constructing commercial buildings gives great returns in the long run.
“Amongst End-user, the architect and engineer segment are expected to witness the highest CAGR during the forecast period”
Based on end-user, the market is segmented into architects and engineers, facility or construction managers, and builders and contractors. The architect and engineer segment is expected to dominate the market. The software helps the designers and builders to understand the possible future challenges of the projects in advance.
“North America to witness significant growth during the forecast period”
For a better understanding of the market adoption of the building information modeling, the market is analyzed based on its worldwide presence in the countries such as North America (US, Canada, Rest of North America); Europe (U.K, France, Germany, Spain, Italy, and Rest of Europe); Asia-Pacific (China, India, Japan, Australia, Rest of Asia-Pacific), and Rest of World. North America region grabbed the major market share and dominated the market in 2020. Moreover, the trend is expected to remain the same in the forthcoming years as well. The early adoption of advanced digital tools and the government’s mandate on implementing BIM software is likely to boost market growth. Also, this region has developed countries like the U.S. and Canada that have a larger budget for technological advancement.
However, APAC is expected to witness the highest CAGR during the forecast period on account of the growing adaptability of technology that facilitates construction. Emerging economies in the region are seeing tremendous urbanization growth and smart city projects. Thus, building information modeling technology enables the cutting-edge intelligence and flexibility necessary to help mega construction activities in the region.
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
Customization Options:
Global Building Information Modeling Market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
Table of Content
Research Methodology for the Global Building Information Modeling Market Analysis (2021-2027)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global building information modeling market were the three major steps undertaken to create and analyze the adoption of building information modeling in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global building information modeling market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of building information modeling market through company internal sources such as annual report & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the building information modeling market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as a component, project phase, application, and End-user. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the building information modeling market. Further, we conducted factor analysis using dependent and independent variables such as various components, project phase, application, and End-user. of building information modeling. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the building information modeling market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global building information modeling market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., top-down/bottom-up approach were applied to arrive at the market forecast for 2027 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of building information modeling market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global building information modeling market in terms of solutions offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global building information modeling market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of the component, project phase, application, and end-user in the global building information modeling market.
The main objective of the Global Building Information Modeling Market Study
The current & future market trends of the global building information modeling market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends were determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the building information modeling market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of the component, project phase, application, and end-user.
- Define and analysis of the regulatory framework for the building information modeling market industry.
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
- Analyze the current and forecast market size of the building information modeling market for the major region.
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and Rest of the world.
- Company profiles of the building information modeling market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry
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