The building information modeling market share is projected to increase to USD 8.42 billion from 2021 to 2026 at an accelerating CAGR of 19.14%.

This market research report extensively covers building information modeling market segmentations by the following:

• Type - Software and services
• Geography - North America, Europe, APAC, Middle East and Africa, and South America

The building information modeling market report offers information on several market vendors, including 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. among others. One of the key highlights of this report is the post COVID-19 impact analysis on the market, which will help companies evaluate their business approaches for the future.

What will the Building Information Modeling Market Size be During the Forecast Period?

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Building Information Modeling Market: Key Drivers, Trends, and Challenges

The rise in the work from home model is notably driving the building information modeling market growth, although factors such as the low digitization rate in the construction industry may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the building information modeling industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Building Information Modeling Market Driver

• The rise in the work from home model is one of the key drivers contributing to the building information modeling (BIM) market growth.
• Due to the COVID-19 outbreak, the fragmented and unstructured building and infrastructure sector is facing significant hurdles.
• Disruptions in the workforce were faced as the work-from-home model was adapted in order to promote social distancing to contain the spread of the virus, material supply, plants, machinery, and construction projects during the shutdowns in 2020 and 2021.
• Typically, the pandemic has prompted a move toward remote working. Designers and structural engineers, for example, can now map future projects using software such as BIM.
• Engineers and builders can manage customer contracts, project management, sales, and other operations remotely using BIM software. Also, according to numerous builders and owners, it is a great time to upskill laborers and provide basic foundation knowledge of digital tools to improve efficiency. This, in turn, will drive the building information modeling (BIM) market growth during the forecast period. 

Key Building Information Modeling Market Trend

• Rising urbanization and infrastructure projects is one of the key building information modeling market trends supporting the market growth.
• BIM has numerous advantages over previously used technologies such as paper-based design and modeling and CAD systems, which fuels its usage.
• BIM enables users to generate an exact, precise, and geometric virtual model that includes all of the components and structures of the building.
• BIM offers benefits such as visualization and collaboration, design and construction planning synchronization, conflict identification, and cost reduction.
• The expanding use of AR or VR, the rapid acceptance of green BIM, rising IoT trends, and growing BIM trends are likely to have a positive impact on the building information modeling market growth during the forecast period.

Key Building Information Modeling Market Challenge

• The low digitization rate in the construction industry is one of the challenges limiting the building information modeling (BIM) market growth.
• The construction industry lags behind other industries, such as automotive and information technology, by around 15-20 years.
• The construction industry has been sluggish in implementing process and technology advancements leading to lower digitization, which has reduced productivity.
• Large-scale construction projects are frequently seen to take longer to complete and run over budget, resulting in reduced financial returns for contractors.
• Performance management of construction projects is insufficient, and supply-chain processes are still primitive. Such factors will limit the building information modeling (BIM) market growth during the forecast period.

This building information modeling market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.

Parent Market Analysis

Technavio categorizes the global building information modeling software market as a part of the global application software market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the building information modeling market during the forecast period.

Who are the Major Building Information Modeling Market Vendors?

The report analyzes the market's competitive landscape and offers information on several market vendors, including:

• 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
• Trimble Inc.

This statistical study of the building information modeling market encompasses successful business strategies deployed by the key vendors. The building information modeling market is fragmented and the vendors are deploying growth strategies such as product and service innovations, as well as mergers and acquisitions to compete in the market.

Product Insights and News

• Asite Solutions Ltd. - The company offers building information modeling such as BIM Escalator which provides designers, engineers and contractors a set of BIM and CAD tools. 
• Autodesk Inc. - The company offers building information modeling such as AEC Collection which provides designers, engineers and contractors 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, onbudget delivery of a high-quality project. 

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The building information modeling market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Building Information Modeling Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the building information modeling market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

Which are the Key Regions for Building Information Modeling Market?

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40% of the market's growth will originate from North America during the forecast period. The US is the key market for building the information modeling market in North America. Market growth in this region will be slower than the growth of the market in other regions.

The rapidly growing urban population and the rising government spending will facilitate the building information modeling market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID Impact and Recovery Analysis

In the pre-COVID-19 situation, the BIM market was booming. The expected increase in the need for housing and infrastructure development as the world's population and economies continue to grow is likely to fuel the growth of the global construction industry, generating significant demand for BIM from construction professionals for the efficient planning, designing, and managing of building projects. Hence, the BIM market in focus is expected to grow during the forecast period. 

What are the Revenue-generating Type Segments in the Building Information Modeling Market?

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The building information modeling market share growth by the software segment will be significant during the forecast period. BIM software is a 3D design program that can aid in the optimization of designing in the fields of architecture, construction, plant, and civil. BIM models are virtualizations of a project's whole lifecycle, from conception to conclusion. Projects can be executed more efficiently, inexpensively, and with less environmental impact when BIM is used. Such significant use of BMI software will drive the BIM market growth during the forecast period.

This report provides an accurate prediction of the contribution of all the segments to the growth of the building information modeling market size and actionable market insights on post COVID-19 impact on each segment.

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What are the Key Data Covered in this Building Information Modeling Market Report?

• CAGR of the market during the forecast period 2022-2026
• Detailed information on factors that will drive building information modeling market growth during the next five years
• Precise estimation of the building information modeling market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the building information modeling industry across North America, Europe, APAC, Middle East and Africa, and South America
• A thorough 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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