Building Information Modeling Market Analysis and Forecast by Size, Share, Growth, Trends 2031

The building information modeling market size is projected to reach US$ 22.49 billion by 2031 from US$ 8.34 billion in 2023. The market is expected to register a CAGR of 13.2% in 2023–2031. The growing adoption of digital technologies by the construction sector and the government mandating the use of building information modeling is likely to remain key to building information modeling market trends.

Building Information Modeling Market Analysis

The construction industry has gained traction in recent years. The rise in the adoption of digital solutions to minimize human error fostered the adoption of building information modeling. The need to improve the construction project performance and focus on taking significant steps towards sustainability in the construction industry act as key trends in the building information modeling market. The growing industrial and residential construction and government mandates to adopt building information modeling solutions fuel the building information modeling market.

Building Information Modeling Market Overview

The architecture, engineering, and construction (AEC) industry has long struggled with high costs, slow delivery, and a lack of communication among project stakeholders, which include architects, engineers, contractors, owners, designers, and facilities managers. Advancemnet in technologies has helped the AEC professional to overcome these challenges with the help of building information modeling. Building information modeling is an intelligent, 3D model-based tool that shows users a digital representation of a building's physical and functional characteristics. This type of representation provides additional insight into the space's planning, design, construction, and management. When properly implemented, building information models can alleviate construction communications concerns while also providing a shared knowledge resource that can be used to make reliable decisions throughout a building's lifecycle.

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Building Information Modeling Market: Strategic Insights

Building Information Modeling Market

• Market Size 2023
  US$ 8.34 Billion
• Market Size 2031
  US$ 22.49 Billion

Market Dynamics

GROWTH DRIVERS

• Growing construction industry

FUTURE TRENDS

• Government mandates regarding building information modeling

OPPORTUNITIES

• Focus on reducing carbon footprint and going green in the construction industry

Regional Overview

• North America
• Europe
• Asia-Pacific
• South and Central America
• Middle East and Africa

Market Segmentation

Type

• Software
• Services

Project Life Cycle

• Preconstruction
• Construction
• Operations

Applications

• Civil Infrastructure
• Oil and Gas
• Industrial
• Utilities

End User

• AEC Professionals
• Contractors

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Building Information Modeling Market Drivers and Opportunities

Growing construction industry

The construction industry has witnessed significant growth in recent years owing to factors such as population expansion, urbanization, and increasing infrastructure requirements. The construction industry shape’s the country or region’s economy of various sectors. The growing industrialization and growth in the residential sector have given a surge to the need for construction activities. The growing construction industry generates the demand for solutions that identify and resolve potential conflicts before construction begins. It estimates for materials, shipping, and labor before construction.

Government mandates regarding building information modeling

According to NOVATR, building information modeling projects see productivity increases in the range of 75 to 240%. Thus, the government authorities in some countries have mandated the adoption of building information modeling solutions for their public projects. For example, the UK is a world leader in the implementation of building information modeling. The government requires a minimum of Level 2 collaborative building information modeling for all projects. In Singapore, the Building and Construction Authority (BCA) made it compulsory to submit building information modeling plans to get regulatory approval to promote the use of building information modeling. Thus, the government mandates regarding building information modeling are fueling building information modeling market.

Building Information Modeling Market Report Segmentation Analysis

Key segments that contributed to the derivation of the building information modeling market analysis are type, project life cycle, applications, and end user.

• By type, the market is segmented into software and services. The software segment held the largest market share in 2023.
• Based on the project life cycle, the market is segmented into preconstruction, construction, and operations. The construction segment is expected to grow with the highest CAGR.
• By applications, the market is segmented into civil infrastructure, oil and gas, industrial, utilities, and others. The civil infrastructure segment is expected to grow with the highest CAGR.
• By end user, the market is segmented into AEC Professionals, contractors, and others. The AEC Professionals segment held the largest market share in 2023.

Building Information Modeling Market Share Analysis by Geography

The geographic scope of the building information modeling market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America.

Asia Pacific region is expected to grow with the highest CAGR. Various countries' government authorities in the region are mandating the adoption of building information modeling for the public projects as it helps to reduce cost and increase productivity. In addition, the rising construction industry is another driving factor for the growth of Asia Pacific building information modeling market share.

Building Information Modeling Market Market Report Scope

Building Information Modeling Market News and Recent Developments

The Building Information Modeling Market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market:

• In June 2023, OpenSpace, the global leader in 360° reality capture and AI-powered analytics, introduced OpenSpace BIM+, a suite of easy-to-use 3D tools that helps field teams and virtual design and construction (VDC) teams get work done faster by unlocking BIM coordination on the job site. Announced at its Waypoint customer conference, this was the third product from OpenSpace that uses cutting-edge technology to empower project teams to get things done faster together. OpenSpace Capture, introduced in 2021, is used to fully document construction sites in over 93 countries, and OpenSpace Track, introduced in 2021, automatically quantifies progress on those sites. OpenSpace BIM+ adds to this portfolio with tools that accelerate BIM and field coordination workflows.  (Source: OpenSpace, Press Release, 2023)

Building Information Modeling Market Report Coverage and Deliverables

The “Building Information Modeling Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:

• Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
• Market dynamics such as drivers, restraints, and key opportunities
• Key future trends
• Detailed PEST/Porter’s Five Forces and SWOT analysis
• Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
• Detailed company profiles