Building Information Modeling Market Report Scope 2021-2031
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
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Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Building Information Modeling Market: Strategic Insights
Naveen
Have a question?
Naveen will walk you through a 15-minute call to present the report’s content and answer all queries if you have any.
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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 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
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
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to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
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Frequently Asked Questions
The incremental growth expected to be recorded for the global building information modeling market during the forecast period is US$ 14.15 billion.
The global building information modeling market is expected to reach US$ 22.49 billion by 2031.
The key players holding majority shares in the global building information modeling market are AECOM; Autodesk, Inc.; AVEVA Group plc; OpenSpace; and Trimble Inc.
Focus on reducing carbon footprint and going green in the construction industry is anticipated to play a significant role in the global building information modeling market in the coming years.
The growing adoption of digital technologies by the construction sector and the government mandating the use of building information modeling are the major factors that propel the global building information modeling market.
The global building information modeling market was estimated to be US$ 8.34 billion in 2023 and is expected to grow at a CAGR of 13.2% during the forecast period 2023 - 2031.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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