NEW
YORK, July 4, 2024 /PRNewswire/ -- The
global building information modeling (BIM) software market
size is estimated to grow by USD
9.68 billion from 2024-2028, according to Technavio.
The market is estimated to grow at a CAGR of 22.79% during the
forecast period. Increasing need for management of large-scale
projects is driving market growth, with a trend
towards growth of 5d building information modeling.
However, high implementation and operating costs poses a
challenge. Key market players include Asite Solutions Ltd.,
Autodesk Inc., Bentley Systems Inc., Dalux Corp., Dassault Systemes
SE, Glodon Co. Ltd., Hexagon AB, KUBUS B.V., MRI Software LLC,
Nemetschek SE, Oracle Corp., Pinnacle Infotech, Plannerly, Planon
Shared Services BV, Procore Technologies Inc., Revizto SA,
Schneider Electric SE, thinkproject Holding GmbH, Trimble Inc., and
Virtual Construction and Technology BIM One Inc..
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Forecast
period
|
2024-2028
|
Base Year
|
2023
|
Historic
Data
|
2018 - 2022
|
Segment
Covered
|
End-user (Architects,
AEC engineering offices, Contractors, Facility managers, and
Others), Deployment (On-premises and Cloud-based), and Geography
(North America, Europe, APAC, South America, and Middle East and
Africa)
|
Region
Covered
|
North America, Europe,
APAC, South America, and Middle East and Africa
|
Key companies
profiled
|
Asite Solutions Ltd.,
Autodesk Inc., Bentley Systems Inc., Dalux Corp., Dassault Systemes
SE, Glodon Co. Ltd., Hexagon AB, KUBUS B.V., MRI Software LLC,
Nemetschek SE, Oracle Corp., Pinnacle Infotech, Plannerly, Planon
Shared Services BV, Procore Technologies Inc., Revizto SA,
Schneider Electric SE, thinkproject Holding GmbH, Trimble Inc., and
Virtual Construction and Technology BIM One Inc.
|
Key Market Trends Fueling Growth
The construction industry has seen a shift towards more advanced
building information modeling (BIM) solutions to enhance project
efficiency and accuracy. While 3D BIM provides a three-dimensional
representation of building designs, it lacks integration for time
and cost factors. This gap led to the emergence of 5D BIM, an
evolution of 4D BIM, which considers five dimensions including
time, cost, and labor productivity. With 5D BIM, investors can
easily access crucial information such as deviations from the
pre-determined project schedule and budget, an in-house database
with complete cost and labor productivity details, efficient
preparation of cost schedules, and real-time cost estimation for
quick comparisons with the target cost. The development of 5D BIM
solutions is expected to significantly contribute to the growth of
the global BIM software market during the forecast
period.
The BIM software market is thriving as construction companies
embrace digital technology for more efficient operations. BIM
technology offers digital representations of buildings, enabling
cost estimation tools for budgeting and cost control during the
project life cycle. Contractors benefit from construction schedules
and sequencing plans, while architects and engineers use BIM
software for planning & modeling. Government mandates drive
market growth, with many mandating BIM usage in the construction
sector. Initial expenditure on BIM software can be high, but
long-term benefits include virtual reality (VR) and augmented
reality (AR) for project visualization, IoT sensors for facility
management, and maintenance. BIM solutions come in on-premise and
cloud-based deployment modes, catering to various building types -
commercial and residential. The market includes components for
construction & design, asset management, and project
visualization, streamlining decision-making processes. Product
launches continue, with innovations in cost control, contractor
collaboration, and real-time data access. Despite the benefits, low
productivity due to initial expenditure and learning curve hinder
widespread adoption. However, the trend towards digital
construction is undeniable, with BIM technology set to
revolutionize the construction sector.
Research report provides comprehensive data on
impact of trend. For more details- Download a Sample
Report
Market Challenges
- The global BIM (Building Information Modeling) software market
growth is hindered by the high cost of these solutions. Small
architectural and engineering firms in the construction industry
find it challenging to adopt BIM software due to its expensive
price tag. These software packages come with numerous modules for
various applications, but they offer minimal value for SMEs with
smaller project sizes. The high cost of training and support, as
well as ongoing maintenance fees, further impedes market expansion.
Additionally, the ongoing geopolitical conflict between
Russia and Ukraine has disrupted the supply chain for
construction materials, leading to increased implementation and
operating costs. These rising costs may deter potential adopters of
BIM software, thereby hindering market growth during the forecast
period.
- The Building Information Modeling (BIM) market is growing
rapidly, driven by the need for efficient construction operations
and digital transformation in the industry. However, challenges
persist, such as the integration of AR and VR technologies like
Bentley Systems Incorporated's iTwin platform for project
visualization. Deployment modes, including on-premise and
cloud-based solutions, impact the commercial viability of BIM
software for various building types, from commercial to
residential. BIM software solutions facilitate planning &
modeling, construction & design, asset management, and facility
management. Challenges include initial expenditure, low
productivity, and process changes. Training and education are
essential for successful BIM implementation. Government mandates
and IoT sensors play a role in driving BIM adoption. Bentley's
engineering applications, such as structural engineering and steel
fabrication management, address specific challenges. Product launch
and decision-making processes are streamlined through BIM
technology, enhancing project life cycle efficiency. BIM software
and hardware require careful data management, especially during the
construction phase. Contractors and architects/engineers benefit
from BIM's ability to improve collaboration and coordination.
Project visualization and maintenance are essential components of
BIM solutions. The construction sector continues to evolve, with
digital construction and IoT sensors shaping the future of the
industry. Bentley's infrastructure cloud offers a comprehensive
solution for managing BIM data and facilitating efficient
construction operations.
For more insights on driver and
challenges - Download a Sample Report
Segment Overview
This building information modeling (BIM) software market report
extensively covers market segmentation by
- End-user
- 1.1 Architects
- 1.2 AEC engineering offices
- 1.3 Contractors
- 1.4 Facility managers
- 1.5 Others
- Deployment
- 2.1 On-premises
- 2.2 Cloud-based
- Geography
- 3.1 North America
- 3.2 Europe
- 3.3 APAC
- 3.4 South America
- 3.5 Middle East and
Africa
1.1 Architects- Building information modeling (BIM)
software has become a game-changer in the architectural industry,
enabling architects to design and construct buildings more
efficiently and effectively. This software allows architects to
create detailed 3D models that integrate all aspects of a
building's design, construction, and operation. By facilitating
collaboration among professionals such as engineers and
contractors, BIM software streamlines the construction process and
reduces potential misunderstandings or errors. Architects can
easily modify designs and iterate, eliminating the need for
traditional 2D drawings. BIM software also promotes better
communication among team members by allowing the integration of
data from various disciplines into a single model. This reduces
conflicts and clashes between design elements and saves time and
costs by identifying and resolving potential issues before
construction. Architects also use BIM software to optimize energy
performance and sustainability in building designs by simulating
energy usage and conducting energy analysis. Furthermore, BIM
models contain detailed information about each building component,
including specifications, maintenance schedules, and supplier data.
This information is accessible to facility managers and building
owners, enabling them to maintain and operate buildings more
effectively throughout their lifespan. Architects' crucial role in
the BIM software market is expected to fuel its growth during the
forecast period.
For more information on market segmentation with geographical
analysis including forecast (2024-2028) and historic data (2018 -
2022) - Download a Sample Report
Research Analysis
Building Information Modeling (BIM) technology revolutionizes
the construction industry by enabling digital representations of
buildings and infrastructure projects. BIM software is a key
solution for cost estimation, budgeting, cost control, construction
schedules, and sequencing plans. It benefits contractors,
construction operations, and government mandates by streamlining
processes, enhancing collaboration, and improving accuracy. The
initial expenditure for implementing BIM software can be high, but
the long-term advantages include efficient decision-making
processes, on-premise and cloud-based options, and integration with
IoT sensors for facility management and maintenance. The BIM market
spans various sectors, including commercial and residential, and
encompasses planning & modeling, construction & design, and
project visualization. Digital technology continues to evolve,
making BIM software an essential tool for the construction
sector.
Market Research Overview
The Building Information Modeling (BIM) market is experiencing
significant growth due to the increasing adoption of digital
technology in the construction sector. BIM technology allows for
the creation of digital representations of buildings and
infrastructure, facilitating efficient construction operations
through cost estimation tools, budgeting, cost control,
construction schedules, and sequencing plans. BIM software is
essential for contractors, construction operations, and government
mandates, enabling project visualization and decision-making
processes. BIM market solutions include planning & modeling,
construction & design, asset management, and facility
management. Deployment modes include on-premise and cloud-based,
catering to commercial and residential building types. BIM
technology also integrates with virtual reality (VR) and augmented
reality (AR) for improved project visualization. BIM market growth
is driven by the need for efficient construction operations,
digital construction, and low productivity. Initial expenditure on
BIM technology, including hardware and software, is a significant
consideration. Training and education, process changes, data
management, IoT sensors, and product launches are key factors
influencing the BIM market. Bentley Systems Incorporated, with its
infrastructure cloud and iTwin platform, offers a range of
engineering applications, including structural engineering and
steel fabrication management.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- End-user
-
- Architects
- AEC Engineering Offices
- Contractors
- Facility Managers
- Others
- Deployment
-
- Geography
-
- North America
- Europe
- APAC
- South America
- Middle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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