The building information modeling market is projected to reach USD 10.7 billion by 2026, It is expected to grow at a CAGR of 12.5% during the forecast period.
Rising adoption of remote working due to COVID-19, rapid rise in urbanization globally, wide-ranging benefits of BIM realized by AEC industry, and growing government initiatives for adoption of BIM are contributing to the growth of the building information modeling market. Rising trend of IoT in construction sector, increasing trend of BIM, and growing focus of organizations on introducing new standards in BIM market act as a growth opportunity for the market players.
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Services segment is expected to grow with highest CAGR during forecast period
The services segment is expected to witness a faster rate as BIM services are adopted at a higher rate by building owners, design teams, contractors, and facility managers to achieve the detailed engineering of a project, which helps in improving the quality of buildings and reducing designing and maintaining costs. The software segment holds a larger share of the BIM market and is mainly dominated by architectural and structural software.
BIM market for On-premises deployment type is expected to hold largest market share during forecast period
Depending on deployment type, the building information modeling market for the on-premises deployment type held a larger size in 2020 and is expected to continue this trend during the forecast period. The larger share is attributed to the rise in concerns about the security of data associated with construction projects, which is highly valuable. Larger firms in the AEC industry such as Autodesk. and Nemetschek provide on-premises software for their customers in industrial, healthcare, and residential sectors.
North America to account for the largest share of the building information modeling market by 2026
North America is one of the critical markets for BIM; it comprises the US, Canada, and Mexico. This region is the early adopter of advanced BIM technology, which is a recently developed innovative approach to design and construction. This technique has gained a foothold in the mainstream construction industry in North America. Several experts who implement BIM in their projects are based in this region. BIM is increasingly being adopted by contractors, engineers, and architects, and the count is growing considerably. They are using the BIM process for improving efficiency during the design and construction phases of a project, as well as for reducing project-related errors and gaining a high return on investments. Strong economic position and active government support have contributed to the large-scale adoption of advanced technologies in the construction segment, which further drives the BIM market growth in the region. Hence, the region is expected to continue to capture the largest share of the global BIM market.
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A few of the key players in the building information modeling market are Autodesk (US), Nemetschek (Germany), Bentley Systems (US), Trimble (US), Dassault Systèmes (France), RIB Software (Germany), ASITE (UK), AVEVA (UK), and Hexagon (Sweden).
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