Subject: MRR
Building Information Modeling Software Market to record USD 8.38 Bn growth | 33% of growth to originate from APAC | Technavio
NEW YORK, Jan. 27, 2022 /PRNewswire/ -- The global building information market will observe substantial growth in the coming years with rising investments in the housing sector globally. This is evident in both developed and developed countries across the world.
A majority of the economies in the European Union witnessed strong growth in the housing sector in 2018. For instance, the construction industry in the Czech Republic grew between 10% - 13% in 2018 compared with the previous year. Similarly, the construction industry in Poland recovered during 2017-2018 with the commencement of major public construction projects and rising investments and funding programs across the commercial sector.
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Key Building Information Modeling Software Market Report Highlights:
- Market growth 2020-2025: USD 8.38 billion
- Growth momentum & CAGR: Decelerate at a CAGR of 24%
- YoY growth (%) in 2021: 28.71%
- Performing market contribution: APAC at 33%
- Key consumer countries: the US, Japan, the UK, China, and France
The building information modeling software market covers the following areas:
Building Information Modeling Software Market: Segmentation Analysis
Technavio analyzes the market by product (software and services) and geography (North America, Europe, APAC, MEA, and South America).
By product, the software segment generated maximum revenue in the market and will remain the largest segment during the forecast period. The segment is driven by increasing public and private construction projects undertaken through BIM. Also, the need for lean construction and high-quality buildings will foster the growth of the segment.
By geography, APAC is expected to emerge as the largest market for building information modeling. The region currently holds 33% of the global market share. Factors such as economic development and increasing investments in the construction of commercial and industrial buildings will drive the growth of the building information modeling market in APAC.
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Companies Mentioned
- 4M SA Advanced Technical Software Systems
- Autodesk Inc.
- Bentley Systems Inc.
- Cadsoft Corp.
- Dassault Systemes SE
- Hexagon AB
- Nemetschek SE
- Oracle Corp.
- Siemens AG
- Trimble Inc.
The building information modeling software market is fragmented due to the presence of several domestic and international players. The growing competition is driving vendors to adopt organic and inorganic growth strategies such as new product launches or forming strategic alliances with other players.
For instance:
- In November 2019, Autodesk Inc. and Virgin Hyperloop One announced an alliance to explore new opportunities in extending the value of BIM (BIM) for transportation route optimization and improved digital engineering and construction workflows.
- In March 2020, Bentley Systems Inc. announced the acquisition of Group BC, a leading UK-based SaaS software innovator. In October 2019, the company announced the release of iTwin Services, the new cloud service for infrastructure engineering digital twins.
- In January 2020, Hexagon AB announced the acquisition of Blast Movement Technology (BMT), a leader in blast movement monitoring and analysis.
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Key Market Drivers
Our analysts have extensively outlined the information on the key market drivers and their impact on the building information modeling software market.
- Increasing requirements for large-scale project management:
Organizations are increasingly adopting BIM to overcome various operational challenges, reduce time, and enhance productivity. For instance, BIM reduces reworks and the dependence on paperwork and documentation. BIM also decreases response time and increases productivity, which ensures efficient process management. Such benefits are encouraging many medium and small architectural, engineering, and construction firms to adopt 3D modeling to streamline workflow and increase their profitability. All these factors are expected to fuel the growth of the global building information modeling software market during the forecast period.
To know about a few other market drivers, trends, and challenges,
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Related Reports:
Building Information Modeling Software Market Scope | |
Report Coverage | Details |
Page number | 120 |
Base year | 2020 |
Forecast period | 2021-2025 |
Growth momentum & CAGR | Decelerate at a CAGR of 24% |
Market growth 2021-2025 | USD 8.38 billion |
Market structure | Fragmented |
YoY growth (%) | 28.71 |
Regional analysis | North America, Europe, APAC, MEA, and South America |
Performing market contribution | APAC at 33% |
Key consumer countries | US, Japan, UK, China, and France |
Competitive landscape | Leading companies, competitive strategies, consumer engagement scope |
Companies profiled | 4M SA Advanced Technical Software Systems, Autodesk Inc., Bentley Systems Inc., Cadsoft Corp., Dassault Systemes SE, Hexagon AB, Nemetschek SE, Oracle Corp., Siemens AG, and Trimble Inc. |
Market Dynamics | Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, market condition analysis for the forecast period. |
Customization purview | If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focus 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.
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SOURCE Technavio
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