Building Information Modeling Market Opportunities and Strategies to 2033

This report describes and explains the building information modeling market and covers 2018-2023, termed the historic period, and 2023-2028, 2033F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.

The global building information modeling market reached a value of nearly $6.4 billion in 2023, having grown at a compound annual growth rate (CAGR) of 10.05% since 2018. The market is expected to grow from $6.4 billion in 2023 to $14 billion in 2028 at a rate of 16.96%. The market is then expected to grow at a CAGR of 15.70% from 2028 and reach $29.1 billion in 2033.

Growth in the historic period resulted from emerging markets growth, rise in demand for energy-efficient buildings, increased focus towards sustainability, rapid industrialization. Factors that negatively affected growth in the historic period was geo-political tensions and lack of skilled labor.

Going forward, increasing urbanization, favorable government support, rising investment for infrastructure development and rise in construction activities will drive the growth. Factor that could hinder the growth of the building information modeling market in the future include health and safety measures.

The building information modeling market is segmented by deployment type into on-premises and cloud. The on premises market was the largest segment of the building information modeling market segmented by deployment type, accounting for 66.44% or $4.3 billion of the total in 2023. Going forward, the cloud segment is expected to be the fastest growing segment in the building information modeling market segmented by deployment type, at a CAGR of 19.83% during 2023-2028.

The building information modeling market is segmented by project lifecycle into preconstruction, construction_project lifecycle and operation. The construction_project lifecycle market was the largest segment of the building information modeling market segmented by project lifecycle, accounting for 40.44% or $2.6 billion of the total in 2023. Going forward, the preconstruction segment is expected to be the fastest growing segment in the building information modeling market segmented by project lifecycle, at a CAGR of 17.07% during 2023-2028.

The building information modeling market is segmented by end user into architects/engineers, contractors and other end users. The architects/engineers market was the largest segment of the night vision devices market segmented by end user, accounting for 49.58% or $3.2 billion of the total in 2023. Going forward, the contractors segment is expected to be the fastest growing segment in the night vision devices market segmented by end user, at a CAGR of 18.88% during 2023-2028.

North America was the largest region in the building information modeling market, accounting for 35.44% or $2.3 billion of the total in 2023. It was followed by Western Europe, Asia Pacific and then the other regions. Going forward, the fastest-growing regions in the building information modeling market will be Asia Pacific and Africa where growth will be at CAGRs of 18.95% and 18.61% respectively. These will be followed by Middle east and South America where the markets are expected to grow at CAGRs of 18.33% and 17.73% respectively.

The global building information modeling market is fairly concentrated, with few large players in the market. The top ten competitors in the market made up to 29.96% of the total market in 2023. The market concentration can be attributed to the presence of few large players in different geographies. Autodesk Inc. was the largest competitor with a 7.24% share of the market, followed by Trimble Inc. with 4.72%, Nemetschek Group with 4.23%, Dassault Systèmes SE with 3.03%, Bentley Systems Inc. with 2.87%, Hochtief AG with 2.27%, Siemens AG with 1.69%, Procore Technologies Inc. with 1.48%, Hexagon AB with 1.34% and TÜV SÜD with 1.07%.

The top opportunities in the building information modeling market segmented by deployment type will arise in the on premise segment, which will gain $4.5 billion of global annual sales by 2028. The top opportunities in the building information modeling market segmented by project lifecycle will arise in the construction_project lifecycle segment, which will gain $3.1 billion of global annual sales by 2028. The top opportunities in the building information modeling market segmented by end user will arise in the architects/engineers segment, which will gain $3.4 billion of global annual sales by 2028. The building information modeling market size will gain the most in USA at $2 billion.

Market-trend-based strategies for the night vision devices market include introduction of latest versions of BIM software, investing in the introduction of cloud-based solutions that connect design and manufacturing workflows, introducing AI-powered solutions that use cutting-edge technology to empower project teams to solve problems faster and focus on mergers and acquisitions to increase sales and gain a competitive advantage.

Player-adopted strategies in the building information modeling market include focus on enhancing its operational capabilities through new product developments and focus on enhancing its business capabilities through upgrading its product features.

To take advantage of the opportunities, the analyst recommends the building information modeling companies to focus on latest BIM software versions, focus on cloud-based solutions, focus on AI-powered solutions, focus on preconstruction market segment, expand in emerging markets, focus on mergers and acquisitions, provide competitively priced offerings, participate in trade shows and events, continue to use B2B promotions and focus on contractors market segment.