The building information modeling market was valued at USD 5.4 billion in 2020 and 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.

New York, Oct. 19, 2021 (GLOBE NEWSWIRE) -- announces the release of the report "Building Information Modeling Market with COVID-19 impact analysis by Deployment Type, Offering Type, Project Lifecycle, Application, End user, & Region - Global Forecast to 2026" -
Rising trend of IoT in construction sector, increasing tred of BIM, and growing focus of organizations on introducing new standards such as ISO 19650 in BIM market act as a growth opportunity for the market players.

Based on the offering type, software to account a larger share during 2021–2026.
Software solutions used for BIM exhibit features such as interoperability between applications, easy visualization, and cost-effectiveness.The BIM software suite generally encompasses solutions for various objectives, such as architecture; sustainability; structures; mechanical, electrical, and plumbing (MEP); construction; and facility management in a project life cycle.

Different types of BIM software solutions available in the market are Autodesk Revit Structure, Graphisoft ArchiCAD, Nemetschek ALLPLAN Architecture, Bentley Facilities Manager, and Tekla Structures. 3D BIM is increasingly being used by several architecture, engineering, and construction (AEC) professionals. 3D visualization of a project, reduction in costs and time, and flexibility of making changes in designs are the best features of the BIM software.

Cloud deployment to grow at a higher CAGR during the forecast period.
The BIM market for the cloud deployment type is expected to witness higher growth in the coming years, as cloud-based building information modeling solutions do not involve capital cost and require low maintenance, hence, they are most preferred by mid-sized institutions. The rise in the adoption of cloud-based building information modeling solutions among both large and mid-sized enterprises mostly drives the market growth.

Building application accounted for the largest share of the building information modeling market during the forecast period
BIM is gaining popularity in the construction industry.The buildings applications mainly include commercial, residential, and retail buildings.

These applications focus on the adoption of BIM by firms that are primarily responsible for working on the construction (i.e., new work, additions, alterations, maintenance, and repairs) of commercial and retail buildings. BIM is mostly used for designing buildings during the preconstruction phase in which 3D modeling of a building is prepared, and the flow of the entire building project is decided. Building applications account for the largest share of the BIM market because of the increasing number of buildings or construction projects, along with business centers, shopping centers, and retail shops.

In-depth interviews have been conducted with chief executive officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in the building information modeling marketplace.

• By Company Type: Tier 1 - 52%, Tier 2 – 25%, and Tier 3 - 23%
• By Designation: C-Level Executives - 55%, Managers - 27%, and Others – 18%
• By Region: North America - 40%, Europe - 20%, APAC - 28%, and RoW - 12%

Autodesk (US), Nemetschek (Germany), Bentley Systems (US), Trimble (US), Dassault Systèmes (France), RIB Software (Germany), ASITE (UK), AVEVA (UK), and Hexagon (Sweden) are the key players in the building information modeling market. These top players have strong portfolios of software and services and presence in both mature and emerging markets.

The study includes an in-depth competitive analysis of these key players in the building information modeling market, with their company profiles, recent developments, and key market strategies.

Research Coverage
The report defines, describes, and forecasts the building information modeling market based on deployment type, offering type, project lifecycle, application, end user, and geography.It provides detailed information regarding factors such as drivers, restraints, opportunities, and challenges influencing the growth of the building information modeling market.

It also analyzes competitive developments such as product launches, acquisitions, expansions, contracts, partnerships, and developments carried out by the key players to grow in the market.

Key Benefits of Buying the Report
The report will help market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall building information modeling market and the subsegments.This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies.

The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
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