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Building Information Modeling Software Market to Grow by USD 9.69 Billion from 2024-2028, as Demand for Large-Scale Project Management Rises with AI Driving Market Transformation – Technavio

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NEW YORK, Nov. 8, 2024 /PRNewswire/ — Report with the AI impact on market trends – The global building information modeling (BIM) software market size is estimated to grow by USD 9.69 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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Building Information Modeling (Bim) Software Market Scope

Report Coverage

Details

Base year

2023

Historic period

2018 – 2022

Forecast period

2024-2028

Growth momentum & CAGR

Accelerate at a CAGR of 22.79%

Market growth 2024-2028

USD 9689.1 million

Market structure

Fragmented

YoY growth 2022-2023 (%)

19.3

Regional analysis

North America, Europe, APAC, South America, and Middle East and Africa

Performing market contribution

North America at 38%

Key countries

US, China, UK, Japan, and France

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.

Market Driver

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. 

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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.

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Segment Overview 

This building information modeling (bim) software market report extensively covers market segmentation by  

End-user 1.1 Architects1.2 AEC engineering offices1.3 Contractors1.4 Facility managers1.5 OthersDeployment 2.1 On-premises2.2 Cloud-basedGeography 3.1 North America3.2 Europe3.3 APAC3.4 South America3.5 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.

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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-userArchitectsAEC Engineering OfficesContractorsFacility ManagersOthersDeploymentOn-premisesCloud-basedGeographyNorth AmericaEuropeAPACSouth AmericaMiddle 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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SOURCE Technavio

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CompTIA Community recipient of IT Nation Torch Award

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Named Community of the Year at IT Nation Connect 2024

DOWNERS GROVE, Ill., Nov. 8, 2024 /PRNewswire/ — The CompTIA Community is pleased to announce it was honored with the prestigious IT Nation Torch Award as Community of the Year by the IT Nation, a global community of peers, thought leaders, and experts dedicated to elevating the IT ecosystem to new heights.

The CompTIA Community was recognized by IT Nation for its outstanding collaboration, engagement, and support for its members and the industry through knowledge-sharing, networking, and professional growth.

“Knowing that the IT Nation Torch Award comes from peers, thought leaders, and experts who are collectively pushing the industry to new heights makes it especially humbling for us,” said MJ Shoer, chief community officer at CompTIA. “We’re honored and proud to provide the industry with a global community that is committed to helping every channel professional and business succeed.”

“We are thrilled to introduce the IT Nation Torch Awards, celebrating excellence within the IT community,” said Gregg Lalle, senior vice president and general manager of IT Nation. “These awards aim to recognize the remarkable achievements and contributions of individuals, organizations, and media professionals who have made a significant impact on the industry. We invite all members of the IT community to participate in this exciting awards program and join us in honoring the best and brightest in our industry.”

The CompTIA Community is the leading global, vendor-neutral and non-profit technology channel association for MSPs, vendors, distributors, and other companies serving the technology ecosystem. It is a trusted group of industry peers who have access to exclusive tools and resources needed to build a thriving business and contribute to the growth of the IT channel. This community includes regional groups around the world; cybersecurity resources, such as the Information Sharing and Analysis Organization (ISAO) and Cybersecurity Trustmark; market research; events; industry education and training and more.

IT Nation Torch Award winners were nominated by leaders across the IT ecosystem and recognized for their exceptional dedication, innovation, and commitment within the IT channel community. Awards were presented tonight at IT Nation Connect, a top annual industry conference focused on education, inspiration, and networking to help individuals solve MSP challenges and grow. For more information about the IT Nation Torch Awards, including nomination details and eligibility criteria, visit https://www.connectwise.com/theitnation.

About CompTIA 
The Computing Technology Industry Association (CompTIA) is a leading voice and advocate for the $5 trillion global information technology ecosystem; and the estimated 75 million industry and tech professionals who design, implement, manage, and safeguard the technology that powers the world’s economy. Through community, education, training, certifications, advocacy, philanthropy, and market research, CompTIA is the hub for unlocking the potential of the tech industry and its workforce. http://Connect.CompTIA.org

About IT Nation
The IT Nation is a vibrant and inclusive community that brings together the brightest minds from Managed Solution Providers (MSPs) and IT channel vendors worldwide. Our shared culture, rooted in the Go-Giver philosophy, enables us to harness collective wisdom for mutual growth. Our mission is to empower individuals who align with this worldview by providing purpose-built tools and success frameworks. These resources are designed to help our members define goals, create strategic plans, and execute with precision. At IT Nation, we are dedicated to cultivating an environment where innovation, education, planning, accountability, and celebration serve as the pillars of success. The IT Nation inspires excellence, collaboration fuels advancement, and shared success drives us toward our mission: Wise Together, Rise Together. Learn more at https://www.connectwise.com/theitnation.

Media Contacts
Steven Ostrowski
CompTIA
sostrowski@comptia.org
+1.630.678.8468

Inkhouse for ConnectWise
ConnectWise@Inkhouse.com

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SOURCE CompTIA

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Notice of Data Security Incident

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SCHAUMBURG, Ill., Nov. 8, 2024 /PRNewswire/ — Set Forth, Inc. (“Forth”) and Centrex Software, Inc. (“Centrex”), are notifying individuals of a data security incident that may have impacted consumer personal information. Forth and Centrex provide cloud-based customer relationship management (CRM) solutions powered by the Set Forth platform. This platform allows businesses to collect and share consumer information, with their permission, between its users. Neither Forth or Centrex have any indication that any personal information has been used for fraud or identity theft.

On May 21, 2024, Forth and Centrex discovered suspicious activity from an unauthorized user on their systems. They immediately implemented their incident response protocols, began an investigation, and engaged independent computer forensic specialists to help. The investigation determined, on July 1, 2024, that the unauthorized user gained access to documents on their systems. The review of potentially impacted documents determined that the following data elements may have been contained in the documents: names, Social Security numbers, dates of birth, and addresses.

Letters are being mailed on November 8, 2024, providing recipients with information about what occurred, steps taken in response and offering credit monitoring and identity restoration services through IDX at no cost. Impacted individuals should also monitor their credit reports and financial statements for suspicious activity.

Forth and Centrex have taken steps to prevent a similar incident from occurring in the future, including hardening web application firewalls, completing additional third-party penetration testing, adding additional full-time resources for security specific code reviews and anomalous system user/activity behavior, and enhancing other existing security controls.

Individuals should contact 1-877-210-5107 Monday through Friday from 9 am – 9 pm Eastern Time to determine whether they were affected by this incident or if they have any questions. Forth and Centrex take the need to protect the privacy and security of all information in their respective care very seriously, and deeply regret any inconvenience or concern that this matter may cause.

View original content:https://www.prnewswire.com/news-releases/notice-of-data-security-incident-302299568.html

SOURCE Set Forth, Inc.

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Augmented Reality Market to Grow by USD 461.8 Billion from 2024-2028, as Rising Investments Drive Revenue with AI Redefining the Market Landscape – Technavio

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NEW YORK, Nov. 8, 2024 /PRNewswire/ — Report with market evolution powered by AI – The global augmented reality (AR) market size is estimated to grow by USD 461.8 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of over 46.1% during the forecast period. Increasing investments in AR technology is driving market growth, with a trend towards increasing AR integration in mobile devices. However, privacy concerns over ar technology poses a challenge.Key market players include Alphabet Inc., Atheer Inc, Dynabook Inc., Inglobe Technologies Srl, Marxent Labs LLC, Maxst Co. Ltd., Meta Platforms Inc., Microsoft Corp., Optinvent, PTC Inc., Qualcomm Inc., RealWear Inc., Samsung Electronics Co. Ltd., Seiko Epson Corp., Sony Group Corp., Ultraleap Ltd., Upskill, Vuzix Corp., Wikitude GmbH, and Zugara Inc..

AI-Powered Market Evolution Insights. Our comprehensive market report ready with the latest trends, growth opportunities, and strategic analysis- View Free Sample Report PDF

Forecast period

2024-2028

Base Year

2023

Historic Data

2018 – 2022

Segment Covered

Component (Hardware and Software), End-user (Enterprise, Retail, Healthcare, Media and entertainment, and Others), and Geography (North America, APAC, Europe, South America, and Middle East and Africa)

Region Covered

North America, APAC, Europe, South America, and Middle East and Africa

Key companies profiled

Alphabet Inc., Atheer Inc, Dynabook Inc., Inglobe Technologies Srl, Marxent Labs LLC, Maxst Co. Ltd., Meta Platforms Inc., Microsoft Corp., Optinvent, PTC Inc., Qualcomm Inc., RealWear Inc., Samsung Electronics Co. Ltd., Seiko Epson Corp., Sony Group Corp., Ultraleap Ltd., Upskill, Vuzix Corp., Wikitude GmbH, and Zugara Inc.

Key Market Trends Fueling Growth

The augmented reality (AR) market is experiencing significant growth, with smartphone vendors like Apple and Samsung integrating hardware and software for AR mobile platforms. AR solutions enhance user experience and increase the value proposition of mobile devices, including smartphones, phablets, and tablets. The market expansion is driven by the popularity and penetration of AR technology in industries such as 5G providers, AR chipsets, AR glasses, automotive sectors, defense & aerospace industry, education, gaming, media and entertainment, medical education, retail, and safety management. AR applications offer benefits in areas like design and visualization, engineering, drug information, interactive showrooms, and professional training. Technologies like OLED and spatial computing are also contributing to the market’s growth. 

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Market Challenges

 Augmented Reality (AR) market encompasses various industries, including manufacturing, retail, education, gaming, and healthcare. AR technology offers enhanced experiences in sectors like automotive, drug information, and professional training. However, privacy concerns loom large due to the collection and processing of user data. AR can access personal information from social media and threaten user privacy through hacking. Smart glasses, with their ability to screen and process environments, raise privacy concerns for individuals and those around them. These challenges may hinder the AR market’s growth during the forecast period.

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Segment Overview 

This augmented reality (ar) market report extensively covers market segmentation by

Component 1.1 Hardware1.2 SoftwareEnd-user 2.1 Enterprise2.2 Retail2.3 Healthcare2.4 Media and entertainment2.5 OthersGeography 3.1 North America3.2 APAC3.3 Europe3.4 South America3.5 Middle East and Africa

1.1 Hardware- The Augmented Reality (AR) market is segmented by component into hardware and software. The hardware segment, which includes AR glasses, chipsets, and smartphones, is currently leading the market in terms of revenue share in 2022. This dominance is attributed to the expanding use of AR technology in various industries and verticals, such as the manufacturing industry for quality control and operations, media and entertainment for experiences, and the medical industry for medical education and augmented surgeries. Meta, a tech giant, and several startups are investing heavily in AR technology, leading to the development of advanced AR devices like Mixed reality (MR) smart glasses using OLED technology. The retail industry is also leveraging AR for virtual fitting rooms and virtual walkthroughs, while the automotive sectors are using AR for brand engagement and design visualization. Spatial computing, 5G providers, and computer vision are other emerging areas in the AR industry. Stanford University and other institutions are conducting research in AR technology for safety management, professional training, and wellbeing applications. The AR hardware market is expected to continue its growth trajectory during the forecast period.

Download complimentary Sample Report to gain insights into AI’s impact on market dynamics, emerging trends, and future opportunities- including forecast (2024-2028) and historic data (2018 – 2022) 

Research Analysis

In the dynamic and innovative realm of technology, the Augmented Reality (AR) market is experiencing unprecedented growth. This cutting-edge technology is revolutionizing various sectors, including media and entertainment, gaming, and retail industries. In the gaming sector, AR is enhancing user experience by overlaying digital information on the real world. The integration of 5G providers and computer vision technology is enabling seamless AR experiences on smartphones. Tech players and startups are investing heavily in AR research and development, focusing on spatial computing and design and visualization. In the media industry, AR is being used for training, quality control, and safety management in operations. Stanford University and other educational institutions are incorporating AR into their curricula to prepare the next generation of engineers. The AR industry is also making strides in the retail sector, offering virtual try-on features and enhancing the shopping experience.

Market Research Overview

The Augmented Reality (AR) market is a rapidly growing industry that blends digital information with the physical world, creating experiences for consumers. AR technology is used in various sectors such as education, healthcare, retail, and manufacturing. It enhances user experience by overlaying digital content onto real-world environments, providing valuable information and interactive experiences. AR is revolutionizing industries by improving productivity, enhancing customer engagement, and providing new opportunities for innovation. The market is driven by advancements in technology, increasing consumer demand, and investments from major industries. AR is expected to continue its growth trajectory, transforming the way we interact with the world around US.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

ComponentHardwareSoftwareEnd-userEnterpriseRetailHealthcareMedia And EntertainmentOthersGeographyNorth AmericaAPACEuropeSouth AmericaMiddle 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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SOURCE Technavio

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