Building Management Information System Market Size, Share, Growth and Industry Analysis by Type (Residential, Commercial, And Others), By Application (Civil Engineers, Architects & Consultants, Construction Supervisors, Building Contractors, And, Others) Regional Forecast To 2032

Building Management Information System Market Report Overview

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The global building management information system market size is expanded rapidly in 2023 & the market is expected to generate substantial revenue by 2032, exhibiting a high CAGR during the forecast period.

The global COVID-19 pandemic has been unprecedented and staggering, with the building management system market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

A building management information system is a type of system that is used for controlling, monitoring, and keeping a track of the electromechanical, mechanical, and electrical services. They are very helpful for facility managers to gather and present information about various aspects like physical assets, resources, and space design.   

Operating cost has to be reduced in order to increase the profitability of the building owners. With the adoption of building management information system energy consumption can be decreased which in turn will reduce the overall cost of the building. Availability of affordable sensors and implementation of IoT, AI, and cloud platforms have further increased the demand for the software. All of these factors have contributed in the growth of the building management information system market growth.

COVID-19 impact: Development of Various Efficient Softwares During Pandemic Increased Market Growth

The pandemic of COVID-19 created several challenges and also brought about many revolutionary changes in each and every market. Due to lockdowns unfavorable conditions such as commute restrictions, policy and regulatory changes, and execution of supply chain were created in the operation of the market. As a result, many industries faced downfall. However, some of the sectors experienced tremendous growth and development during the period of pandemic.

The Information Technology (IT) sector grew considerably even during the pandemic. Many efficient softwares were developed for different purposes. Building information management system is also a software which provided assistance in controlling systems related to the construction of a building. Many new innovations were also introduced during this time. All of these factors favored market growth even during the pandemic.

LATEST TRENDS

"Significant Reduction in Cost for Building Owners to Increase Market Growth"

The major problem which is faced by most of the building owners is the increase in the operational costs. Maintenance of a building is a very tedious, time consuming, and also an expensive task. Without the guidance of technology, it is highly difficult to maintain a building properly. However, the operating cost can be reduced by implementing the business information management system.

When this system is adopted, it helps in decreasing the energy consumption and makes the building more energy efficient. When a building becomes energy efficient it automatically helps in reducing the extra cost incurred. These systems also increasing the productivity of the workers and create an optimal working condition for them. All of these are considered as the latest trend in the market.

Building Management Information System Market Segmentation

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• By Type:

The market can be divided on the basis of type as follows:

Residential, commercial, and others. The residential segment is projected to hold the dominant market share through 2031.

• By Application:

Classification based on application is as follows:

Civil engineers, architects & consultants, construction supervisors, building contractors, and, others. The civil engineers segment is predicted to dominate the market through the forecast period.

DRIVING FACTORS

"Implementation of Sensors with Very Less Cost to Amplify Market Growth"

Building information management systems make use of sensors. Using sensors that are very affordable will help in making them cost efficient. Numerous sensors with affordable prices are available in the market. Sensors for temperature and load are also available. Development of many affordable sensors is due to the development in the technological sector, and, semiconductor market. 

Numerous construction projects are being taken up due to rapid urbanization and industrialization in the past few decades. These information management systems are of great use in several infrastructure projects, especially if they are a large-scale project. Building information management system will help in keeping a track of the building’s security systems, lighting, power, and ventilation systems. Other services provided by them include CCTV system monitoring, electrical distribution, supervision of water consumption, parking access, intrusion detection, ACs, detecting intrusion, and many more.

"Implementation of Highly Advanced Technological Platforms in This System to Augment Market Development"

Building information management systems are made much more efficient with the implementation of highly advanced technological platforms like Artificial Intelligence (AI), Cloud based platforms, Internet of Things (IoT), and machine learning. With the integration of these softwares, these systems are becoming much more convenient to use.

They are equipped with the ability to detect fault automatically. Automated systems are also introduced in the market. These systems are highly sustainable. The demand for energy efficient and eco-friendly buildings have increased the scope for this system in the market. All of these factors are creating many opportunities for the building information management system market growth.  

RESTRAINING FACTOR

"Necessity of Highly Skilled Workforce to Operate These Systems to Decrease Market Growth"

Building management systems are softwares that have to be operated by skilled workforce. Technical knowledge is a must while operating these systems. Many skilled labors are required to perform this task. However, shortage of skilled workforce can become a major problem restraining market growth and development.

Apart from this, another factor that can have a negative effect on the market is the high cost of developing and implementing the software. Lack of awareness among people about this software can be another major challenge. All of these factors can hamper the growth of the market.

Building Management Information System Market Regional Insights

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"North America to Dominate Market During Forecast Period"

North America is predominantly occupying the market share. North America is the top shareholder of the market due to the prevalence of many factors that have positively impacted the market growth. One such important factor is the need to save energy.

 People are highly dependent on non-renewable sources of energy which can easily get depleted with constant usage. Building information management systems provide a very efficient solution for reducing the energy consumption. Growth of construction industry is also helping in the development of the market in North America.

Key Industry Players

"Leading Players adopt Acquisition Strategies to Stay Competitive "

Several players in the market are using acquisition strategies to build their business portfolio and strengthen their market position. In addition, partnerships and collaborations are among the common strategies adopted by companies. Key market players are making R&D investments to bring advanced technologies and solutions to the market.

LIST OF TOP BUILDING MANAGEMENT INFORMATION SYSTEM COMPANIES

• Autodesk Inc. (U.S.)
• ArCADiasoft (U.S.)
• ACCA software (Italy)
• Bentley Systems (U.S.)
• Kreo (India)
• BIMobject (Sweden)
• Bricsys NV (Belgium)
• Cadmatic Oy (Finland)
• Vizerra SA (Switzerland)
• DataCAD LLC (U.S.)
• Dassault Systèmes (France)
• Elecosoft (U.K.)
• Graphisoft (Nemetschek Group) (Hungary)
• RIB Software SE (Germany)
• Procore Technologies (U.S.)
• Trimble Solutions Corporation (U.S.)

Report Coverage

The report provides an insight into the industry from both the demand and supply sides. Further, it also gives information on the impact of COVID-19 on the market, the driving and the restraining factors along with the regional insights. Market dynamic forces during the forecast period have also been discussed for the better understanding of the market situations.