Technology

Building Information Modeling (BIM) Software Market size is set to grow by USD 9.68 billion from 2024-2028, Increasing need for management of large-scale projects to boost the market growth, Technavio

Published

2 years ago

July 4, 2024

NEW YORK, July 4, 2024 /PRNewswire/ — The global building information modeling (BIM) software market size is estimated to grow by USD 9.68 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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Forecast period

2024-2028

Base Year

2023

Historic Data

2018 – 2022

Segment Covered

End-user (Architects, AEC engineering offices, Contractors, Facility managers, and Others), Deployment (On-premises and Cloud-based), and Geography (North America, Europe, APAC, South America, and Middle East and Africa)

Region Covered

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

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.

Key Market Trends Fueling Growth

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.

For more information on market segmentation with geographical analysis including forecast (2024-2028) and historic data (2018 – 2022) – Download a Sample Report

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

Technology

Hyundai Motor Connects with Next Generation of Football Fans through ‘Hyundai NEXT Cup Tour’ on ‘Top Eleven’

Published

2 minutes ago

April 23, 2026

Hyundai Motor, together with Nordeus, launches the ‘Hyundai NEXT Cup Tour,’ an immersive in-game event on the popular mobile football management game ‘Top Eleven: Be a Football Manager’The campaign builds on Hyundai Motor’s 25+ year history in football, extending its presence beyond physical stadiums to connect with digital-native generations (Gen Z and Gen Alpha)The event integrates Hyundai Motor’s strategic vehicle models into a 10-nation virtual tour, reinterpreting their unique features as in-game football skillsThis collaboration marks Hyundai Motor’s expansion into the tactical football management genre, moving beyond traditional racing game partnerships

SEOUL, South Korea, April 22, 2026 /PRNewswire/ — Hyundai Motor Company today announced the launch of the ‘Hyundai NEXT Cup Tour,’ a new in-game event in ‘Top Eleven : Be a Football Manager‘, one of the world’s most popular mobile football management games.

Running from April 23–May 2, the event coincides with Top Eleven’s 16th Anniversary season, leveraging a period of peak player engagement. As football fandom continues to evolve, Hyundai Motor has been exploring new ways to connect with fans across different environments and moments — from shared live experiences to more personal, digital-first forms of engagement. Rather than simply branching into new genres, the initiative broadens the football experience beyond physical venues — creating a vibrant space for fans to connect with the sport anytime, anywhere.

“For more than 25 years, football has been a powerful platform for Hyundai to connect with people worldwide. With the ‘Hyundai NEXT Cup Tour’ in Top Eleven, we are opening a new chapter by translating the energy and strategy of the game into an interactive experience. This collaboration feels native to digital-first audiences and reflects how the next generation engages with the sport they love.” – Sungwon Jee, Executive Vice President and Global Chief Marketing Officer at Hyundai Motor Company

“Hyundai Motor has, for years, been at the intersection of football and some of the world’s most celebrated brands, so welcoming them to the Top Eleven touchline is an exciting milestone. As the game approaches its 16th anniversary of delighting football fans worldwide, bringing this event to life at such a thrilling moment for football, together with Hyundai Motor, reflects Top Eleven’s commitment to continuously finding new ways to deliver unique, evergreen football stories for fans.” – Marko Jevtic, Executive Vice President at Nordeus

What is the ‘Hyundai NEXT Cup Tour’?

‘Hyundai NEXT Cup Tour’ invites Top Eleven players to manage their club through a series of 10 sequential missions across the world. The virtual tour begins in Indonesia and travels through 10 of Hyundai Motor’s key global markets, culminating in the United States, mirroring the brand’s story of global growth. This structure allows the brand to deliver high-impact engagement that connects with the game’s core loop of strategy, progression and decision-making.

How Does the In-Game Integration Work?

Rather than a one-way advertising exposure, the event seamlessly integrates Hyundai Motor’s flagship vehicle models into the player’s strategic journey. Each of the 10 tour stops features a locally representative model, with the vehicle’s unique selling proposition reinterpreted as an in-game football activity.

For example, IONIQ 5’s ultra-fast charging is framed as keeping a team’s condition high during a packed schedule, while INSTER’s blend of speed and compactness positions it well for reacting at a moment’s notice with velocity and agility. Players who progress through the in-game missions can earn exclusive, limited-edition Hyundai-branded in-game items, including a team jersey and an emblem.

This initiative reflects Hyundai Motor’s commitment to evolving its brand experience for digital natives, carrying the energy, unity and inspiration of sport into the next generation of gaming experiences.

More information about Hyundai Motor and its products can be found at:
https://www.hyundai.com/worldwide/en/ or Newsroom: Media Hub by Hyundai

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SOURCE Hyundai Motor Company

Technology

SK hynix Announces 1Q26 Financial Results

Published

2 minutes ago

April 23, 2026

Reports revenues of 52.5763 trillion won, operating profit of 37.6103 trillion won, net profit of 40.3459 trillion wonRecord-high quarterly performance driven by increased sales of high value-added products from strong AI demandBy launching advanced products, the company will try to address growing market demand in the looming agentic AI eraCompany to secure both stable supply and robust financial conditions through investment aligned with demand

SEOUL, South Korea, April 22, 2026 /PRNewswire/ — SK hynix Inc. (or “the company”, www.skhynix.com) announced today that it has recorded 52.5763 trillion won in revenues, 37.6103 trillion won in operating profit (with an operating margin of 72%), and 40.3459 trillion won in net profit (with a net margin of 77%) in the first quarter.

Revenue surpassed 50 trillion won for the first time on a quarterly basis, while operating profit and operating margin reached record highs at 37.6 trillion won and 72%, respectively[1]. Operating profit has nearly doubled compared to the previous quarter, clearly demonstrating an improving profitability.

[1] 4Q2025 Revenue: 32.8267 trillion won / 4Q2025 Operating Profit: 19.1696 trillion won

SK hynix noted that despite the fact that first quarter is typically a seasonal downturn, strong demand persisted due to expanded investments in AI infrastructure. The company sustained its upward performance trend by increasing sales of high-value-added products, including HBM, high-capacity server DRAM modules, and eSSDs.

Building on this strong performance, the company’s cash and cash equivalents at the end of the first quarter increased by 19.4 trillion won from the previous quarter, reaching 54.3 trillion won. Meanwhile, interest bearing debt stood at 19.3 trillion won down 2.9 trillion won from the previous quarter, enabling the company to reach a net cash position of 35 trillion won.

The company analyzed that as AI evolves from large model training to the stage of agentic AI, which repeatedly performs real-time inference across various service environments, the foundation for memory demand is expanding across both DRAM and NAND flash.

SK hynix also predicted that the spread of memory efficiency technologies will enhance the economic viability of AI services, leading to an expansion of the overall service scale and further drive memory demand. Based on this, the company forecasted that favorable pricing conditions will continue for both DRAM and NAND flash.

To meet this demand, the company, plans to continue rolling out new products across both DRAM and NAND flash to address the diversifying memory demand.

Regarding HBM, the company will further strengthen its capabilities, encompassing performance, yield, quality, and supply stability. In DRAM, the company will fully ramp up the shipment of LPDDR6, which applied 1cnm process, or the sixth-generation of the 10-nanometer technology, for the world’s first time, and the 192GB SOCAMM2, which is based on the same process and began mass production this month.

For NAND flash, the company will flexibly address AI demand with CTF[2] based 321-layer QLC[3] cSSD ‘PQC21’, and eSSD lineup of high-performance TLC and high-capacity QLC. Especially, by leveraging synergies with Solidigm, which holds strengths in high-capacity QLC eSSDs, the company plans to strengthen its competitiveness in the AI data center and AI PC storage markets.

[2] Charge Trap Flash (CTF): Unlike floating gate, which stores electric charges in conductors, CTF stores electric charges in insulators, which eliminates interference between cells, improving read and write performance while reducing cell area per unit compared to floating gate technology.

[3] Quad-level cell (QLC): NAND flash is categorized as single-level cell (SLC), multi-level cell (MLC), triple-level cell (TLC), QLC, and penta-level cell (PLC) depending on how many data bits can be stored in one cell. As the amount of information storage increases, more data can be stored in the same volume.

Meanwhile, SK hynix emphasized that within the environment where customer demand exceeds supply capacity, securing stable supply capability to meet the structural demand growth of the AI era has emerged as a key competitive advantage.

Accordingly, the company explained that this year’s investment scale will increase significantly compared to the previous year, focusing on the ramp-up of M15X, infrastructure preparation on the Yongin cluster, and securing key equipment such as EUV.

The company highlighted that it will secure both stable supply and robust financial conditions through investment aligned with demand and will strategically expand production bases to proactively respond to long-term demand growth.

1Q26 Financial Results (K-IFRS)

*Unit: Billion KRW

1Q26

QoQ

YoY

4Q25

Change

1Q25

Change

Revenues

52,576.3

32,826.7

60 %

17,639.1

198 %

Operating Profit

37,610.3

19,169.6

96 %

7,440.5

405 %

Operating Margin

72 %

58 %

14%P

42 %

30%P

Net Income

40,345.9

15,246.0

165 %

8,108.2

398 %

※ Financial information of the earnings is based on K-IFRS

※ Please note that the financial results discussed herein are preliminary and speak only as of April 23, 2026. Readers should not assume that this information remains operative at a later time.

Disclaimer

This material has been prepared by the Company for informational purposes only, and the information contained herein has not undergone any separate, independent verification process. No representations or warranties are made regarding the fairness, accuracy, or completeness of the information contained in this material, and such information should not be relied upon. Neither the Company nor its employees bear any civil, criminal, or administrative liability for any damages arising from this material or from its use.

Review of the FY2026 Q1 financial results has not been finalized. Figures in this earnings release are subject to changes during the independent auditing process.

All financial information contained in this document is based on consolidated K-IFRS.

This material contains forward-looking statements which can be subject to certain risks and uncertainties that could cause actual results to differ materially.

This material does not constitute a solicitation for the acquisition or purchase of securities, and no part of this material should serve as the basis for any contract, agreement, or investment decision, nor should it be relied upon in connection therewith.

About SK hynix Inc.

SK hynix Inc., headquartered in Korea, is the world’s top tier semiconductor supplier offering Dynamic Random Access Memory chips (“DRAM”) and flash memory chips (“NAND flash”) for a wide range of distinguished customers globally. The Company’s shares are traded on the Korea Exchange, and the Global Depository shares are listed on the Luxembourg Stock Exchange. Further information about SK hynix is available at www.skhynix.com, news.skhynix.com.

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SOURCE SK hynix Inc.

Technology

RhythMedix Launches Next-Generation RhythmStar® SL Cardiac Monitor

Published

1 hour ago

April 22, 2026

Advancing Remote Cardiac Monitoring with Faster Insights, Greater Comfort, and Seamless Connectivity

MOUNT LAUREL, N.J., April 22, 2026 /PRNewswire/ — RhythMedix, LLC (RhythMedix), a nationwide U.S.-based cardiac monitoring company, today announced the launch of its next-generation RhythmStar® SL cardiac monitoring wearable. The third-generation design significantly enhances the patient experience, improving comfort, wearability, and patient adherence. These advancements are enabled by a compact lead configuration, waterproof IPX-6 rating, and increased battery life.

RhythmStar continues to differentiate through its built-in cellular connectivity, enabling ECG data to be automatically transmitted to the cloud for seamless, prompt review across all monitoring modes – without requiring device return by mail for data processing.

When paired with the company’s proprietary Augmented Arrhythmia Intelligence™ (AAI), RhythmStar SL delivers precise arrhythmia detection by combining advanced algorithms with a multi-layered data review process.

“RhythmStar represents our commitment to delivering a better way to monitor, one that prioritizes both patient comfort and clinical performance,” said Brian Pike, CEO of RhythMedix. “By combining a more wearable design with seamless data transmission and expert review, we’re helping clinicians access the insights they need, when they need them.”

“RhythMedix is taking a truly visionary approach to cardiac monitoring by combining patient-friendly design with advanced technology and expert oversight, helping clinicians make more confident, timely decisions,” stated George Shaw, MD, Electrophysiologist at AHN Allegheny Health Network. “It’s a meaningful step forward in how we deliver and manage cardiac care.”

With over 2 million hearts monitored to date, RhythMedix continues to advance remote cardiac monitoring through technology designed to improve both patient adherence and clinical workflow. The company will be exhibiting at HRS 2026 (Booth #531), including in-booth discussions with leading electrophysiologists.

About RhythMedix

Founded in 2013 and headquartered in Mount Laurel, New Jersey, RhythMedix is a fully integrated cardiac monitoring company providing end-to-end device manufacturing, software development, and 24/7 U.S.-based monitoring services. With no third-party dependence, RhythMedix delivers a seamless and secure remote cardiac monitoring experience for clinics, health systems, and patients nationwide.

To learn more, visit rhythmedix.com.

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SOURCE RHYTHMEDIX