|Fastest Growing Market:||Asia-Pacific|
|Largest Market:||North America|
Need a report that reflects how COVID-19 has impacted this market and its growth?
The Global building inspection services market is expected to grow at a CAGR of over 10% during the forecast period of 2022-2027.
Regarding the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The pandemic has also intensified the already existing labor shortage problem for the building inspection services market since finding labor for conducting building inspections is difficult, particularly with specific skills.
The companies started rearranging their operations as a part of recovering from the impact caused by the pandemic, and this has led to growth. Companies started adapting to the latest technologies such as drones, etc to mitigate the safety issues. Companies and governments are developing and employing drones for building inspections.
Rising urbanization around the world is expected to drive the building inspection services market. Increase in number of individuals moving to urban areas for employment, better lifestyles, and opportunities led to an expansion in urban areas. According to the United Nations Department of Economic and Social Affairs, about 4.4 billion people live in urban areas in 2020 and is projected to rise to 6.7 billion by 2050.
Scope of the Report
The building inspection services market consists of the sales of building inspection services by entities (organizations, sole traders, and partnerships) that evaluate all aspects of the building structure and component systems and prepare a report on the physical condition of the property, generally for buyers or others involved in real estate transactions. The Global building inspection services market is segmented by Service (Home Inspection Services, Specific Element Inspection Services, Commercial Building Inspection Services, and Others), by Application (Residential, Commercial, and Others), by Sourcing Type (In-House Services and Outsourced Services) and by Geography. The report offers market size and forecasts for the Global building inspection services market in value (USD Billion) for all the above segments. The report also covers the impact of COVID -19 on the market, technological trends, market dynamics, etc.
|Home Inspection Services|
|Specific Element Inspection Services|
|Commercial Building Inspection Services|
|By Sourcing Type|
Key Market Trends
Rapid Urbanization is Driving the Market
Rising urbanization around the world is expected to drive the building inspection services market. According to the United Nations Department of Economic and Social Affairs, about 4.4 billion people lived in urban areas in 2020, and is projected to rise to 6.7 billion by 2050.
According to the Population Reference Bureau, North America was the most urbanized continent worldwide in 2021, with 82% of the population living in cities. In Latin America and the Caribbean, the degree of urbanization was 79% in the same year.
In 2021, the degree of urbanization worldwide was at around 56 percent. In Europe, the urban population constituted 75 percent of the whole population. It is projected that the share of people living in urban areas globally will increase from 56% in 2020 to 70% in 2050.
In 2021, approximately 64.7 percent of the total population in China lived in cities. The urbanization rate has increased steadily in China over the last decades. Brazil and Russia, two other BRIC countries, are significantly more urbanised than China. In India, on the other hand, the world's second most populous country, only 34.9 percent of the population lived in urban areas in 2021.
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Technology Driving the Building Inspection Services Market
For a long time, people have avoided building inspections or taken shortcuts because of the high costs of equipment, professionals, workers, and insurance, not to mention the risks involved. Modern technologies, on the other hand, reduce the costs, time, and risk associated with traditional methods, allowing more people to not only perform inspections but also obtain better reports.
Building inspections have changed dramatically as a result of mobile building inspection software. taking paper notes while walking through a building. By using proper building inspection software systems, it can enter data directly into the mobile device. In essence, this mobility allows staying on track.
Agents can view completed inspections, create repair-request lists, follow up with contacts, and schedule appointments for clients using technology like the personalized My HomeTeam Dashboard. All of this can be done with a smartphone or tablet, making it easier for agents to keep track of their clients' reports and other data.
By using drones, they can gain access to almost any part of a building and capture high-quality images or videos. They can also capture a thermal image, which aids in the detection of insulation leaks. Traditional methods, which often require heavy and expensive climbing gear, are still far more expensive than drone systems with all necessary sensors.
The cloud, wireless and virtual reality technologies are helping in transmitting the inspection data in real-time and enable sharing among the various people working on a project.
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The Global building inspection services market is highly fragmented with a large number of players. Some of the major players are Amerispec Inspection Services, HouseMaster, National Property Inspections, Pillar to Post, etc. Companies are adopting technology and automation for their services, and many companies are entering the market for further opportunities.
March 2022: The City of Folsom (a City in California) implemented a new inspection scheduling system. Building inspections can now be scheduled online via eTRAKiT (a web portal that allows citizens and contractors to apply and search for permits and schedule and view inspections) and can be scheduled up to four days in advance.
January 2022: Pillar To Post Home Inspectors (a home inspection company in North America) has announced it is partnering with PunchListUSA (a real estate technology platform that makes home repairs, maintenance, and improvements simple and stress-free). Together, the two companies will expand on their existing data integration and, through a phased launch, provide all of Pillar to Post’s North American franchise partners and customers with streamlined access to instant repair pricing via PunchListUSA’s proprietary pricing engine. South Carolina-based PunchListUSA provides access to exclusive inspection data, integration with Home Depot’s product catalog, and machine learning to decode home inspection reports into simplified and accurate repair and renovation estimates.
Table of Contents
1.1 Study Deliverables
1.2 Study Assumptions
1.3 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS AND INSIGHTS
4.1 Market Overview
4.2 Market Dynamics
4.3 Industry Attractiveness - Porter's Five Forces Analysis
4.4 Value Chain/Supply Chain Analysis
4.5 Current Economic and Building Inspection Services Market Scenario
4.6 Technological Innovations in the Building Inspection Services Market
4.7 Impact of Government Regulations and Initiatives on the Industry
4.8 Insights into the Industry Policies
4.9 Insights into Key Trends in the Market
4.10 Impact of COVID - 19 on the Market
5. MARKET SEGMENTATION
5.1 By Service
5.1.1 Home Inspection Services
5.1.2 Specific Element Inspection Services
5.1.3 Commercial Building Inspection Services
5.2 By Application
5.3 By Sourcing Type
5.3.1 In-House Services
5.3.2 Outsourced Services
5.4 By Geography
5.4.1 North America
126.96.36.199 United States
188.8.131.52 Rest of North America
184.108.40.206 United Kingdom
220.127.116.11 Rest of Europe
5.4.3 Asia Pacific
18.104.22.168 South Korea
22.214.171.124 Rest of Asia-Pacific
5.4.4 South America
126.96.36.199 Rest of South America
5.4.5 Middle East and Africa
188.8.131.52 Saudi Arabia
184.108.40.206 South Africa
220.127.116.11 Rest of Middle East and Africa
6. COMPETITIVE LANDSCAPE
*List Not Exhaustive
6.1 Market Concentration
6.2 Company Profiles
6.2.1 Amerispec Inspection Services
6.2.3 National Property Inspections
6.2.4 Pillar to Post
6.2.5 WIN Home Inspection
6.2.6 Australian Building Inspection Services (ABIS)
6.2.7 SGS Group
6.2.8 Absolute Inspection
6.2.9 Manse Group
6.2.10 APEX Building Surveyors
6.2.11 SAFCO Group*
7. FUTURE OF THE MARKET
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Frequently Asked Questions
What is the study period of this market?
The Building Inspection Services Market market is studied from 2018 - 2027.
What is the growth rate of Building Inspection Services Market ?
The Building Inspection Services Market is growing at a CAGR of >10% over the next 5 years.
Which region has highest growth rate in Building Inspection Services Market ?
Asia-Pacific is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Building Inspection Services Market ?
North America holds highest share in 2021.
Who are the key players in Building Inspection Services Market ?
Amerispec Inspection Services, HouseMaster, National Property Inspections, Pillar to Post, WIN Home Inspection are the major companies operating in Building Inspection Services Market .