Building Information Modeling market size is estimated to reach ~USD 23.9 Billion by the end of 2035 by growing at a CAGR of ~14% over the forecast period, i.e., 2023 – 2035. In addition to this, in the year 2022, the market size of Building Information Modeling was ~USD 6.1 Billion. The growth of the market can be attributed to the rising technological advancement and innovations in cities. Furthermore, with rising real-estate expenditures, nations are witnessing a surge in the construction of diverse business structures, corporate and communal structures, and private facilities. This raises the demand for effective operation handling systems.
The market is predicted to rise due to the increased construction of residences and commercial buildings. Several public and private builders are deploying the software with government backing to improve operational effectiveness. For instance, Michigan contractor Barton Malow worked with Trimble Inc. to increase construction efficiency by 2024. By implementing the software, the corporation strives to accomplish daily workflow, operational security, efficiency, and reliability.
Base Year |
2022 |
Forecast Year |
2023-2035 |
CAGR |
~11% |
Base Year Market Size (2022) |
~ USD 6.1 Billion |
Forecast Year Market Size (2035) |
~ USD 23.9 Billion |
Regional Scope |
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Growth Drivers
Challenges
The global building information modeling market is segmented and analyzed for demand and supply by building type into Residential, Public Infrastructure, Commercial, and Others. Out of all building types, the commercial segment is anticipated to hold the largest market size during the forecast period. Commercial enterprises have been one of the most prominent BIM application bases. Predicting and analytics technical advancements, as well as improved consumer awareness, are expected to be the key growth drivers in this market. BIM software is widely used in the development of smart cities and smart offices throughout the globe. While each region builds for the future, smart towns and smart buildings gain traction, growing reliance on BIM software for improved productivity. With rising construction activity around the world, the commercial segment is likely to expand during the forecast time frame. As of 2023, there are 63,053 Commercial Building Construction enterprises in the United States.
The global building information modeling market is also segmented and analyzed for demand and supply by end-user into Architects, Engineers, Builders & Contractors, Construction Managers, and Others. Amongst the two segments, the modified builders & contractors segment is expected to garner significant market revenue over the forecast period. The builders and contractors segment is predicted to increase rapidly during the projection period, as the software assists in lowering building costs through real-time information. Builders can improve the project's execution by gathering information ahead of time. Builders and contractors are interested in cutting-edge technologies that can improve the quality of construction. These factors are expected to fuel the segment's growth over the upcoming decades.
By Building Type |
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By Project Phase |
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By Application |
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By End-User |
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The market in the North American region is estimated to garner the largest share over the forecast period on the back of the introduction of advanced digital technology in the infrastructure domain. Over USD 9 billion is spent on public residential construction in the U.S., as of 2020. Engineers and architects in the countries, such as Canada and US are increasingly adopting building information modeling, which is further projected to drive market growth. Moreover, Major BIM vendors are based in this region, and BIM is frequently integrated with other trends such as geographic information systems. Katerra, a California-based startup, has built a combined platform that seamlessly links BIM tools and computational modeling to its ERP worldwide logistics infrastructure to facilitate the ordering, manufacture, tracking, and transportation of goods easier.
The market in the Asia Pacific region is estimated to witness the highest CAGR over the forecast period, owing to the increasing construction activities in the developing nations, including, India, China, Singapore, Indonesia, and Vietnam. Infrastructural development of the tier 2 cities is another major growth driver for the APAC market. China is predicted to dominate the region due to the country's enormous infrastructure developments. The nation is considering three large-scale construction projects that will make use of BIM software, including the Shanghai Tower, the Beijing Phoenix Media Centre, and the Shanghai Disneyland Resort. This is anticipated to fuel expansion in the market in Asia Pacific.
After Asia Pacific, Europe is expected to remain a dominating market during the forecast time frame. The requirement for BIM solutions is largely determined by the level of development in a region, and in the United Kingdom, it has rebounded dramatically during the economic downturn to emerge as one of the primary sectors of the economy. The United Kingdom was an early adopter of BIM solutions, with the General Services Administration adopting a number of proactive efforts to encourage the use of BIM systems. Government rules and regulations for the implementation of BIM solutions in the development of public and private infrastructure in many nations in this area promote the growth of the BIM industry.
Bentley Systems, Inc. declared new iTwin Platform capacities, drastically broadening the range and integration of infrastructure data that engineering companies and owner-operators can employ to build and implement digital twins in building, construction, and action processes.
Autodesk Inc. unveiled the integration of Bridgit Bench's Workforce Management Features with Autodesk Cloud Construction. BIM 360 and Buildings Connected Implementation are powered by the construction cloud. This integration is projected to result in fewer double entries, fewer discrepancy erroneous, and improved handling of resources.
Author Credits: Abhishek Verma, Hetal Singh
Ans: Growing urbanization worldwide and increasing implementation of digital technology in construction sector are the key factors driving market growth.
Ans: The market is anticipated to attain a ~13% CAGR over the forecast period, i.e., 2023-2035.
Ans: High investment in the market is estimated to hamper market growth
Ans: The market in Asia Pacific region will provide ample growth opportunities owing to the growing urbanization of tier 1 and 2 cities in countries, such as, India and China.
Ans: The major players dominating the market are The ASITE Services, Trimble Inc., Bentley Systems, Incorporated, Beck Technology, Ltd., Pinnacle Infotech, Pentagon Solutions Ltd, Dassault Systemes S.E. (3DS), NEMETSCHEK Group and others.
Ans: The company profiles are selected on the basis of revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by building type, project phase, application, end-user, and region.
Ans: The construction designing segment is expected to grow at the highest CAGR during the forecast period owing to the growing need for accurate and fast designs and eliminating human errors in the process.
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