Dublin, Oct. 31, 2024 (GLOBE NEWSWIRE) -- The "Building Information Modeling (BIM) - Global Strategic Business Report" report has been added to ResearchAndMarkets.com's offering.
The global market for Building Information Modeling (BIM) was estimated at US$8.6 Billion in 2023 and is projected to reach US$24.8 Billion by 2030, growing at a CAGR of 16.3% from 2023 to 2030. This comprehensive report provides an in-depth analysis of market trends, drivers, and forecasts, helping you make informed business decisions.
The growth in the Building Information Modeling (BIM) market is driven by several factors, reshaping how construction projects are conceived, managed, and delivered. One of the primary drivers is the increasing complexity of modern building projects, which necessitates sophisticated tools that can handle intricate designs and multifaceted systems. BIM's ability to integrate multiple disciplines - structural, mechanical, and electrical - into a unified platform makes it essential for managing these complex projects. Another critical factor is government mandates and regulatory requirements.
In many countries, particularly in Europe, the US, and parts of Asia, governments are requiring the use of BIM for large-scale infrastructure and public sector projects, recognizing its potential to improve project transparency and accountability. These mandates have accelerated BIM adoption, making it a critical tool in both the public and private sectors. The demand for sustainable construction practices is also driving growth in the BIM market, as the technology enables better energy modeling and lifecycle analysis, aligning with global sustainability goals. Additionally, the growing investment in smart cities is propelling BIM adoption. As cities become more connected and integrated, BIM's ability to handle the planning, design, and maintenance of infrastructure in a cohesive, data-driven manner is becoming increasingly valuable.
Furthermore, the global construction industry is grappling with labor shortages and a declining workforce, especially skilled labor. BIM helps address this challenge by automating many aspects of design and construction management, reducing the need for extensive manual labor and allowing companies to do more with fewer resources. Lastly, the rising trend of prefabrication and modular construction - both of which require precise coordination and planning - relies heavily on BIM to optimize workflows and ensure that every component fits together perfectly. These factors, coupled with technological advancements and a shifting regulatory landscape, are fueling the rapid growth of the BIM market across the globe.
What is BIM and Why is it Revolutionizing Construction?
Building Information Modeling (BIM) is a transformative technology that is revolutionizing the construction industry by offering a comprehensive digital representation of a building's physical and functional characteristics throughout its entire lifecycle. Unlike traditional construction methods that rely on 2D drawings and fragmented data, BIM integrates information into a cohesive 3D model, allowing for the precise planning, design, and management of projects. This 3D model contains rich data about every component of the project, from structural elements like beams and walls to systems like HVAC and electrical installations. Through BIM, stakeholders such as architects, engineers, contractors, and facility managers can collaborate on a centralized platform, ensuring all parties are working with the most up-to-date information.
One of BIM's key benefits is its ability to identify potential design clashes or system conflicts early in the project, minimizing costly rework and delays during the construction phase. It also supports enhanced visualization, enabling stakeholders to simulate the building's performance and behavior before physical construction begins. Moreover, BIM is not only a design tool but also plays a crucial role in operations and maintenance, providing building owners and managers with a detailed, living record of the structure's attributes, helping them make informed decisions over the life of the building. This combination of coordination, visualization, and lifecycle management has cemented BIM as a cornerstone of modern construction practices.
Why is Technology Making BIM More Powerful Every Day?
The continuous evolution of technology is amplifying the capabilities of BIM, making it a more powerful tool in the construction and design industries. Cloud computing is one of the most significant advancements, allowing BIM data to be shared and accessed in real-time by stakeholders across the globe. This facilitates greater collaboration between teams, regardless of geographic location, and helps resolve issues faster as updates can be made instantaneously. The integration of artificial intelligence (AI) is further enhancing BIM by providing predictive analytics that can foresee potential project risks or challenges. AI-driven insights allow construction teams to optimize schedules, anticipate material shortages, and identify potential design flaws before they escalate into costly problems.
Another technological advancement impacting BIM is the growing use of virtual and augmented reality (VR/AR), which allows stakeholders to immerse themselves in a fully realized digital environment. With VR, architects, engineers, and even clients can walk through a 3D model of the building, identifying design elements or features that may need adjustments long before construction starts. This level of interactivity enhances decision-making and minimizes miscommunication. The Internet of Things (IoT) is also playing a significant role by enabling real-time data collection from sensors embedded in buildings, which can then be integrated back into the BIM model for ongoing analysis of a building's performance. This allows for more efficient building management, reducing operational costs and improving energy efficiency. As these technologies continue to advance, BIM's ability to streamline project management, improve accuracy, and reduce waste is becoming increasingly indispensable to the construction industry.
Why You Should Buy This Report:
- Detailed Market Analysis: Access a thorough analysis of the Global Building Information Modeling (BIM) Market, covering all major geographic regions and market segments.
- Competitive Insights: Get an overview of the competitive landscape, including the market presence of major players across different geographies.
- Future Trends and Drivers: Understand the key trends and drivers shaping the future of the Global Building Information Modeling (BIM) Market.
- Actionable Insights: Benefit from actionable insights that can help you identify new revenue opportunities and make strategic business decisions.
Key Insights:
- Market Growth: Understand the significant growth trajectory of the Pre-construction Project Life Cycle segment, which is expected to reach US$16.1 Billion by 2030 with a CAGR of a 16.1%. The Construction Project Life Cycle segment is also set to grow at 17.4% CAGR over the analysis period.
- Regional Analysis: Gain insights into the U.S. market, which was estimated at $2.3 Billion in 2023, and China, forecasted to grow at an impressive 15.1% CAGR to reach $3.7 Billion by 2030. Discover growth trends in other key regions, including Japan, Canada, Germany, and the Asia-Pacific.
Report Features:
- Comprehensive Market Data: Independent analysis of annual sales and market forecasts in US$ Million from 2023 to 2030.
- In-Depth Regional Analysis: Detailed insights into key markets, including the U.S., China, Japan, Canada, Europe, Asia-Pacific, Latin America, Middle East, and Africa.
- Company Profiles: Coverage of major players such as Archidata Inc., Asite Ltd., Autodesk, Inc., and more.
- Complimentary Updates: Receive free report updates for one year to keep you informed of the latest market developments.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 184 |
| Forecast Period | 2023 - 2030 |
| Estimated Market Value (USD) in 2023 | $8.6 Billion |
| Forecasted Market Value (USD) by 2030 | $24.8 Billion |
| Compound Annual Growth Rate | 16.3% |
| Regions Covered | Global |
Key Topics Covered:
MARKET OVERVIEW
- Influencer Market Insights
- World Market Trajectories
- Building Information Modeling (BIM) - Global Key Competitors Percentage Market Share in 2024 (E)
- Competitive Market Presence - Strong/Active/Niche/Trivial for Players Worldwide in 2024 (E)
MARKET TRENDS & DRIVERS
- Cloud-Based BIM Solutions Propel Growth Across Global Construction Sectors
- Green Building Practices Expand the Addressable Market Opportunity for BIM Adoption
- Advanced BIM Tools Drive Adoption in Infrastructure Development and Complex Projects
- Modular and Prefabrication Construction Techniques Spur Innovation in BIM Applications
- Smart City Development Initiatives Accelerate Demand for BIM Integration
- Rising Urbanization Generates Increased Demand for BIM Solutions in Mega Projects
- Digital Twin Technology Revolutionizes the BIM Landscape, Expanding Market Potential
- AI and Machine Learning Integration Into BIM Drives Predictive Analytics and Growth
- 5G Networks Enable Real-Time BIM Data Sharing, Driving Innovation and Efficiency
- Growing Adoption of BIM for Facility Management Expands Long-Term Market Opportunities
FOCUS ON SELECT PLAYERS(Total 22 Featured)
- Archidata Inc.
- Asite Ltd.
- Autodesk, Inc.
- AVEVA Group plc
- Beck Technology, Ltd.
- Bentley Systems, Inc.
- Cadsoft Corp.
- Computers and Structures, Inc.
- Dassault Systemes
- Intergraph Corporation
- Nemetschek SE
- RIB Software SE
- Robert Mcneel &Associates
- Trimble Navigation Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/9q0nmt
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