Pune, India., Oct. 16, 2023 (GLOBE NEWSWIRE) -- According to a new report on “Building Information Modeling Market Forecast to 2030 – Global and Regional Share, Trends, and Growth Opportunity Analysis – Type (Software, and Services); Project Life Cycle (Preconstruction, Construction, and Operations); Applications (Civil Infrastructure, Oil and Gas, Industrial, Utilities, and Others); End User (AEC Professionals, Contractors, and Others), and Geography” the market in terms of revenue was estimated to be worth $7.16 billion in 2022 and is poised to reach $17.32 billion by 2030, growing at a CAGR of 11.7% from 2022 to 2030.
The growth of building information modeling market is driven by the increase in demand for BIM in oil & gas industry and rising construction projects worldwide. However, high initial cost of BIM is expected to hinder the market growth.
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Global Building Information Modeling Market Scope:
| Report Coverage | Details |
| Market Size Value in | USD 7.16 Billion in 2022 |
| Market Size Value by | USD 17.32 Billion by 2030 |
| Growth rate | CAGR of 11.7% from 2022 to 2030 |
| Forecast Period | 2022-2030 |
| Base Year | 2022 |
| Segments covered | Type, Project Life Cycle, Application, End User, and Geography. |
| Regional scope | North America, Europe, Asia Pacific, Middle East & Africa, South & Central America. |
| Country scope | Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States |
| Report coverage | Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends |
Government Initiatives for the Adoption of BIM Drives the Global Building Information Modeling Market Growth:
Building information modeling is a highly collaborative software that allows architects, contractors, engineers, and other AEC professionals to work and collaborate on a single 3D model. The software also helps in collecting, sharing and managing data. Because of these benefits of BIM, the governments of various countries have implemented various policies to mandate the use of technology to ensure the planning, design, and construction of buildings across the world. Countries such as the US, the UK, the Netherlands, South Korea, Japan, Hong Kong, Singapore, Australia, and a few other countries have already mandated the use of BIM in the public sector. The UK is one of the leading BIM implementing countries in the world, which has mandated a minimum of Level 2 collaborative BIM for all projects. Similarly, the government buildings agency in the Netherlands mandated the use of BIM for public projects. Also, to promote the use of BIM, the Building and Construction Authority (BCA) of Singapore had made it mandatory to submit BIM plans to get regulatory approval. Such a growing government initiative to mandate the use of BIM is propelling the growth of the building information modeling market.
In the global building information modeling market, APAC is expected to have the highest CAGR in the forecasted period. The growing construction industry and the increasing adoption of new technologies are some of the major factors for the growth of the building information modeling market in the region. The large population in countries such as India and China has increased the demand for commercial and residential infrastructure. APAC comprises a large number of emerging economies, such as India, China, and other southeastern countries, which are posting strong demand for more infrastructure projects. Moreover, several countries in the region are focusing on attracting new investments in infrastructure development. For instance, India's government has allowed 100% FDI under automatic routes in completed projects for operations and management of townships, malls/shopping complexes, and business constructions. All the above factors are expected to support the growth of the construction industry in the region, which will fuel the market growth in APAC.
In addition, to cater to the increasing demand for urban infrastructure in the region, construction companies in APAC are adopting new technologies to streamline workflows and reduce human errors. Building information modeling software offers various advantages, such as improved accuracy and coordination, reduced risks and costs, increased productivity and efficiency, greater sustainability, and enhanced communication and collaboration. Due to these advantages, the companies operating in the market are widely adopting building information modeling technology, supporting the growth of the APAC market.
Global Building Information Modeling Market: Segmental Overview
Based on type, the market is segmented into Io software and services. The software segment held the largest building information modeling market share in 2022 and is also anticipated to register the highest CAGR in the market during the forecast period. Based on the project life cycle, the building information modeling market is segmented into preconstruction, construction, and operations. The preconstruction segment held the largest share in 2022 and is also anticipated to register the highest CAGR in the market during the forecast period. Based on applications, the building information modeling market is segmented into civil infrastructure, oil and gas, industrial, utilities, and others.
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The civil infrastructure segment held the largest share in 2022 and is also anticipated to register the highest CAGR in the market during the forecast period. Based on end user, the building information modeling market is segmented into AEC professionals, contractors, and others. The AEC professionals segment held the largest share in 2022 and is also anticipated to register the highest CAGR in the market during the forecast period. Based on geography, the market is segmented into North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America (SAM). North America held the largest building information modeling market share in 2022, whereas APAC is also anticipated to register the highest CAGR in the market during the forecast period.
Global Building Information Modeling Market: Competitive Landscape
Autodesk Inc, Archidata Inc, AVEVA Group plc, Asite Ltd, AECOM, Bentley Systems, Dassault Syst, Nemetschek SE, Trimble Inc, and Hexagon are among the key building information modeling market players. These building information modeling market players focus on green tech product launches, expansion and diversification, and acquisition strategies, which allow them to access prevailing business opportunities.
Recent Developments:
- September 2022: Hexagon AB announced the acquisition of iConstruct Pty Ltd, a provider of BIM software used in commercial, infrastructure and industrial construction. Through this acquisition, Hexagon will be able to deliver greater data management, project planning and communication efficiencies to more customers, segments and disciplines involved in the construction process.
- December 2021: Siemens Smart Infrastructure announced that they had signed an agreement to acquire digital twin software for buildings from EcoDomus, a US-based company. This acquisition will help Siemens Smart Infrastructure expand its digital building portfolio, including its cloud-based building operations twin software and its flagship building management platform Desigo CC. The EcoDomus software creates, maintains and visualizes Building Information Modeling (BIM)-based digital building twins, making design and construction data available for building operations and maintenance.
- February 2021: Newforma announced the expansion of its BIM capabilities through the acquisition of Quebec-based BIM One, which owns BIM One Consulting and the cloud-based BIM collaboration platform BIM Track. Newforma has a key focus on Project Information Management (PIM), which is designed to streamline communication, manage files and simplify construction administration for architects, engineers, contractors, and owners. The acquisition of BIM One will augment the above capabilities of Newforma with technology and knowledge in BIM coordination, collaboration and analytics workflows.
Go through further research published by The Insight Partners:
Building Information Modeling Software Market - Global Analysis and Forecast to 2030
Building Information Modelling (BIM) Extraction Software Market - Global Analysis and Forecast to 2030
3D Mapping and Modelling Market - Global Analysis and Forecast to 2028
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