Pune, May 08, 2023 (GLOBE NEWSWIRE) -- According to SNS Insider, “The Building Information Modeling Market was worth USD 6.85 billion in 2022 and is projected to reach USD 17.32 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 12.3% from 2023 to 2030”.
Market Report Scope
Building Information Modeling (BIM) is a digital representation of physical and functional characteristics of a building, infrastructure or facility. It is an intelligent 3D modeling process that allows architects, engineers, and construction professionals to collaborate on a project using a single, shared database of information. BIM software is used to create a comprehensive virtual model of a building, which includes everything from the structure and mechanical systems to the plumbing and electrical components. BIM enables architects and engineers to simulate and test different design scenarios before construction begins, reducing errors and improving efficiency.
Market Analysis
With the rise of digital technology and the increasing demand for efficient building design and construction processes, the building information modeling market is expected to expand significantly in the near future. The use of BIM technology provides numerous benefits, including reduced project costs, increased efficiency, improved collaboration among stakeholders, and enhanced building performance. As the world becomes increasingly reliant on technology, BIM is becoming an essential tool for architects, engineers, and construction professionals. By utilizing BIM, these professionals can create highly accurate and detailed digital models of buildings, allowing them to test and refine designs before construction even begins. This saves time and money, reduces errors, and ensures that buildings are constructed to the highest standards of quality and safety.
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Impact of Recession
The impact of a recession on the building information modeling market will depend on a variety of factors, including the severity and length of the recession, the specific needs and priorities of construction companies, and government spending initiatives. However, BIM providers who can adapt to the changing market conditions and provide value to their customers will be better positioned to weather the impact of a recession.
Key Regional Development
The building information modeling market is expected to see a significant increase in revenue share in North America over the projected timeframe. This growth can be attributed to the region's early adoption of modern digital technologies, as well as the government's mandate to use Building Information Modeling software. The implementation of such software can greatly improve the efficiency and accuracy of construction projects, leading to increased demand for BIM services. With its well-established construction industry and emphasis on technological innovation, North America is well-positioned to dominate the BIM market in the coming years.
Key Takeaway from Building Information Modeling Market Study
- The cloud deployment segment is expected to dominate the market in the coming years. With advancements in cloud-based technology, many industries are transitioning to cloud-based solutions for their operations, including metal cutting.
- The market is expected to witness significant growth in the coming years, with the consultants and facility managers segment predicted to dominate the industry. The increasing demand for metal cutting tools across a wide range of industries such as automotive, aerospace, and construction is one of the major factors driving this growth.
Recent Developments Related to Building Information Modeling Market
- DeSimone, a leading engineering firm, has announced its acquisition of Dowco's global detailing and building information modeling business. This strategic move is expected to strengthen DeSimone's position in the market, enhancing its ability to provide high-quality services to clients worldwide.
- Infotech and HDR have joined forces to expand Building Information Modeling (BIM) solutions for civil infrastructure projects. This partnership brings together Infotech's expertise in developing construction software solutions and HDR's extensive experience in delivering engineering, architecture, and consulting services to clients across the globe.
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| Report Attributes | Details |
| Market Size in 2022 | US$ 6.85 Bn |
| Market Size by 2030 | US$ 17.32 Bn |
| CAGR | CAGR of 12.3% From 2023 to 2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2020-2021 |
| Key Segments | • BY COMPONENT (Software and solution, Services) • BY DEPLOYMENT MODE (Cloud Deployment, On Premises Deployment) • BY PROJECT LIFECYCLE (Construction, Operation, Preconstruction) • BY APPLICATION (Industrial, Buildings, Civil Infrastructure, Utilities, Oil & Gas, Others) • BY END USER (Consultants & Facility Managers, AEC Professionals, Others) |
| Company Profiles | Autodesk, Aveva Group, Bentley Systems, Hexagon, Nemetschek, Trimble, Asite Solutions, Beck Technology, Dassault Systems, Pentagon Solution |
| Key Drivers | • Growing government initiatives to promote BIM use. • Accelerating global urbanization. • The AEC sector has recognized several benefits from BIM. |
Table of Contents
1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of ongoing Recession
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Building Information Modeling Market Segmentation, by component
9. Building Information Modeling Market Segmentation, by deployment mode
10. Building Information Modeling Market Segmentation, by project lifecycle
11. Building Information Modeling Market Segmentation, by application
12. Building Information Modeling Market Segmentation, by end user
13. Regional Analysis
14.Company Profiles
15. Competitive Landscape
16. USE Cases And Best Practices
17. Conclusion
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