Dublin, July 12, 2023 (GLOBE NEWSWIRE) -- The "Global Building Information Modeling (BIM) Market by Offering (Software, Services), Deployment (Cloud, On-Premise), Project Lifecycle (Preconstruction), Application (Buildings, Industrial), End-user (AEC Professionals), and Region - Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The global building information modeling market was valued at USD 7.9 billion in 2023 and is projected to reach USD 15 billion by 2028; it is expected to register a CAGR of 13.7%
Growing use of BIM as it leads to sustainable development, a rapid rise in urbanization globally, and the wide-ranging benefits of BIM realized by the AEC industry are driving the growth of the building information modeling market, whereas the high initial cost of BIM is restraining the growth of the building information modeling market.
The buildings segment is expected to grow at the highest CAGR during the forecast period
The market for buildings segment is expected to exhibit the highest CAGR during the forecast period. BIM helps to plan efficiently, design, construct, and manage buildings. BIM is used in infrastructure projects for coordination, communication, analysis and simulation, project management and collaboration, and asset management.
Governments in various countries have mandated the use of BIM for high-cost infrastructure projects to itemize and appropriate information about the structures/foundation and eliminate coordination issues inside the production network.
Cloud deployment segment by deployment to register growth at higher CAGR
The cloud deployment segment is expected to grow at a higher CAGR during the forecast period. The growth in this segment is attributed to cloud-based building information modeling solutions that do not involve capital costs and require low maintenance. Hence, they are most preferred by mid-sized institutions.
The rise in the adoption of cloud-based building information modeling solutions among both large and mid-sized enterprises mostly drives market growth.
The preconstruction segment is likely to grow at a highest CAGR
The preconstruction segment is expected to exhibit a highest CAGR during the forecast period. The preconstruction phase mainly involves developing BIM models, clash detection and BIM coordination, and extracting 2D drawings. The development of the BIM model mainly includes architectural, structural, and MEP BIM models from designs created by architects and engineers.
Clash detection performs inter-disciplinary interference checks and clash resolution to generate coordinated architectural, structural, and MEP models. Finally, the architectural construction and MEP drawings are extracted from the coordinated models in the 2D drawings phase. A few major types of software used in the preconstruction phase are Autodesk (Revit, Navisworks) and Graphisoft (ArchiCAD).
The services segment is likely to grow at a higher CAGR
The services segment is also expected to witness the higher CAGR during the forecast period. BIM services include services related to infrastructure modeling for architects, engineers, general contractors, and developers. In addition,
BIM services include providing detailed engineering of a project, which helps improve the quality of buildings, reducing their designing and maintaining costs, and sharing information more effectively among building owners, design teams, contractors, and facility managers. The services offered by BIM are mainly distinguished into software support and maintenance and project management and support.
The AEC Professionals segment is likely to grow at a highest CAGR
The AEC Professionals segment is expected to exhibit a highest CAGR during the forecast period. Consultants and facility managers also contribute significantly to the BIM market growth. Facility managers and consultants play an important role in the operations and maintenance of a building or infrastructure.
BIM can help them design, commission assessments, and extract asset data during the entire life cycle of a building or infrastructure. AEC professionals are largely independent of their specific tasks, and there are huge chances of miscommunication and errors. Thus, with the use of BIM, all the processes and tasks can be collaboratively done and can be shared among the AEC professionals, thereby helping in making reliable decisions during the entire life cycle.
North America to register growth at second highest CAGR
North America is expected to witness the second-highest CAGR during the forecast period. The growth in the region is attributed to the wide adoption of BIM by architects, engineers, and consultants in the region.
The BIM market is expected to see a surge during the forecast period. The US is expected to lead the BIM market in North America as it homes various tier-1 companies and is at the forefront of adopting advanced digital systems in the infrastructure domain.
Competitive landscape
The building information modeling market is dominated by a few globally established players such as Autodesk Inc. (US), Dassault Systemes (France); Nemetschek Group (Germany); Bentley Systems (US); Schneider Electric (France). The study includes an in-depth competitive analysis of these key players in the building information modeling market, with their company profiles, recent developments, and key market strategies.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 238 |
| Forecast Period | 2023 - 2028 |
| Estimated Market Value (USD) in 2023 | $7.9 Billion |
| Forecasted Market Value (USD) by 2028 | $15 Billion |
| Compound Annual Growth Rate | 13.7% |
| Regions Covered | Global |
Premium Insights
- Rapid Urbanization Worldwide to Boost Building Information Modeling Market Growth
- Software Offerings to Account for Largest Market Share in 2028
- Asia-Pacific to Exhibit Highest CAGR in Building Information Modeling Market for Software During Forecast Period
- North America to Capture Majority of Market Share in 2023
- China to Exhibit Highest CAGR in Global Building Information Modeling Market During Forecast Period
Market Dynamics
Drivers
- Advancing Sustainability in Construction Sector Through BIM
- Rapid Urbanization Globally
- Government Initiatives Promoting Use of BIM
Restraints
- High Initial Cost of BIM
Opportunities
- Focus of Stakeholders in Construction Industry on Improving Safety
- Rising Trend of IoT in Construction Sector
- Increasing Trend of BIM
- Introduction of New Standards of BIM
Challenges
- Slow Adoption of BIM
- Low Level of Digitalization in Construction Industry
Case Studies
- XL Construction Utilizes Procore's BIM to Share Design Across Project Teams to Detect Flaws and Minimize Rework
- Beck Group Saves Time and Achieves Financial Gains with Deployment of Procore's BIM 360 Suite S
- Pinnacle Executes 3D BIM at Muscat International Airport for Design and Construction of Cargo and MRO Facilities
Technology Analysis
- IoT in BIM
- AR/VR in BIM
Standards
- BS EN ISO 19650
- BS EN ISO 19650-1
- BS EN ISO 19650-2
- BS EN ISO 19650-3
- BS EN ISO 19650-5
Company Profiles
Key Players - Business Overview, Products/Services Offered, Recent Developments, and Analyst's View
- Autodesk Inc.
- Nemetschek Group
- Bentley Systems
- Trimble Inc.
- Dassault Systemes
- Schneider Electric
- Asite
- Hexagon
- Procore Technologies, Inc.
- Archidata Inc.
Other Players
- Acca Software
- Treistek India Pvt. Ltd.
- Pinnacle Infotech Solutions
- Concora
- Afry
- Beck Technology
- Computers and Structures, Inc. (CSI)
- Robert McNeel & Associates
- 4M
- Sierrasoft
- Safe Software Inc.
- Topcon
- Faro
- Geo-Plus Inc.
- Vectorworks, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/9qq3zf
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