Covina, July 25, 2024 (GLOBE NEWSWIRE) -- According to Prophecy Market Insights, the global building information modeling (BIM) market size and share are expected to grow steadily in the coming decade, registering a moderate CAGR of 13.3% from 2024 to 2034. The market is anticipated to reach a valuation of USD 8.45 Billion in 2024, which is expected to increase to USD 26.4 Billion by 2034.
Building Information Modeling (BIM) Market Report Snapshot
Building information modeling is a collaborative process wherein architects, engineers, contractors, manufacturers, real estate developers, and other construction professionals plan, create, and build structures or buildings inside a 3D model. This BIM enables even governments, municipalities, and property managers to make well-informed decisions based on data obtained from the model after a building is realized. The 2D method was not easy to visualize requirements and dimensions; therefore, it quickly led to the development of computer-aided design, or CAD, and computer-aided design, CAD. Making use of a digital representation of functional and physical building attributes, building information modeling, or BIM, makes it possible to plan, design, build, manage, and operate space more accurately.
Advanced BIM software solutions offer several intelligent data databases, such as construction sequencing, cost, lifecycle management, document management, collaboration, and simulation information. Cooperative work and sharing of data underlie BIM among all the project stakeholders. Where BIM truly excels is the "I"—Information—in a saved and usable form. The levels of BIM from 0 through 6D define the quality of information management and sharing. The development of BIM, 4D, 5D, and 6D are going to play a big role in changing the procedure and reducing waste in the building industry, which will help in creating a better future.
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- Overview & introduction of market study
- Revenue and CAGR of the market
- Drivers & Restrains factors of the market
- Major key players in market
- Regional analysis of the market with a detailed graph
- Detailed segmentation in tabular form of market
- Recent developments/news of the market
- Opportunities & Challenges of the Market
Competitive Landscape:
The Building Information Modeling (BIM) Market is characterized by rapid growth, technological innovation, and fierce competition. Companies are expanding their global presence, focusing on sustainability, and diversifying their service offerings to stay competitive.
Some of the Key Market Players:
- Autodesk
- Graphisoft
- Bentley Systems
- Trimble
- Dassault Systèmes
- Nemetschek Group
- AECOM
- Atkins
- CBRE
- Turner & Townsend
- BIM Services Pte Ltd
- Asite Solutions Ltd
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Analyst View:
Building Information Modeling, or BIM, is a collaborative process between architects, engineers, contractors, and other construction process participants in planning, creating, and building structures within a 3D model. BIM software solutions offer intelligent data databases that hold construction sequencing, cost, lifecycle management, document management, collaboration, and simulation information. BIM is used to make buildings more sustainable and energy-efficient throughout their lifecycle. The technological developments in BIM make it more affordable and diffuse to a broader spectrum of building enterprises. Cloud computing allows storing BIM models remotely, which reduces spending on hardware and software for any company. Virtual reality will also take the face of BIM in construction, but experts can now walk around in a virtual model before construction. Key brands related to BIM include Revi, Navisworks, ArchiCAD, Edificius, and Tekla. BIM applies in public infrastructure, commercial, residential, and industrial space planning, reduction of errors, and communication improvement among contractors, engineers, and architects. North America has the largest market share due to its history of adopting BIM technology and government initiatives not encouraging it in public infrastructure projects.
Market Dynamics:
Drivers:
Increased durability
- BIM is a great tool to make buildings more sustainable and energy-efficient throughout their entire lifecycle. It can model energy performance under different sets of circumstances—temperature and occupancy, for example—in a building to find strategies for reducing energy use. It can also assess the embodied energy of various building materials and assemblies to lessen the environmental impact of construction. BIM can be further utilized in designing buildings that are easier to maintain and operate, thus, in the long term, saving energy and reducing water consumption, together with reducing waste generation.
Technological developments
- Technology breakthroughs in BIM make it more affordable and spread more into a broader spectrum of building enterprises. Cloud computing allows businesses to store BIM models remotely on servers, thereby saving money that would otherwise have been spent on expensive hardware and software. This opens up the availability of BIM for smaller businesses that cannot afford a large IT infrastructure. The face of BIM is also changing in the construction industry with the help of virtual reality. Construction experts will now be able to walk around in a virtual model of a structure before it gets constructed. This may further enhance communication between many stakeholders and detect problems at the earliest possible moment while developing a design.
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Market Trends:
Enhanced effectiveness and cooperation
- BIM allows all the project stakeholders to work on one single, shared building model. Obviously, that makes access to, and updating of, the latest design details for architects, engineers, contractors, and subcontractors easier by centralizing project data. Less mistakes and delays are hence seen through a project lifetime since there is enhanced collaboration and communication. For instance, when an architect changes something in the building layout, an engineer can immediately see how it impacts the structural design. If different teams are working on different, siloed files, there can be costly mistakes. Real-time collaboration helps eliminate those errors.
Segmentation:
Building Information Modeling (BIM) Market is segmented based on Solution Type, Application, End-User, and Region.
Solution Type Insights
- BIM is an important segment that creates, manages, analyzes, and shares intelligent 3D building models leveraged with real-world data. Key brands include Revi, Navisworks, ArchiCAD, Edificius, and Tekla. Revi details 3D models of buildings with architectural elements and systems; Navisworks is necessary for project coordination and 5D cost estimating. It has a large following among architects, as it makes good-quality drawings and visualizations with an easy-to-use interface. Bentley Systems' solution for BIM is again an integrated end-to-end solution for architectural, structural, and MEP engineering. Tekla again is tilted more toward structural engineering and steel detailing. BIM services give home to the increasing need for professional expertise in the implementation of BIM work; it is consulting firms that provide strategic guidance and best practices. 3D model development and BIM content development of the projects are outsourced by the construction companies.
Application Insights
- BIM finds applications in public infrastructure, commercial, residential, and industrial sectors. It helps in space planning, reduces errors, and enhances communication between contractors, engineers, and architects. With increased prefabrication, clash detection, and design visualization, it is now common to see BIM being applied for luxury residences and multi-unit residential structures. These BIM models will be useful for practical design, planning, production lines, material handling systems, and building layouts in industrial projects like factories and warehouses. Further, BIM is useful in giving information about staff safety and maintenance plans. Government requirements for public infrastructure projects are increasing, hence providing impetus for better coordination and sustainable design methodologies.
End-User Insights
- Architects and engineers are the principal users of this technology for architectural design, 3D modeling, and construction documentation. It is also used by engineers in building performance simulation, design of MEP systems, and structural analysis. BIM assures a consistent model of information, reduces mistakes, and increases collaboration. Its scheduling, conflict identification, and activity planning benefits are useful to contractors and builders. Facility managers can use it for asset tracking, scheduling maintenance, and optimizing operations, as well as in space planning. Developers and owners, using BIM, are better placed at tending to their projects since the risks are reduced, costs are easily estimated, and visibility is improved. BIM ensures the smooth running of a project execution process through improved stakeholder collaboration and communication.
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Recent Development:
- In March 2024, Building information modeling charts realty’s sustainable path. BIM is becoming one of the most impactful initiatives in developing sustainable real estate projects. Technological advancements in real estate, including 3D and digital modeling, and augmented and virtual reality, have improved product visualization and project execution. This has led to increased efficiency, reduced resource wastage, and the development of environmentally sustainable projects. These developments align with the Indian Real Estate industry's green revolution, aiming to contribute to India's Net Zero by 2070 commitment and future-proof its business.
- In March 2023, Trimble launched Tekla 2023 structural BIM solutions. Trimble has released 2023 versions of its 'constructible BIM', structural engineering, and steel fabrication management systems, Tekla Structures, Tekla Structural Designer, Tekla Tedds, and Tekla PowerFab. The new updates are also expected to increase the bar for automated and linked workflows by improving the connection between Tekla products and third-party technologies. Tekla Structures 2023, a structural BIM tool, includes many software speed improvements and an updated sketch editing user experience, which is supposed to make the software easier to learn and use.
Regional Insights
- North America: It commands the largest market share because it was the first to adopt BIM technology and has many years of experience in applying the same in construction projects. Government initiatives do not encourage BIM in public infrastructure projects, hence high demand for experts with BIM skills. The innovative building ensued with reliable construction businesses quickly embracing new technology like BIM to acquire efficiency and a competitive advantage.
- Asia Pacific: Some of the major forces driving BIM include rapid economic growth, increasing urbanization, and rising governmental expenditure on infrastructure projects. Hence, this creates huge demand for BIM software and services in this region where the biggest markets are driven by China and India. In accordance, it fosters the growth of the Asia-Pacific BIM industry. Another important factor is the increased focus on sustainability in construction; BIM models can generate energy efficiency during building designs and construction.
Browse Detail Report on "Building Information Modeling (BIM) Market Size, Share, By Solution Type[BIM Software(Revit (Autodesk), Navisworks(Autodesk), ArchiCAD (Graphisoft), Edificius (Bentley Systems), Tekla (Trimble)), BIM Services(BIM Consulting, BIM Modeling Services, BIM Facility Management)], By Application(Contractors and Builders, Owners and Developers, Industrial, Public Infrastructure), By End-User(Architects and Engineers, Contractors and Builders, Facility Managers, Owners and Developers), and By Region - Trends, Analysis and Forecast till 2034" with complete TOC @ https://www.prophecymarketinsights.com/market_insight/building-information-modeling-market-5485
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