New York, USA, Nov. 13, 2024 (GLOBE NEWSWIRE) -- BIM Market Overview:
The global building information modeling market size is projected to grow from USD 7.54 billion in 2023 to USD 23.65 billion by 2032, at a CAGR of 13.6%, according to a new report by Polaris Market Research.
BIM Market Introduction:
Building information modeling is an excessively collective procedure that permits architects, engineers, real estate developers, contractors, manufacturers, and other constructional experts to scheme, outline, or build a structure with one 3D model. It can also stretch into the function and handling of buildings utilizing data that building or structure possessors have approached. This data permits governments, municipalities, and property managers to render illuminated resolutions dependent on information emanating from the model, even succeeding in the construction of the building.
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Key Insights from the Report:
- The market for building information modeling is notably shaped by several instruments, technologies, and strategies that sanction the generation and handling of thorough digital models.
- The building information modeling market segmentation is based on solution type, project type, deployment type, building type, application, end user, and region.
- Based on type, the software segment sector is expected to experience the highest CAGR during the forecast period.
- By region, the report provides market insights into Asia Pacific, Europe, North America, Latin America, and the Middle East & Africa.
Building Information Modeling Market Scope:
| Report Attributes | Details |
| Market size value in 2023 | USD 7.54 billion |
| Market size value in 2024 | USD 8.55 billion |
| Revenue forecast in 2032 | USD 23.65 billion |
| CAGR | 13.6% from 2024-2032 |
| Base year | 2023 |
| Historical data | 2019-2022 |
| Forecast period | 2024-2032 |
Market’s Growth Drivers:
- Rise in the AEC Sectors: The demand is being hastened by government directives and extensive identification within the architecture, engineering, and construction industries of its productivity and economic possibilities. As the AEC sector persists in progressing digitally, BIM is convenient to combine surfacing technologies such as AI, ML, and IoT, contributing to the building information modeling market growth.
- Growing Population: As populations proliferate and urban regions dilate, there is a desperate requirement for infrastructure advancement, accommodation, conveyance frameworks, and mileage. This rise in smart city construction ventures has pushed the acquisition of BIM software. Urban proposals tend to be more intricate because of heavy populations, restricted space, and complex infrastructural needs.
- Acquisition of Digital Technologies: The market is encountering notable growth pushed by the acquisition of digital technologies in construction sectors involving BIM to smoothen enterprise and improve ingenuity covering the construction lifespan. BIM permits the generation of exhaustive 3D models that combine several facets of a building project, such as architecture, structural engineering, and mechanical, electrical, and plumbing (MEP) systems. This amalgamation decreases faults, lessens rework, and accelerates project conveyance.
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List of Building Information Modeling Market Key Players:
- ACCA software
- Archidata Inc.
- Asite
- Autodesk Inc.
- Beck Technology
- Bentley Systems, Incorporated
- Dassault Systemes
- Hexagon AB
- LOD Planner
Geographical Analysis:
North America accounted for the largest building information modeling market share. This is due to the extensive usage by architects, engineers, contractors, and developers to enhance project productivity, decrease expenses, and improve alliance. The existence of prominent firms such as Autodesk Inc., Archidata Inc., and Trimble Inc. provides their conclusion to reinforcing the market landscape in North America additionally. These firms in North America support BIM to transform themselves, enhance project results, and encounter client suppositions productively, additionally pushing the market demand in the region.
Asia Pacific is also expected to grow at the highest CAGR during the forecast period. This is because of speedy urbanization and the growing demand for BIM solutions covering household, commercial, and industrial sectors. For instance, in April 2024, Neilsoft and Fujita Corporation disclosed their scheme to notably augment their collective endeavors by expanding their BIM center in Pune, India, from an existing group of 90 persons to 300 persons. The augmentation underscores the growing demand for BIM technology services and highlights the reinforcement of communal business associations between Japan and India. Alternatively, Japan's market is anticipated to pursue its notable growth during the forecast period.
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Market Segmentation:
By Solution Type Outlook:
- Software
- Services
By Project Type Outlook:
- Preconstruction
- Construction
- Operations
By Deployment Type Outlook:
- On-Premises
- Cloud-Based
By Building Type Outlook:
- Residential
- Commercial
- Industrial
- Public Infrastructure
- Others
By Application Outlook:
- Construction & Design
- Planning & Modelling
- Asset Management Building System Analysis & Maintenance Scheduling
- Others
By End User Outlook:
- Builders & Contractors
- AEC Professionals
- Consultants & Facility Managers
- Others
By Region Outlook:
- North America
- US
- Canada
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Netherlands
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Malaysia
- South Korea
- Indonesia
- Australia
- Vietnam
- Rest of Asia Pacific
- Middle East & Africa
- Saudi Arabia
- UAE
- Israel
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Mexico
- Brazil
- Argentina
- Rest of Latin America
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The global building information modeling market size is expected to reach USD 23.65 billion by 2032, exhibiting a CAGR of 13.6% during the forecast period.
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About Polaris Market Research & Consulting, Inc:
Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for PMR’s clientele spread across different enterprises. We at Polaris are obliged to serve PMR’s diverse customer base present across the industries of healthcare, technology, semiconductors, and chemicals among various other industries present around the world. We strive to provide PMR’s customers with updated information on innovative technologies, high-growth markets, emerging business environments, and the latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced, and extremely qualified team of experts comprising SMEs, analysts, and consultants, we at Polaris endeavor to deliver value-added business solutions to PMR’s customers.
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