The Building Information Modeling Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Building Information Modeling Global Market Report 2024, The building information modeling market size has grown rapidly in recent years. It will grow from $8.06 billion in 2023 to $9.43 billion in 2024 at a compound annual growth rate (CAGR) of 17.0%. The growth in the historic period can be attributed to expansion of building lifecycle management, industry standards and certifications, efficiency and cost savings, government initiatives and mandates, emergence of 3d modeling.
The building information modeling market size is expected to see rapid growth in the next few years. It will grow to $17.46 billion in 2028 at a compound annual growth rate (CAGR) of 16.6%. The growth in the forecast period can be attributed to rise in remote collaboration tools, emphasis on building performance analysis, focus on smart cities and urban development, growing demand for facility management integration, advancements in 5d bim .. Major trends in the forecast period include integration of artificial intelligence (ai) and machine learning, rise of cloud-based bim solutions, focus on sustainable design and green building practices, expansion of virtual reality (vr) and augmented reality (ar) in bim.
The rapid rise in construction is expected to propel the modular construction market going forward. The construction industry is the industrial branch of trade and manufacturing concerned with constructing, repairing, renovating, and maintaining infrastructures. The construction activities create a demand for building information modelling to achieve higher productivity and shorter project lifecycles through increased communication and coordination. This enables the construction business to speed up the entire project by significantly reducing work and time. For instance, in October 2021, according to a report published by Oxford Economics, a UK-based economic information services company, the global construction output was $10.7 trillion in 2020, and between 2020 and 2030, it is anticipated to increase by 42%, or $4.5 trillion, to reach USD 15.2 trillion. Furthermore, in the 2022 U.S. Construction Cost Trends report, in the U.S., there is a rise in residential construction which will continue to drive up demand for materials and labor, escalating competition and cost pressures. In the U.S., total construction spending has increased by 16% since the pandemic’s onset. Therefore, a rapid rise in construction is expected to drive the growth of the building information modeling (BIM) market.
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The building information modeling market covered in this report is segmented –
1) By Component: Software, Services
2) By Deployment Type: On Premises Deployment, Cloud Deployment
3) By Project Lifecycle: Preconstruction, Construction, Operation
4) By Application: Planning and Modelling, Construction And Design, Assest Management, Building System Analysis And Maintenance Scheduling, Other Applications
5) By End User: Architects/Engineers, Contractors, Other End Users
The rising trend of IoT (Internet of Things) in construction is gaining popularity in the building information modeling (BIM) market. IoT in construction can streamline the ordering and modeling processes, lowering the time necessary for ordering. Major players in the building information modeling sector are focused on developing IoT-based solutions to strengthen their position in the market. For instance, in March 2022, SIMLAB, a Poland-based technology company, incorporated BIM and IoT smart building technologies into Matterport Digital Twins. The technology enables construction project management stakeholders to better track and view several crucial points during the architectural design stage and to examine construction sites without being required to be present onsite.
The building information modeling market report table of contents includes:
1. Executive Summary
2. Building Information Modeling Market Characteristics
3. Building Information Modeling Market Trends And Strategies
4. Building Information Modeling Market – Macro Economic Scenario
5. Global Building Information Modeling Market Size and Growth
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26. South America Building Information Modeling Market
27. Brazil Building Information Modeling Market
28. Middle East Building Information Modeling Market
29. Africa Building Information Modeling Market
30. Building Information Modeling Market Competitive Landscape And Company Profiles
Top Major Players:
- Autodesk
- The Nemetschek Group
- Bentley Systems Incorporated
- Trimble Navigation Limited
- Pentagon Solutions
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