With 13.7% CAGR, Building Information Modeling Market Growth to Surpass USD 15.0 billion

Posted by edwardzmusso on June 15th, 2023

The global building information modeling market was valued at USD 7.9 billion in 2023 and is projected to reach USD 15.0 billion by 2028; it is expected to register a CAGR of 13.7% during the forecast period. 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 Architectural Engineering and Construction (AEC) industry are attributed to the ever-increasing demand for BIM solutions.

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The software segment accounted for the largest market share in 2022; the same trend is expected during the forecast year. BIM software optimizes the work of designing for architecture, construction, civil, plant, and MEP projects. These factors increase the demand for BIM software in the building information modeling market.

The on-premise deployment accounted for the larger market share in 2022; a similar trend is during the forecast period. The growth of this segment is attributed to the increase in concerns about the security of data associated with construction projects, which is highly valuable. Also, on-premise BIM facilitates total control of the data. Big firms in the AEC industry, such as Autodesk Inc. and Nemetschek Group, offer on-premises software for their customers in the industrial, healthcare, and residential sectors.

The preconstruction segment accounted for the largest market share in 2022 and is expected to exhibit the highest CAGR during the forecast period. Various BIM software solutions, such as Revit, ArchiCAD, and ALLPLAN, are widely used by architects, engineers, and contractors during the preconstruction phase for developing virtual models, clash detection, BIM coordination, and the extraction of 2D drawings. Therefore, this phase is likely to lead the BIM market during the forecast period.

The buildings segment accounted for the largest share of the building information modeling market, by application, in 2022 and is expected to exhibit the highest CAGR during the forecast period. BIM is widely used in building applications to reduce cost overruns and minimize delays in the completion of projects. With the help of various techniques such as 3D modeling and clash detection, 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.

The AEC Professionals segment accounted for the largest market share in 2022 and is expected to exhibit the highest CAGR during the forecast period. BIM helps AEC professionals to collaborate during the construction phase, right from the preconstruction phase to the operation phase. 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, and BIM can help them with designing, commissioning assessments, and asset data extraction during the entire life cycle of a building or infrastructure.

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North America held the largest share of the BIM market in 2022, and the same trend is expected during the forecasted year. The growth in the region is attributed to the presence of numerous ecosystem players such as Autodesk Inc., Bentley Systems, Trimble Inc., Procore Technologies, Inc., Archidata Inc., etc. Also, due to the wide adoption of BIM by architects, engineers, and consultants in the region, the BIM market is expected to see a surge in the near future.

News also Covered: https://www.prnewswire.com/news-releases/building-information-modeling-market-worth-15-0-billion-by-2028---exclusive-report-by-marketsandmarkets-301849127.html

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edwardzmusso
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