Building Information Modeling Market Expected to reach .0 billion by 2028
Posted by edwardzmusso on June 28th, 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. The rise in demand for BIM solutions is attributed to growing use of BIM as it leads to sustainable development and rapid rise in urbanization globally.
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By Offering: software segment to account for largest market share in the forecasted year.
The software segment is expected to account for the largest market share of the building information modeling market in 2028. BIM software creates digital 3D models of buildings and infrastructure, including architecture, engineering, and construction details. Ecosystem players offering BIM software solutions include Autodesk Revit, Bentley Systems MicroStation, Trimble SketchUp, Graph iSOFT ArchiCAD, Vector works Architect, Tekla Structures, and AutoCAD Civil 3D. BIM software is essential for improving collaboration, reducing errors, and improving overall project efficiency in the AEC industry.
By Project lifecycle: preconstruction segment to account largest market share in the forecasted year.
The preconstruction segment is expected to account for the largest market share of the building information modeling market in 2028. The use of BIM in the preconstruction process can enhance construction speed, minimize costs, and reduce on-site re-work and subsequent waste of materials, which is more environmentally friendly. By identifying and resolving clashes and issues before construction begins, the pre-construction phase using BIM can help ensure a smoother and more efficient construction process.
By Deployment: on-premises deployment segment to account for largest market share in the forecasted year.
The on-premises deployment is expected to account for the larger market share of the building information modeling market in 2028. On-premises deployment of BIM has certain advantages over cloud-based deployment. It provides better data security and privacy control since the data is stored locally within the organization's premises. This leads to the increased adoption of on-premises deployment type of BIM software than cloud deployment. Also, it can offer better performance and faster data access since the data is stored and processed locally and is more cost-effective in the long run since there is no need for ongoing subscription fees for cloud-based services.
By applications: buildings segment account largest market share of the building information modeling market in 2028.
The buildings segment is expected to account for the largest share in 2028. With increasing trends in digitization, BIM is gaining popularity in the construction industry. Building applications mainly include commercial, residential, and retail buildings. Buildings are designed with the help of BIM, mostly during the preconstruction phase, in which the 3D modeling of the building is prepared, and the flow of the entire building project is decided. These buildings are mostly customized. These applications focus on adopting BIM by firms primarily responsible for working on the construction (i.e., new work, additions, alterations, maintenance, and repairs) of commercial and retail buildings. The building application is likely to continue to account for the largest share of the BIM market in the coming years because of the increasing number of buildings or construction projects, including business centers, shopping centers, and retail shops. It is a step forward in leveraging BIM toward the innovative presentation of projects in the form of informative and simulation models. In the current scenario, BIM is transforming the traditional designing and construction processes of commercial buildings by eliminating the risks of conflicting information across groups during all stages of project development.
By Application: in 2028, the AEC Professionals segment is expected to account for the largest share of the building information modeling market.
The AEC Professionals segment is expected to account for the largest market share of the building information modeling market, by application, in 2028. AEC professionals who work with BIM include architects, engineers, construction managers, contractors, and facility managers. These professionals may have a slightly different role in the BIM process. Still, they all share a common goal of using digital tools to improve the efficiency and quality of construction projects. The AEC industry uses BIM for 3D visualization, clash detection, feasibility analysis, constructability review, quantity take-off, and cost estimate, 4D/scheduling, environmental/LEED analysis, creating shop drawings, and facility management. BIM has the potential to improve construction efficiency, enhance collaboration, enable knowledge sharing among team members, and support construction-related tasks. Using BIM throughout a project reduces risks by promoting efficiency, minimizing errors or misinterpretations between designers, engineers, and contractors, and requiring collaboration and knowledge sharing between all parties.
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North America is expected to hold the largest share of the building information modeling market during the forecast period.
North America is expected to account for the largest market share of the building information modeling market in 2028. The market in North America has been studied for the US, Canada, and Mexico. The market in North America is led by companies such Autodesk Inc., Bentley Systems, Trimble Inc., Procore Technologies, Inc., Archidata Inc., Pinnacle Infotech Solutions, Concora, AFRY, Beck Technology, Computers and Structures, Inc. (CSI), Robert McNeel & Associates, 4M, SierraSoft, Soft Software Inc., and Topcon. The presence of these players in the BIM ecosystem proves a boon for the region.
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Joined: February 8th, 2021
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