Future of Construction: BIM Industry Poised for .8 Billion Boom by 2029

Posted by edwardzmusso on July 16th, 2024

The Building Information Modeling Market is projected to reach from USD 8.0 billion in 2024 to USD 14.8 billion by 2029; it is expected to grow at a CAGR of 13.1% from 2024 to 2029. The construction industry is increasingly adopting digital technologies like Artificial Intelligence (AI), Virtual Reality (VR), and Internet of Things (IoT) with Building Information Modeling (BIM) software. This convergence is driving market growth and transforming the way construction projects are planned, executed, and managed.

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Based on offering type, the software segment is projected to capture the largest market in the forecast period. The rising demand for BIM software in the construction industry is due to its capacity to boost collaboration, enhance efficiency, lower costs, and ensure superior quality outcomes. BIM is useful tool for executing projects and meeting the growing demands for performance, sustainability, and innovation.

Based on the deployment type, on premises held the largest share in building information modeling in 2023, and this prevailing trend is projected to persist throughout the forecast period. The ownership-based deployment model grants users full control and usage rights of the software. This model is particularly beneficial for larger organizations that require long-term use of the software.

Based on project lifecycle, pre construction segment is expected to hold the largest share during the forecast period. During the pre-construction stage, BIM enhances communication and collaboration among architects, engineers, contractors, and clients. By allowing all parties to access and update a shared model, it ensures alignment and prompt resolution of any issues.

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Based on region, North America held the largest share in the BIM market in 2023 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 can see a surge.