Allied Market Research published a new report entitled: “Building Information Modeling Market Reach USD 34.2 Billion by 2032 Growing with 16.0% CAGR.” The report provides a comprehensive analysis of key growth strategies, drivers, opportunities, key segments, Porter’s Five Forces analysis and the competitive landscape. This study is a useful source of information for market players, investors, VPs, stakeholders and new entrants to gain a thorough understanding of the industry and determine the steps to be taken to gain competitive advantage.
The global building information modeling market size was estimated at USD 7.9 billion in 2022 and is expected to reach USD 34.2 billion by 2032, with a CAGR of 16% between 2023 and 2032 according to the market forecast.
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Driving factors
The building information modeling market is expected to witness remarkable growth due to the government mandating the use of building information modeling (BIM) and the increasing adoption of digital technology by the construction industry. Moreover, the emergence of virtual reality (VR) and augmented reality (AR) technologies and their integration with BIM is expected to provide lucrative opportunities for the growth of the market during the forecast period. On the contrary, the rising initial expenditure on BIM technology is limiting the growth of the construction information modeling market.
Market segmentation
The building information modeling industry is segmented based on component, implementation mode, project life cycle, building type, application, end user and region. In terms of components, the BIM building information modeling market is divided into solutions and services. By deployment mode, the market is divided into on-premise and cloud-based. Per project life cycle, the market is divided into preconstruction, construction and operation. By building type, the market is divided into commercial, residential and industrial. By application, the market is divided into planning and modeling, construction and design, asset management, building systems analysis and maintenance planning, and others. By end user, the building information modeling market is segmented into architects/engineers, contractors, and others. Regionally, the BIM market is divided into North America, Europe, Asia Pacific and LAMEA.
Key players
The key players profiled in building information modeling in the ICT market analysis are Aveva Group Plc., Hexagon AB, Trimble Inc., Autodesk Inc., Beck Technolgy Ltd., Pentagon Solution Ltd., Nemetschek SE, Bentley Systems Inc., Dassault Systemes and Asite Solutions Ltd. These players have adopted various strategies to increase their market penetration and strengthen their position in the construction information modeling industry.
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By region, the building information modeling market in 2023 was dominated by North America. The region’s leadership can be attributed to its early adoption of advanced construction technologies, stringent regulatory frameworks and increasing focus on sustainable and smart construction practices. In the US and Canada, government initiatives and mandates for the use of BIM in major infrastructure and commercial projects have significantly driven its adoption.
By building type, the commercial segment dominated the market in 2023. This is mainly due to the widespread adoption of BIM technology in large-scale commercial construction projects, including office buildings, retail spaces, hospitals and hotels. The commercial construction industry demands highly detailed design, planning and project management, which BIM provides through its ability to enhance collaboration, improve efficiency and reduce construction costs and errors.
By application, the planning and modeling segment accounted for the largest share in 2023. This is because BIM’s core strength lies in its ability to create detailed and accurate 3D models during the early stages of construction projects. These models facilitate better planning, visualization and decision making for architects, engineers and project managers. However, the building systems analysis and maintenance planning segment is expected to witness the highest CAGR of 19.3%. This growth is driven by increasing demand for tools that help manage the operational lifecycle of buildings, especially in the areas of maintenance and optimization of building systems such as HVAC, electrical and plumbing.
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Important developments in the sector
● In June 2024, Microsol Resources Corporation launched an addition of Egnyte to its growing association of technology partners. Egnyte transforms where and how companies work with their content. Combining many different software categories into one unified platform gives IT the visibility and control they need, while also giving knowledge workers the intelligence, automation and flexibility they need.
● In June 2023, OpenSpace launched a new product for Building Information Modeling (BIM) technology, which would be deployed in the field for quick troubleshooting. OpenSpace BIM+ is a suite of easy-to-use 3D tools that help field teams and virtual design and construction (VDC) teams get their work done faster by unlocking on-site BIM coordination.
● In December 2021, Capgemini partnered with Autodesk, Inc. to deliver end-to-end Building Information Modeling (BIM) platforms and transformation programs. Capgemini will be the first Authorized Autodesk System Integrator and will play a key role in the development of the program.
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