At 15.2% CAGR, Building Information Modeling Market Size to Surpass USD 15.89 Billion by 2027

Growing government mandates for BIM adoption worldwide and a booming construction industry are driving the building information modeling market growth.

PORTLAND, PORTLAND, OR, UNITED STATES, March 13, 2023 /EINPresswire.com/ — Global building information modeling market was valued at $5,205 million in 2019 and is anticipated to grow to $15,892 million by 2027, with a CAGR of 15.2% between 2020 and 2027.

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The Building Information Modeling (BIM) market is experiencing significant growth and demand in recent years. BIM refers to a digital representation of a building or infrastructure project that is created using computer-aided design (CAD) software. BIM technology provides 3D visualization and modeling of construction projects, enabling stakeholders to collaborate effectively and make better-informed decisions throughout the project’s lifecycle.

The increasing adoption of BIM in the construction industry has been driven by several factors, including the need to reduce project costs, improve project outcomes, and enhance collaboration and communication among project stakeholders. BIM also helps to streamline the construction process, minimize errors, and reduce project timelines, making it an attractive option for construction companies.

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Some of the notable trends in market include:

• Increased adoption of cloud-based BIM: Cloud-based BIM solutions are becoming increasingly popular as they offer greater flexibility, scalability, and accessibility. With cloud-based BIM, stakeholders can access project data from anywhere, anytime, on any device, which enhances collaboration and communication.

• Integration with other technologies: BIM is increasingly being integrated with other technologies such as virtual reality (VR) and augmented reality (AR) to enhance visualization and simulation capabilities. This integration allows stakeholders to experience the building or infrastructure project in a more immersive way, which can improve design and decision-making.

• Rise of BIM in infrastructure projects: While BIM has traditionally been used in building projects, its adoption is growing in the infrastructure sector as well. BIM can help improve the efficiency of infrastructure projects by streamlining design, reducing errors, and enhancing collaboration among stakeholders.

• Emphasis on sustainability: There is a growing emphasis on sustainability in the construction industry, and BIM can play a key role in achieving sustainable outcomes. BIM can help optimize building design, reduce waste, and minimize the environmental impact of construction projects.

• Increasing use of BIM in facility management: BIM is being used more frequently in facility management to help with maintenance, repairs, and upgrades. By using BIM data, facility managers can better understand the building’s systems and components, which can help with planning and decision-making.

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Key opportunities for the BIM market are:

• Increasing government initiatives: Governments around the world are increasingly promoting the adoption of BIM in the construction industry. This is creating opportunities for BIM vendors to provide solutions that meet the specific needs of government agencies and contractors, such as compliance with regulations and standards.

• Growing demand for eco-friendly construction: There is a growing demand for eco-friendly and sustainable construction practices. BIM can help to optimize building design, reduce waste, and minimize the environmental impact of construction projects. As such, BIM vendors can capitalize on this opportunity by providing solutions that help construction companies achieve sustainable outcomes.

• Advancements in BIM technology: The ongoing advancements in BIM technology are creating opportunities for BIM vendors to offer more advanced and sophisticated solutions. For example, the integration of BIM with other technologies like virtual reality (VR) and augmented reality (AR) can enhance visualization and simulation capabilities, which can help stakeholders make more informed decisions.

• Increasing adoption of BIM in infrastructure projects: While BIM has traditionally been used in building projects, its adoption is growing in the infrastructure sector as well. This is creating opportunities for BIM vendors to provide solutions that meet the unique needs of infrastructure projects, such as highway construction, bridges, tunnels, and other civil engineering projects.

• Growing demand for facility management: The use of BIM in facility management is increasing, creating opportunities for BIM vendors to provide solutions that help facility managers with maintenance, repairs, and upgrades. BIM data can provide valuable insights into a building’s systems and components, helping facility managers make more informed decisions and optimize building performance.

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David Correa
Allied Analytics LLP
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