Building Information Modeling (BIM) Market Size To Grow At A CAGR Of 13.9% During The Forecast Period – ZMR Report
Global Building Information Modeling (BIM) Market Size To Hit New Levels Of Growth With USD 52.5 Bn Earnings By 2028 | At a 13.9% % CAGR – Zion Market Research
NEW YORK, UNITED STATES, January 11, 2023 /EINPresswire.com/ — Building Information Modeling (BIM) Market By End-User (Architects, Contractors, Engineers, And Others), By Solution (Software And Services), By Vertical (Commercial, Residential, Infrastructure, Institutional, And Industrial), And By Region – Global And Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, And Forecasts 2022 – 2030
The global building information modeling (BIM) market size was worth around USD 14.72 billion in 2021 and is predicted to grow to around USD 52.5 billion by 2030 with a compound annual growth rate (CAGR) of roughly 13.9% between 2022 and 2030.
Building information modeling (BIM) is sometimes also referred to as building information management. It is a crucial and oftentimes mandated process that ensures the accuracy of steps including planning, designing, and construction of assets or facilities. BIM is a collaborative activity allowing engineers, architects, contractors, real estate developers, construction professionals, and manufacturers to create a virtual or digital representation of a facility before it is constructed.
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The applications of BIM have forayed into the management and operational activities of buildings as well as utilizing the data that is accessible to the structure owners. This in turn aids municipalities, governments, and large to small-scale property managers to make decisions that are based on accurate information derived with the help of the BIM technology. This process is even applicable to buildings that have already been constructed. BIM can be considered as an enhanced substitute for drawings or blueprints that were initially constructed with information related to building plans which lacked certain attributes of accurate representation of dimensions. The main features of the BIM model are intelligence, geometry access, and data storage.
The global building information modeling (BIM) market is projected to grow due to the growing adoption of these systems by construction agencies, real estate agents, architects, and building professionals in general.
BIM greatly covers all the disadvantages that were associated with previous technologies used for the virtual representation of a facility including blueprints and computer-aided design (CAD) since they lacked integration with higher systems like artificial intelligence and machine learning. As the rate of product innovation in BIM increases, the global market can expect more growth in the coming years further driven by the growing demand for smart cities influenced by the rapidly rising rate of urbanization which involves the migration of people from rural areas to urban cities. The rising investment in smart-city projects could create a high product adoption rate given the benefits of managing resources by using BIM. Governments have mandated the use of BIM technology which helps companies overcome growth barriers and drive product implementation.
The global market growth period could be restricted in terms of the skills needed to operate BIM systems. Companies have to invest not only in installing the systems but a large part of the expense goes into training the in-house employee or hiring experts which increases the overall budget allocated to the product implementation process. Other factors like the synchronization between the cost of using the technology and project scale and leadership caliber could further act as growth limits.
The growing and constant product innovation may support further growth whereas managing the cost-effectiveness with small projects could act as a challenge.
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The global building information modeling (BIM) market is segmented based on solution, end-user, vertical, and region
Based on end-user, the global market segments are architects, contractors, engineers, and others. The global market was dominated by the architects segment in 2021 and is expected to follow the same trend in the coming years due to the growing number of construction activities aided by architects that are using technology excessively to design models in 3-dimension which enhances the final outcome of the project. It also improves the overall work efficiency with other team members who are a part of the design team. Many companies who undertake overseas projects have stringent rules related to a qualification listed in the architect hiring process as an understanding of BIM is considered mandatory.
Based on vertical, the global market is divided into commercial, residential, infrastructure, institutional, and industrial. The global market may generate the highest revenue in the industrial segment during the forecast period due to the rapid industrialization rate observed worldwide. As per a December 2022 report by Statista, in August 2022, the global industrial production rate increased by 3.6% in comparison to the previous year. Several factors influence industrialization and some of them include high tariffs, western mining, national markets, vertical & horizontal integration, and tax breaks & government subsidies. The annual 2021 revenue of Autodesk stood at USD 3.79 billion.
North America is projected to register the highest growth in the global building information modeling (BIM) market mainly driven by the government mandates on companies operating in the building and construction sector to use BIM technologies for development activities. The regional governments have been exceptionally proactive in ensuring the implementation of the mandates. Growth in Europe could be a result of increasing investments in infrastructure maintenance and further development along with a growing product adoption rate. The Middle East may witness the highest growth in the countries of the United Arab Emirates and surrounding regions due to the high emphasis on planned urbanization and development models. Increasing the use of BIM in government projects in India, China, Japan, and other countries could help the Asia-Pacific region to grow at a significant rate.
This review is based on a report by Zion Market Research, titled “Building Information Modeling (BIM) Market – Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2022 – 2030.”- Report at https://www.zionmarketresearch.com/report/building-information-modeling-market
Recent Developments:
In May 2022, Catenda and Egis signed a new collaboration to encourage the development of BIM technology in the civil infrastructure world
In January 2021, The BIM Engineers (TBE) and Zigurat Global Institute of Technology partnered allowing professionals from the architecture, engineering, and construction (AEC) industry to have access to the offerings of Zigurat
The global building information modeling (BIM) market is dominated by players like:
Trimble Navigation Ltd.
Bentley Systems Inc.
Autodesk Inc.
AECOM
Nemetschek AG.
Beck End-user Ltd.
Dassault Systemes SA
Pentagon Solutions Ltd.
Asite Solutions Limited.
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The global building information modeling (BIM) market is segmented based on end-user, solution, vertical, and region
By Solution
Software
Services
By Vertical
Commercial
Residential
Infrastructure
Institutional
Industrial
The global building information modeling (BIM) market is segmented as follows based on region:
North America
The U.S.
Canada
Europe
France
The UK
Spain
Germany
Italy
Rest of Europe
Asia Pacific
China
Japan
India
South Korea
Southeast Asia
Rest of Asia Pacific
Latin America
Brazil
Mexico
Rest of Latin America
Middle East & Africa
GCC
South Africa
Rest of the Middle East & Africa
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