Government mandating Building Information Modeling (BIM) usage, and increasing adoption of digital technology by construction sector drive the growth of global building information modeling market.
NEW CASTLE, Del., Nov. 24, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Building Information Modeling Market by Component (Solution and Services), Deployment Mode (On-premise and Cloud-Based), Project Life Cycle (Preconstruction, Construction, and Operations), Building Type (Commercial, Residential, and Industrial), Application (Planning & Modelling, Construction & Design, Asset Management, Building System Analysis & Maintenance Scheduling, and Others), and End-User (Architects/Engineers, Contractors, and Others): Global Opportunity Analysis and Industry Forecast, 2022-2032"
According to the report, the global building information modeling industry generated $7.9 billion in 2022, and is anticipated to generate $34.2 billion by 2032, witnessing a CAGR of 16% from 2023 to 2032.
Prime determinants of growth
The key factors such as government mandating for building information modeling usage (BIM) and the increasing adoption of digital technology by construction sector are driving the building information modeling market growth. Furthermore, increase in initial expenditure on BIM technology is expected to hamper the building information modeling market growth during the forecast period. Moreover, the emergence of virtual reality (VR) and augmented reality (AR) technologies and their integration with BIM is expected to provide an opportunity for the building information modeling market growth during the forecast period.
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Report coverage & details:
Report Coverage | Details |
Forecast Period | 2022-2032 |
Base Year | 2022 |
Market Size in 2022 | $7.9 Billion |
Market Size in 2032 | $34.2 Billion |
CAGR | 16 % |
No. of Pages in Report | 494 |
Segments covered | Component Type, Deployment Mode, Building Type, Application, End-User, and Region. |
Drivers | Government mandating Building Information Modeling (BIM) usage. Increase in adoption of digital technology by construction sector. |
Opportunities | Increase in initial expenditure on Building Information Modeling (BIM) technology. |
Restraints | Integration of virtual reality (VR) and augmented reality (AR) technologies with Building Information Modeling (BIM) technology. |
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Building Information Modeling (BIM) Market Size | 2032 Global building information modeling market size was valued at $7.9 billion in 2022, and is projected to reach $34.2 billion by 2032, growing at a CAGR of 16%
The solution segment to maintain its leadership status during the forecast period
By component, the solution segment dominated the building information modeling market in 2022. This is attributed to the increasing number of BIM solutions provided by various software companies across the globe. However, the service segment is expected to attain growth during the forecast period with a CAGR of 17.9% from 2022 to 2032. This is attributed to the fact that large number of service organizations are growing at an increasing rate on a global scale.
The on-premise segment to maintain its leadership status during the forecast period
By deployment mode, the on-premise segment dominated the market in 2022. This is attributed to the fact that on premise building information modeling technology is preferred as it provides complete control to the organization to monitor the BIM process. However, the cloud segment is expected to grow during the forecast period at a CAGR of 17.4% from 2022 to 2032. This is attributed to the growing flexibility and reduced cost advantages provided by cloud technology.
The commercial segment to maintain its lead position during the forecast period
By building type, the commercial segment dominated the building information modeling market in 2022, owing to increase in demand for better planning and design requirement to build an enhanced infrastructure from commercial segment. However, the residential segment is expected to grow during the forecast period with a CAGR of 12.1% from 2022 to 2032. This is attributed to the growing demand from consumers to buy high quality complexes with better design and space in the residential sector.
The planning and modelling segment to maintain its lead position during the forecast period
By application, the planning and modeling segment dominated the market in 2022. This is attributed to the fact that BIM plays a major role in planning and modelling of building projects before the initiation and makes it convenient for the engineers and architects to control the whole process through flexiblity. However, the building system analysis and maintenance scheduling segment is expected grow during the forecast period at a CAGR of 19.3% from 2022 to 2032. This is attributed to growing demand for the analysis and maintenance feature provided by BIM software.
The architects/engineers segment to maintain its lead position during the forecast period
By end-user, the architect/engineer segment dominated the market in 2022. This is attributed to increasing use of BIM software by engineers/architects to develop infrastructures. However, the others segment is expected grow during the forecast period at a CAGR of 17.2% from 2022 to 2032. This is attributed to the growing demand by construction companies and facility managers for BIM software.
North America to maintain its dominance by 2032
Region-wise, North America dominated the market in 2022, owing to the presence of large volume of BIM software providers in the region. However, Asia-Pacific is expected to grow during the forecast period at a CAGR of 19.1%, due to the growing construction activities in the region.
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Leading Market Players: -
- Aveva Group Plc.
- Hexagon AB
- Trimble Inc.
- Autodesk Inc.
- Beck Technolgy Ltd.
- Pentagon Solution Ltd.
- Nemetschek SE
- Bentley Systems Inc.
- Dassault Systemes
- Asite Solutions Ltd.
The report provides a detailed analysis of these key players of the global building information modeling market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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