Building Information Modeling Market market is expected to grow at a CAGR of 18.1% during the forecasted period | Evolve Business Intelligence

As per the study initiated by Evolve Business Intelligence, the global Building Information Modeling Market size accounted for USD 12.2 Billion in 2023, growing at a CAGR of 18.1% from 2023 to 2033. Building Information Modeling (BIM) is a digital representation of the physical and functional characteristics of a building or infrastructure. It involves creating and managing digital models of a construction project's physical and functional characteristics. These models can be used for design, construction, and operation throughout the building's lifecycle.

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BIM improves efficiency in the design and construction process by reducing errors, minimizing rework, and streamlining communication among project stakeholders. This, in turn, enhances overall productivity. BIM helps in accurate cost estimation, reducing the likelihood of budget overruns. It also allows for better resource management, optimizing the use of materials and labor. BIM enables better visualization and analysis of potential issues before construction begins, reducing the risk of errors and conflicts during the construction phase.

Key Players
Some of the major Building Information Modeling Market players holding high market shares include Dassault Systemes, Bentley Systems, Incorporated, Asite Solutions Ltd., Trimble, Inc., and Beck Technology Ltd. These players use partnership and collaboration as a key strategy to gain significant market share to compete with market leaders. Some of the other major market players include Nemetschek Group, Autodesk Inc., Pentagon Solutions Ltd., HEXAGON AB, and AVEVA Group PLC.

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Segmental Analysis
Based on components, the Building Information Modeling market is segmented into Solutions, and Service. The solution segment is the largest segment of the BIM market. This is because BIM solutions are essential for creating and managing BIM models. BIM solutions include a variety of software tools that are used to design, model, and analyze buildings. Examples of BIM solutions include Autodesk Revit, Graphisoft Archicad, and Bentley Systems MicroStation BIM.

Based on deployment mode, the Building Information Modeling market is On-premise, Cloud. The cloud deployment mode is the fastest-growing segment of the BIM market. This is because cloud-based BIM solutions offer several advantages over on-premise solutions, such as increased flexibility, scalability, and cost-effectiveness. Cloud-based BIM solutions also make it easier for project stakeholders to collaborate on projects.
Based on building type, the Building Information Modeling market is Commercial and residential. The commercial segment is the largest segment of the BIM market. This is because commercial buildings are typically larger and more complex than residential buildings, and therefore require more detailed BIM models. Additionally, the demand for BIM is higher in the commercial sector due to the increasing adoption of BIM mandates by governments and organizations.

Based on Application, the Building Information Modeling market is Planning and Modelling, Construction and Design, Asset Management, Building System Analysis, and Maintenance Scheduling. The planning and modeling application is the largest segment of the BIM market. This is because planning and modeling are the first steps in the BIM process and are therefore essential for creating accurate and detailed BIM models. BIM planning and modeling tools are used to create 3D models of buildings, which can then be used for a variety of purposes, such as design analysis, clash detection, and cost estimation.

Key Region/ Countries Covered
• North America (US, Canada, Mexico)
• Europe (Germany, U.K., France, Italy, Spain, Russia, Nordic Countries, BeNeLux, Rest of Europe)
• Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Rest of Asia Pacific)
• Middle East and Africa (Saudi Arabia, UAE, Egypt, South Africa, Rest of MEA)
• Latin America (Mexico, Brazil, Argentina, Rest of Latin America)

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