USD 34.2 Billion Building Information Modeling Market Reach by 2032 at 16% CAGR

According to the report published by Allied Market Research, The USD 34.2 Billion Building Information Modeling Market Reach by 2032 at 16% CAGR. The report provides an extensive analysis of changing market dynamics, major segments, value chain, competitive scenario, and regional landscape. This research offers valuable able guidance to leading players, investors, shareholders, and startups in devising strategies for sustainable growth and gaining a competitive edge in the market.

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, an 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 building information modeling market growth during the forecast period.

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The global building information modeling market size was valued at USD 7.9 billion in 2022, and is projected to reach USD 34.2 billion by 2032, growing at a CAGR of 16% from 2023 to 2032 during the building information modeling market forecast.

The building information modeling industry is segmented based on component, deployment mode, project life cycle, building type, application, end-user and region. In terms of component, the market is divided into solution and services. By deployment mode the market is divided into on-premise and cloud-based. By project life cycle the market is divided into preconstruction, construction and operations. By building type, the market is divided into commercial, residential and industrial. By Application, the market is divided into planning & modelling, construction & design, asset management, building system analysis & maintenance scheduling and others. By end user, the market is divided into architects/engineers, contractors and others. By region-wise the market is divided into North America, Europe, Asia-Pacific and LAMEA.

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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 numbers of service organizations are growing at an increasing rate on a global scale.

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.

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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.

The report analyzes the profiles of key players operating in the building information modeling market such as 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 building information modeling market.

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Top Impacting Factors

● Government mandating Building Information Modeling (BIM) usage

● Increasing adoption of digital technology by construction sector

● Increasing initial expenditure on Building Information Modeling (BIM) technology

● Integration of virtual reality (VR) and augmented reality (AR) technologies with Building Information Modeling (BIM) technology

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