Innovation in Construction: Building Information Modeling Market Forecast to Reach $14.8 billion by 2029

The Building Information Modeling Market is projected to reach from USD 8.0 billion in 2024 to USD 14.8 billion by 2029; it is expected to grow at a CAGR of 13.1% from 2024 to 2029. The construction industry is increasingly adopting digital technologies like Artificial Intelligence (AI), Virtual Reality (VR), and Internet of Things (IoT) with Building Information Modeling (BIM) software. This convergence is driving market growth and transforming the way construction projects are planned, executed, and managed.

Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=95037387

Based on offering type, the software segment is projected to capture the largest market in the forecast period. The rising demand for BIM software in the construction industry is due to its capacity to boost collaboration, enhance efficiency, lower costs, and ensure superior quality outcomes. BIM is useful tool for executing projects and meeting the growing demands for performance, sustainability, and innovation.
Based on the deployment type, on premises held the largest share in building information modeling in 2023, and this prevailing trend is projected to persist throughout the forecast period. The ownership-based deployment model grants users full control and usage rights of the software. This model is particularly beneficial for larger organizations that require long-term use of the software.

Based on project lifecycle, pre construction segment is expected to hold the largest share during the forecast period. During the pre-construction stage, BIM enhances communication and collaboration among architects, engineers, contractors, and clients. By allowing all parties to access and update a shared model, it ensures alignment and prompt resolution of any issues.

Inquiry Before Buying @ https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=95037387

Based on region, North America held the largest share in the BIM market in 2023 and the same trend is expected during the forecasted year. The growth in the region is attributed to the presence of numerous ecosystem players such as Autodesk Inc., Bentley Systems, Trimble Inc., Procore Technologies, Inc., Archidata Inc. etc. Also, due to the wide adoption of BIM by architects, engineers, and consultants in the region the BIM market can see a surge.

Contact:
Mr. Rohan Salgarkar
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: sales@marketsandmarkets.com

About MarketsandMarkets™

MarketsandMarkets™ has been recognized as one of America's best management consulting firms by Forbes, as per their recent report.

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

This release was published on openPR.