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Building Information Modeling Market Size, Share, Growth, Trends, Analysis, Forecast To 2033
Building Information Modeling Market Size
As per the report, the building information modeling market size has grown rapidly in recent years. It will grow from $8.06 billion in 2023 to $9.43 billion in 2024 at a compound annual growth rate (CAGR) of 17.0%. The building information modeling market size is expected to see rapid growth in the next few years. It will grow to $17.46 billion in 2028 at a compound annual growth rate (CAGR) of 16.6%.
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Surging Construction Activities Fuel Growth In The Modular Construction Market
The rapid rise in construction is expected to propel the modular construction market going forward. The construction industry is the industrial branch of trade and manufacturing concerned with constructing, repairing, renovating, and maintaining infrastructures. The construction activities create a demand for building information modelling to achieve higher productivity and shorter project lifecycles through increased communication and coordination. This enables the construction business to speed up the entire project by significantly reducing work and time. For instance, in October 2021, according to a report published by Oxford Economics, a UK-based economic information services company, the global construction output was $10.7 trillion in 2020, and between 2020 and 2030, it is anticipated to increase by 42%, or $4.5 trillion, to reach USD 15.2 trillion. Furthermore, in the 2022 U.S. Construction Cost Trends report, in the U.S., there is a rise in residential construction which will continue to drive up demand for materials and labor, escalating competition and cost pressures. In the U.S., total construction spending has increased by 16% since the pandemic's onset. Therefore, a rapid rise in construction is expected to drive the growth of the building information modeling (BIM) market.
IOT Integration Sparks Momentum In Building Information Modeling (BIM) Market
The rising trend of IoT (Internet of Things) in construction is gaining popularity in the building information modeling (BIM) market. IoT in construction can streamline the ordering and modeling processes, lowering the time necessary for ordering. Major players in the building information modeling sector are focused on developing IoT-based solutions to strengthen their position in the market. For instance, in March 2022, SIMLAB, a Poland-based technology company, incorporated BIM and IoT smart building technologies into Matterport Digital Twins. The technology enables construction project management stakeholders to better track and view several crucial points during the architectural design stage and to examine construction sites without being required to be present onsite.
The building information modeling market covered in this report is segmented -
1) By Component: Software, Services
2) By Deployment Type: On Premises Deployment, Cloud Deployment
3) By Project Lifecycle: Preconstruction, Construction, Operation
4) By Application: Planning and Modelling, Construction And Design, Assest Management, Building System Analysis And Maintenance Scheduling, Other Applications
5) By End User: Architects/Engineers, Contractors, Other End Users
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Major companies operating in the building information modeling market report are Autodesk, The Nemetschek Group, Bentley Systems Incorporated, Trimble Navigation Limited, Pentagon Solutions, Asite Solutions, AVEVA Group plc, Hexagon AB, ACCA Software Inc., Vector Networks Inc., Revit Modelling India, Pinnacle Infotech, Planon Group, LOD Planner Inc., Cadsoft Corp., Archidata Inc., Tekla Corporation, Dassault Systèmes, Graphisoft SE, Procore Technologies Inc., Bluebeam Inc., Synchro Software Ltd., Architecture Engineering Construction Operations and Management, Mott MacDonald Group, PTC Inc., Siemens Digital Industries Software, Corecon Technologies Inc., Newforma Inc., BIMobject AB, FARO Technologies Inc., Hilti Group, ClearEdge3D Inc., PlanGrid, Solibri Inc., ALLPLAN, RIB Software SE, BuildingConnected, Pointfuse Ltd.
Contents of the report:
1. Executive Summary
2. Building Information Modeling Market Report Structure
3. Building Information Modeling Market Trends And Strategies
4. Building Information Modeling Market - Macro Economic Scenario
5. Building Information Modeling Market Size And Growth
…..
27. Building Information Modeling Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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