Building Information Modeling Market to Hit $34.2 Billion by 2032, Growing at 16% CAGR Amid Rising Demand for Smart Construction: Allied Market Research

According to the report, the global building information modeling industry size 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.

🔰 𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐒𝐚𝐦𝐩𝐥𝐞 𝐏𝐚𝐠𝐞𝐬 - https://www.alliedmarketresearch.com/request-sample/1075

Buidling Information Modeling (BIM) deals with the ability to create and manage digital representations of location's functional and physical attributes. Different technologies, tools and contracts support BIM. People use BIM computer files to manage buildings and various physical infrastructures, such as water, garbage, electricity, gas, communication utilities, roads, railroads, bridges, ports, and tunnels. Moreover, government and other businesses also use BIM software. BIM is a collabrative process that combines information. The goal of BIM is to improve the design, construction and the operation of infrastructure buildings.

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.

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.

𝐏𝐫𝐨𝐜𝐮𝐫𝐞 𝐂𝐨𝐦𝐩𝐥𝐞𝐭𝐞 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭 𝐍𝐨𝐰: https://www.alliedmarketresearch.com/building-information-modeling-market/purchase-options

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.

𝐈𝐧𝐭𝐞𝐫𝐞𝐬𝐭𝐞𝐝 𝐭𝐨 𝐏𝐫𝐨𝐜𝐮𝐫𝐞 𝐭𝐡𝐞 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡 𝐑𝐞𝐩𝐨𝐫𝐭? 𝐈𝐧𝐪𝐮𝐢𝐫𝐞 𝐁𝐞𝐟𝐨𝐫𝐞 𝐁𝐮𝐲𝐢𝐧𝐠 - https://www.alliedmarketresearch.com/purchase-enquiry/1075

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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