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Building Information Modeling Market Size, Share, Growth Report 2033
Building Information Modeling Market Size
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According to The Business Research Company's, 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 growth in the historic period can be attributed to expansion of building lifecycle management, industry standards and certifications, efficiency and cost savings, government initiatives and mandates, emergence of 3d modeling.
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%. The growth in the forecast period can be attributed to rise in remote collaboration tools, emphasis on building performance analysis, focus on smart cities and urban development, growing demand for facility management integration, advancements in 5d bim . Major trends in the forecast period include integration of artificial intelligence (ai) and machine learning, rise of cloud-based bim solutions, focus on sustainable design and green building practices, expansion of virtual reality (vr) and augmented reality (ar) in bim.
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Market Drivers and Trends:
The water shortages are expected to propel the building information modeling market going forward. Water shortages refer to a situation where the demand for freshwater exceeds the available supply, leading to insufficient water resources. Building Information Modeling (BIM) is used in water conservation efforts by optimizing the design and construction of water-efficient infrastructure to address and mitigate the impacts of water shortages. For instance, in March 2023, according to the United Nations Educational, Scientific and Cultural Organization (UNESCO), a France-based specialized agency promoting world peace stated that worldwide, 2 billion individuals, which is 26% of the global population, are without access to clean drinking water. Furthermore, 3.6 billion people, accounting for 46% of the world's population, do not have access to adequately managed sanitation services. The number of urban residents facing water shortages is expected to increase twofold by 2050. Therefore, the water shortages are driving the growth of the building information modeling 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.
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Major Key Players of the Market:
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.
Building Information Modeling Market 2024 Key Insights:
• 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%.
• Surging Construction Activities Fuel Growth In The Modular Construction Market
• IOT Integration Sparks Momentum In Building Information Modeling (BIM) Market
• North America was the largest region in the building information modeling market share in 2023
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