Global Building Information Modeling (BIM) Market to Reach US$ 17.9 Billion by 2028, Fueled by Significant Advancements in Construction Industry

According to the latest report by IMARC Group, titled “­­ Building Information Modeling (BIM) Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the global building information modeling (BIM) market size reached US$ 7.5 Billion in 2022. Building information modeling (BIM) is a collaborative technology used in planning, designing, constructing, operating, and maintaining buildings and infrastructure. It represents physical and functional characteristics as a digital model, creating a shared knowledge resource for all stakeholders involved. BIM goes beyond traditional 2D or 3D modeling by encompassing geometry, spatial relationships, geographic information, and quantities and properties of components. This allows for a comprehensive understanding of a project, enhancing decision-making, coordination, and communication among various parties. The utilization of BIM facilitates real-time updates and access to consistent information, reducing errors and promoting efficiency throughout the building's lifecycle. Besides this, BIM aids in energy analysis, sustainability assessments, and optimizing material usage, contributing to the global trend of environmentally conscious and efficient construction practices.

Global Building Information Modeling (BIM) Market Trends:

The global building information modeling (BIM) market is experiencing remarkable growth, driven by the industry's pursuit of enhanced efficiency and cost-effectiveness. Besides this, BIM's capability to offer a centralized platform for collaborative planning and design, along with its capacity to streamline workflows and reduce rework, addresses the construction sector's longstanding challenges, thereby creating a positive outlook for market expansion. Moreover, a rising number of governments and regulatory bodies worldwide are increasingly recognizing BIM as a means to achieve better infrastructure planning, sustainability goals, and enhanced public safety. As a result, various regulatory authorities are mandating the use of BIM for public projects, compelling stakeholders to adopt BIM methodologies. In addition to this, the growing complexity of construction projects, particularly in large-scale infrastructure and urban development, is propelling the need for advanced project management tools, bolstering the market growth. Concurrently, the growing product employment to facilitate interdisciplinary coordination, clash detection, and detailed visualization is presenting lucrative opportunities for market expansion. Furthermore, the rising demand for sustainable construction practices aligns with BIM's capacity to simulate energy performance, analyze environmental impacts, and optimize resource utilization, strengthening the market growth. Looking forward, the market value is projected to reach US$ 17.9 Billion by 2028, expanding at a CAGR of 15.9% during 2023-2028.

Market Summary:

• Based on the offering type, the market is bifurcated into software and services. Between these, software represented the largest segment.
• On the basis of the deployment mode, the market has been divided into on-premises and cloud-based. At present, on-premises dominates the market.
• Based on the application, the market is classified into preconstruction, construction, and operations. Among these, preconstruction accounts for the majority of the market share.
• On the basis of the end use sector, the market has been segregated into commercial, residential, and industrial. Currently, commercial is the most popular market segment.
• Based on the end user, the market is categorized into architects and engineers, contractors and developers, and others. Presently, architects and engineers hold the largest market share.
• On a regional basis, the market has been segmented into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa. Among these, North America is the biggest market for building information modeling (BIM).
• The competitive landscape of the market has also been examined, with some of the key players being ABB Ltd., AECOM, Autodesk Inc., Aveva Group Plc (Schneider Electric), Beck Technology Ltd., Bentley Systems Incorporated, Dassault Systèmes SE, Hexagon AB, Nemetschek SE, Trimble Inc. etc.

Report Coverage:

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