Growing construction sector followed by rising awareness of building information modeling (BIM) among the architects, engineers, and contractors is driving the market growth. Favorable government mandates on BIM usage for construction of various infrastructures is boosting the market growth. Owing to benefits of BIM such as rapid data exchange, increased return on investment and the time-saving solution is driving its application in construction projects. BIM market is growing at a faster pace owing to better substitute over conventional CAD software.
As per the latest report added by Value Market Research, the Global Building Information Modeling (BIM) Market was valued USD 4,575.2 MN (by revenue) in 2017 and is anticipated to reach USD 15,142.7 MN by 2024 with a CAGR of 18.7%.
ARCHITECTS DOMINATED THE END-USER SEGMENT
In 2017, architect dominated the end-user segment owing to increase in construction projects and rising demand of automated models is driving the market growth. As per the analysis, an architect is presumed to reach USD XX.X million by the end of 2024.
SOFTWARE LED THE TYPE SEGMENT
Software type is dominating the segment owing to its ability to offer better efficiency and transparency in building work and construction management. The software segment is expected to touch USD XXX million by the end of 2024.
BY VERTICAL, COMMERCIAL DOMINATED THE SEGMENT
In 2017, commercial led the vertical segment owing to government mandates on the use of BIM especially commercial infrastructure is fueling the market growth. By 2024, it is presumed that commercial segment will reach USD XX.X million.
NORTH AMERICA DOMINATED THE REGIONAL MARKET
By region, North America led the market owing to rising adoption of cloud-based solutions followed by advancement in technology in IoT and big data is fueling the regional market growth. North America is expected to reach USD XX.X million by 2024.
KEY PLAYERS OF THE MARKET
The market is moderately competitive due to the presence of key players such as Archidata Inc., Asite Solutions Ltd., Autodesk, Inc., Beck Technology, Ltd., Bentley Systems, Inc., Cadsoft Corporation, Dassault Systemes S.A., Design Data, Nemetschek AG, Robert McNeel & Associates and Solibri, Inc.
As per this study, the Global Building Information Modeling (BIM) market was valued USD 7.52 MN (by revenue) in 2021 and is anticipated to reach USD 16.73 MN by 2028 with a CAGR of 12.1%.
Building information modeling (BIM) is a virtual 3D model based technique that offers highly efficient design and manages the digital representation of physical & functional information. It is referred to as a set of interacting policies, processes and technologies generating a methodology to manage the essential building design and project data in digital format throughout the building's life-cycle. In recent years, building information modeling (BIM) has become an emerging technology throughout the globe in the architecture, engineering, and construction (AEC) sectors.
Market Dynamics
Growing adoption of building information technology in the construction sector more specifically for commercial and infrastructure projects is a major factor driving the market growth. Favorable government regulations are boosting deployment of BIM in public infrastructure projects such as bridges, roads, and highway construction is further accelerating the market growth. However, the high cost of the software required for BIM and long training periods decrease the productivity of the company is anticipated to hamper the market growth.
This detailed market study is centered on the data obtained from multiple sources and is analyzed using numerous tools including porter's five forces analysis, market attractiveness analysis and value chain analysis. These tools are employed to gain insights of the potential value of the market facilitating the business strategists with the latest growth opportunities. Additionally, these tools also provide a detailed analysis of each application/product segment in the global market of building information modeling (BIM).
Market Segmentation
The broad building information modeling (BIM) market has been sub-grouped into type, vertical and end-user. The report studies these subsets with respect to the geographical segmentation. The strategists can gain a detailed insight and devise appropriate strategies to target specific market. This detail will lead to a focused approach leading to identification of better opportunities.
By Type
- Software
- Architectural Design
- Sustainability
- Structures
- MEP
- Construction
- Facilities Management
- Services
- Project Management Support
- Software Support and Maintenance
By Vertical
- Commercial
- Residential
- Educational
- Healthcare
- Industrial
- Entertainment
- Sports
- Others
By End-User
- Construction Managers/General Contractors
- Architects
- Owners
- Engineers
- Others
Regional Analysis
Furthermore, the report comprises of the geographical segmentation which mainly focuses on current and forecast demand for building information modeling (BIM) in North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The report further focuses on demand for individual application segments in all the regions.
Global Building Information Modeling (BIM) Market Share by Region (Representative Graph)​
The report also covers detailed competitive landscape including company profiles of key players operating in the global market. The key players in the building information modeling (BIM) market includes Archidata Inc., Asite Solutions Ltd., Autodesk, Inc., Beck Technology, Ltd., Bentley Systems, Inc., Cadsoft Corporation, Dassault Systemes S.A., Nemetschek AG, Robert Mcneel & Associates, Trimble Solutions Corporation and others. An in-depth view of the competitive outlook includes future capacities, key mergers & acquisitions, financial overview, partnerships, collaborations, new product launches, new product developments and other developments with information in terms of H.Q.
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