Building Information Modeling Market Outlook
According to the report by Expert Market Research (EMR), the global building information modeling market size reached a value of approximately USD 8.25 billion in 2022. Aided by the growing demand for efficient planning tools in construction projects and the expanding applications of BIM in various sectors, the market is projected to further grow at a CAGR of 16.40% between 2023 and 2028 to reach a value of USD 19.87 billion by 2028.
Building Information Modeling is a smart 3D model-based process that equips architecture, engineering, and construction (AEC) professionals with the insight and tools to more efficiently plan, design, construct, and manage buildings and infrastructure. It not only reduces the time taken for project completion but also enables cost saving and reduces errors due to its enhanced coordination and simulation capabilities.
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The accelerating urbanisation and the ensuing demand for smart cities are driving the global building information modeling market growth. With a growing emphasis on constructing sustainable buildings and the need for efficient planning tools, there has been a significant shift towards using BIM in architectural and construction projects. Additionally, the rising trend of digitisation in the construction industry has further contributed to the increasing popularity of BIM.
The expanding applications of BIM in various sectors also play a significant role in propelling the building information modeling market. In the construction industry, BIM aids in collision detection, cost estimation, and construction planning. The real estate sector utilises BIM for its advanced visualisation capabilities which assist in project marketing and property management. Furthermore, government institutions have started mandating the use of BIM for public infrastructure projects, thereby fostering the market growth.
Moreover, the advent of innovative technologies such as Artificial Intelligence (AI) and Machine Learning (ML) is likely to bolster the building information modeling market expansion. These technologies, when integrated with BIM, can enhance prediction, automate tasks, and facilitate improved decision-making, thereby increasing productivity and reducing project delivery time.
Further, the growing demand for integrated process for designing, collaboration, and simulation in architecture, engineering, and construction (AEC) industry has led to an increased focus on BIM. The system has emerged as a critical component in the formulation of design, planning, and execution of construction projects, thereby boosting the building information modeling market demand.
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Building Information Modeling Market Segmentation
The market can be divided based on deployment type, offering, project lifecycle, application, end user, and region.
Market Breakup by Deployment Type
• On-Premises
• Cloud
Market Breakup by Offering
• Software
o Architectural Design
o MEP
o Structures
o Sustainability
o Construction
o Facility Management
• Services
o Software Support and Maintenance
o Project Management and Support
Market Breakup by Project Lifecycle
• Preconstruction
• Construction
• Operation
Market Breakup by Application
• Industrial
• Buildings
• Oil and Gas
• Civil Infrastructure
• Utilities
• Others
Market Breakup by End User
• AEC Professionals
• Consultants and Facility Managers
• Others
Market Breakup by Region
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global building information modeling companies. Some of the major key players explored in the report by Expert Market Research are as follows:
• The Beck Group
• AVEVA Group plc
• Hexagon AB
• Vectorworks, Inc.
• Nemetschek SE
• Trimble Inc.
• Bentley Systems, Incorporated
• Autodesk Inc.
• Others
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