Market Size in 2021 | Market Forecast in 2030 | CAGR (in %) | Base Year |
---|---|---|---|
USD 14.72 Billion | USD 52.5 Billion | 13.9% | 2021 |
The global building information modeling (BIM) market size was worth around USD 14.72 billion in 2021 and is predicted to grow to around USD 52.5 billion by 2030 with a compound annual growth rate (CAGR) of roughly 13.9% between 2022 and 2030.
The report analyzes the global building information modeling (BIM) market drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the building information modeling (BIM) market.
To know more about this report, request a sample copy.
Building information modeling (BIM) is a holistic process that involves the creation and management of information for a facility, business unit, or asset. It is based on the use of intelligent models further strengthened by cloud technology that assists in integrating multidisciplinary and structured data. With the help of various technologies, tools, and contracts, BMI can create a digital representation of all functional and physical characteristics of a unit or a place. At its core, BMIs are computer files that can be exchanged, extracted, or shared across users to aid decision-making related to the building of an asset.
The software has found applications across sectors including private and government-run segments since it is used to plan and can help prevent the waste of monetary and non-monetary resources. BMIs can be used at every step of asset construction including planning, designing, constructing, operating, and maintaining large and complex structures like roads, water, bridges, gas facility, electricity facility, tunnels, and communication utilities. The BMI software was conceptualized in 1970 but the early 2000s were the years when the technology started gaining momentum.
Growing investments toward infrastructure development to propel market demand
The global building information modeling (BIM) market is projected to grow owing to the rise in investments across the globe for infrastructure development. These are systems that are required for any country to function and include the construction & development of large-scale facilities like power and water supplies, transport, buildings, and other key units. Good infrastructure can effectively help reduce the price of delivered goods, help in removing any productivity constraint, allow hassle-free and convenient physical mobility of people and goods alike, and help in increasing competitiveness. Countries spend a higher amount on infrastructural growth since it directly impacts the rate of foreign investment.
As the world is moving toward fast-paced growth to meet the growing demands of the rising population, rampant industrialization, and urbanization, the adoption rate for BMI software is projected to skyrocket in the coming years. For instance, in 2019, the Indian government announced that it will be leveraging the benefit of BMI systems to facilitate infrastructure development projects in the country.
The high implementation cost to restrict market expansion
The global market growth may be restricted due to the high cost of implementation of building information modeling systems. The cost not only includes the expenses associated with the technology or the equipment but other intangible costs as well. Businesses gripping from the benefits of BIM have to invest in other factors starting from compliance concerns to vendor management. All of these systems have to be streamlined in a manner that reinforces positive outcomes and neglect any of these subunits that could potentially damage the overall final result obtained from the technology.
Constant product innovation to support further growth
Business survival depends on the rate at which they can meet the dynamic and changing demand or requirements of the end-users. BIM technology may get access to higher growth opportunities as the players in the global building information modeling (BIM) market are constantly working toward integrating better systems to provide enhanced user experience and outcomes. The use of virtual reality, artificial intelligence, 3-dimensional printing, the internet of things (IoT), and machine learning are expected to enhance the modeling process derived from BIM technology.
Managing cost-effectiveness in small projects acts as a challenge
One of the key factors that could challenge global market growth is the proof of cost-effectiveness when BIM systems are used in small projects. If the rate of return (ROI) on BIM investment remains low, businesses working on small projects may refrain from using the technology. Hence providers of BIM have to work on detailing how the system aligns with the end goal for small projects with relatively less capital.
The global building information modeling (BIM) market is segmented based on end-user, solution, vertical, and region
By Solution
The global market is expected to be dominated by the services segment due to the growing demand for cloud-based services due to the various benefits associated with the technology. Cloud services do not require the use of a hard drive and all information can be stored on the internet. It allows businesses more flexibility as compared to hosting from a local server managing the complexities of a business operation. Cloud services offer fast and effective visualization and give the business owner higher access to resources. The software segment is mainly dominated by structural and architectural software solutions. As per estimates around 46.9% of the architects use Autodesk Revit as the preferred BIM software.
By Vertical
The global market may generate the highest revenue in the industrial segment during the forecast period due to the rapid industrialization rate observed worldwide. As per a December 2022 report by Statista, in August 2022 the global industrial production rate increased by 3.6% in comparison to the previous year. Several factors influence industrialization and some of them include high tariffs, western mining, national markets, vertical and horizontal integration, and tax breaks and government subsidies.
In September 2022, Sto Corp, a building materials company announced that the company has launched an updated version of its existing Building Information Modeling (BIM) systems for the company’s collection of colors. The new BIM asset will aid designers, architects, and other contractors to synchronize the Sto Color palette with their choice of BIM app
Report Attributes | Report Details |
---|---|
Report Name | Building Information Modeling (BIM) Market Research Report |
Market Size in 2021 | USD 14.72 Billion |
Market Forecast in 2030 | USD 52.5 Billion |
Compound Annual Growth Rate | CAGR of 13.9% |
Number of Pages | 175 |
Forecast Units | Value (USD Billion), and Volume (Units) |
Key Companies Covered | Trimble Navigation Ltd., Bentley Systems, Inc., Autodesk, Inc., AECOM, Nemetschek AG., Beck End-user, Ltd., Dassault Systemes SA, Pentagon Solutions Ltd., and Asite Solutions Limited. |
Segments Covered | By Solution, By Vertical, By End-User, And By Region |
Regions Covered | North America, Europe, Asia Pacific (APAC), Latin America, Middle East, and Africa (MEA) |
Countries Covered | North America: U.S and Canada Europe: Germany, Italy, Russia, U.K, Spain, France, Rest of Europe APAC: China, Australia, Japan, India, South Korea, South East Asia, Rest of Asia Pacific Latin America: Brazil, Argentina, Chile The Middle East And Africa: South Africa, GCC, Rest of MEA |
Base Year | 2021 |
Historical Year | 2016 to 2020 |
Forecast Year | 2022 - 2030 |
Customization Scope | Avail customized purchase options to meet your exact research needs. Request For Customization |
North America to register the highest growth
The global building information modeling (BIM) market is projected to witness surging growth in North America driven by the higher product adoption rate due to growing awareness amongst businesses and government bodies about the advantages offered by BIM systems. The region is filled with several small to large project owners including designers and architects working on commercial and residential buildings as well as government-related projects that use BIM technology in some form.
The growing requirement for automated models to save resources and avoid unnecessary costs could further help regional growth, especially in the architecture, engineering, and construction (AEC) industry where BIM is acting as one of the latest fastest-growing technologies to be adopted. A growing number of players, constant product innovation, and adoption of strategic measures to reach a larger consumer database are other factors that could lead to high CAGR in North America with the US acting as the major contributor.
FrequentlyAsked Questions
The global building information modeling (BIM) market is projected to grow owing to the rise in investments across the globe for infrastructure development. These are systems that are required for any country to function and include the construction and development of large-scale facilities like power and water supplies, transport, buildings, and other key units.
According to study, the global building information modeling (BIM) market size was worth around USD 14.72 billion in 2021 and is predicted to grow to around USD 52.5 billion by 2030 with a compound annual growth rate (CAGR) of roughly 13.9% between 2022 and 2030.
The global building information modeling (BIM) market is projected to witness surging growth in North America driven by the higher product adoption rate due to growing awareness amongst businesses and government bodies about the advantages offered by BIM systems.
The global building information modeling (BIM) market is dominated by players like Trimble Navigation Ltd., Bentley Systems, Inc., Autodesk, Inc., AECOM, Nemetschek AG., Beck End-user, Ltd., Dassault Systemes SA, Pentagon Solutions Ltd., and Asite Solutions Limited.
RelatedNews
HappyClients
Zion Market Research
Tel: +1 (302) 444-0166
USA/Canada Toll Free No.+1 (855) 465-4651
3rd Floor,
Mrunal Paradise, Opp Maharaja Hotel,
Pimple Gurav, Pune 411061,
Maharashtra, India
Phone No +91 7768 006 007, +91 7768 006 008
US OFFICE NO +1 (302) 444-0166
US/CAN TOLL FREE +1 (855) 465-4651
Email: sales@zionmarketresearch.com
We have secured system to process your transaction.
Our support available to help you 24 hours a day, five days a week.
Monday - Friday: 9AM - 6PM
Saturday - Sunday: Closed