With 13.7% CAGR, Building Information Modeling Market Growth to Surpass USD 15.0 billion
The global building information modeling market was valued at USD 7.9 billion in 2023 and is projected to reach USD 15.0 billion by 2028; it is expected to register a CAGR of 13.7% during the forecast period. Growing use of BIM as it leads to sustainable development, a rapid rise in urbanization globally, and the wide-ranging benefits of BIM realized by the Architectural Engineering and Construction (AEC) industry are attributed to the ever-increasing demand for BIM solutions.
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The software segment accounted for the largest market share
in 2022; the same trend is expected during the forecast year. BIM software
optimizes the work of designing for architecture, construction, civil, plant,
and MEP projects. These factors increase the demand for BIM software in the
building information modeling market.
The on-premise deployment accounted for the larger market
share in 2022; a similar trend is during the forecast period. The growth of
this segment is attributed to the increase in concerns about the security of
data associated with construction projects, which is highly valuable. Also,
on-premise BIM facilitates total control of the data. Big firms in the AEC
industry, such as Autodesk Inc. and Nemetschek Group, offer on-premises software
for their customers in the industrial, healthcare, and residential sectors.
The preconstruction segment accounted for the largest market
share in 2022 and is expected to exhibit the highest CAGR during the forecast
period. Various BIM software solutions, such as Revit, ArchiCAD, and ALLPLAN,
are widely used by architects, engineers, and contractors during the
preconstruction phase for developing virtual models, clash detection, BIM
coordination, and the extraction of 2D drawings. Therefore, this phase is
likely to lead the BIM market during the forecast period.
The buildings segment accounted for the largest share of the
building information modeling market, by application, in 2022 and is expected
to exhibit the highest CAGR during the forecast period. BIM is widely used in
building applications to reduce cost overruns and minimize delays in the
completion of projects. With the help of various techniques such as 3D modeling
and clash detection, BIM helps to plan efficiently, design, construct, and manage
buildings. BIM is used in infrastructure projects for coordination,
communication, analysis and simulation, project management and collaboration,
and asset management. Governments in various countries have mandated the use of
BIM for high-cost infrastructure projects to itemize and appropriate
information about the structures/foundation and eliminate coordination issues
inside the production network.
The AEC Professionals segment accounted for the largest
market share in 2022 and is expected to exhibit the highest CAGR during the
forecast period. BIM helps AEC professionals to collaborate during the
construction phase, right from the preconstruction phase to the operation
phase. Consultants and facility managers also contribute significantly to the
BIM market growth. Facility managers and consultants play an important role in
the operations and maintenance of a building or infrastructure, and BIM can
help them with designing, commissioning assessments, and asset data extraction
during the entire life cycle of a building or infrastructure.
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North America held the largest share of the BIM market in
2022, and the same trend is expected during the forecasted year. The growth in
the region is attributed to the presence of numerous ecosystem players such as
Autodesk Inc., Bentley Systems, Trimble Inc., Procore Technologies, Inc.,
Archidata Inc., etc. Also, due to the wide adoption of BIM by architects,
engineers, and consultants in the region, the BIM market is expected to see a
surge in the near future.
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