Global Building Information Modeling Market Worth USD 28.33 Billion by 2031 | CAGR of 13.9%

Introduction

Building information modeling (BIM) is a type of project life cycle management software typically utilized by real estate companies, construction firms, and AEC (architecture, engineering, and construction) professionals. The primary purpose of constructing information modeling software is to improve project performance and yield superior results. BIM assists construction managers in collecting data and information from pertinent disciplines and communicating more effectively.

Market Dynamics

Enhanced Productivity through Interoperability Drives the Global Market

A construction endeavor involves numerous components, including suppliers, engineers, architects, builders, and laborers. For a couple of years, the exchange of information between these components was recorded using tables, graphs, and diagrams. Moreover, AEC professionals favor automated devices that can produce results in less time, save money, and reduce manual labor. BIM can facilitate the implementation of these solutions. In addition, the construction industry's demand for automated systems has increased, which is expected to reduce human errors and provide accuracy in the digital representation of construction models, resulting in cost savings and enhanced productivity. Hence, there is a need for an interface that can integrate issues and provide a common operating platform.

Rising Environmental and Energy Concerns Creates Tremendous Opportunities

BIM solutions offer numerous advantages, such as reducing the building's energy consumption and increasing its efficiency by implementing a variety of equipment used for underfloor air distribution systems. It also improves energy management by reducing the amount of electricity used during a building's construction and maintenance periods. In addition, the construction industry is one of the most significant contributors to environmental degradation, such as climate change, rising pollution levels, and carbon emissions.

Government agencies around the globe are eager to implement regulatory standards to mitigate this effect and have prioritized the construction of green buildings for sustainable development. Further, countries such as the United States, the United Kingdom, Singapore, and the United Arab Emirates have green building requirements mandated by the government. Such factors create opportunities for market growth over the forecast period.

Regional Analysis

North America is the most significant global building information modeling market shareholder and is expected to exhibit a CAGR of 11.4% over the forecast period. Continued technological advancements in the products offered by market participants, favorable government regulations, rising environmental awareness, and an expanding real estate sector are anticipated to drive the regional market. It is challenging for these businesses to incorporate multiple services during the planning, designing, and construction phases due to the rise in real estate prices in the retail, healthcare, entertainment, and industrial sectors. BIM solutions enable these industries to provide superior customer service. In addition, companies such as Autodesk have developed BIM applications that provide a 360-degree perspective. For instance, Apple has established a platform for several BIM applications from companies such as Nemetschek AG., Trimble Navigation Limited, Bentley Systemes Inc., and Autodesk, Inc., enabling users to utilize BIM services more readily and securely.

In addition, National BIM Standard-United States (NBIMS-US) standards, cost estimation and project management services offered via the cloud, and increased return on investments reported by architecture, engineering, and construction (AEC) firms act as growth drivers for the North American building information modeling market.

Asia-Pacific is estimated to exhibit a CAGR of 16.5% over the forecast period. The growth of the retail sector and the emergence of new infrastructures in the region are predicted to be the primary growth drivers for the building information modeling market in this region. Governments in numerous Asian nations are drafting regulations mandating the use of BIM in construction. For example, Japan, South Korea, and Singapore have mandated using BIM for public buildings. Nemetschek AG has signed a three-year agreement with the Singapore Institute of Architects (SIA) to promote BIM software and enhance architectural skills in Singapore. In addition, increasing urbanization in India and exponential development in architecture, engineering, and construction (AEC) have increased the need for these automated technologies in the region. The market for building information modeling in Asia-Pacific is also anticipated to row due to technological advances and the introduction of innovative products.

Key Highlights

• The global building information modeling market was worth USD 7,730.12 million in 2022. It is projected to reach USD 28,336.93 million by 2031, registering a CAGR of 13.9% during the forecast period (2023–2031).
• Based on components, the global building information modeling market is categorized into solutions and services. The solution segment dominates the global market and is estimated to exhibit a CAGR of 13.1% during the forecast period.
• Based on deployment mode, the global building information modeling market is bifurcated into on-premise and cloud. The on-premise segment owns the highest market share and is estimated to exhibit a CAGR of 11.8% during the forecast period.
• Based on application, the global building information modeling market is categorized into commercial, residential, and industrial. The commercial segment dominates the global market and is estimated to exhibit a CAGR of 13.4% during the forecast period.
• Based on end-user, the global building information modeling market is categorized into architects/engineers, contractors, and others. The architects/engineers segment owns the highest market share and is predicted to exhibit a CAGR of 13.2% during the forecast period.
• North America is the most significant global building information modeling market shareholder and is expected to exhibit a CAGR of 11.4% over the forecast period.

Competitive Players

1. Trimble Ltd
2. Bentley Systems
3. Incorporated
4. Nemetschek SE
5. Beck Technology Ltd
6. Autodesk Inc
7. Hexagon AB
8. Cadsoft Corporation
9. Dassault Systèmes
10. Asite Solution
11. Pentagon Solution

Recent Developments

Recent Developments

• May 2023- Autodesk, Inc. unveiled the first set of capabilities of Autodesk Forma, an industry cloud that will unify workflows across the teams that design, build and operate the built environment. Forma’s initial capabilities target the early-stage planning and design process with automation and AI-powered insights that simplify the exploration of design concepts, offload repetitive tasks, and help evaluate environmental qualities surrounding a building site, giving architects time to focus on creative solutions. 
• April 2023 - Autodesk, Inc. conducted a comprehensive global study of more than 2,500 business leaders and experts across Design and Make industries, including architecture, engineering, construction, and operations (AECO); product design and manufacturing (D&M); and media and entertainment (M&E).

Segmentation

1. By Component
   1. Solution
   2. Service
2. By Applications
   1. Commercial
   2. Residential
   3. Industrial
3. By Deployment Mode
   1. On-premise
   2. Cloud-based
4. By End-User
   1. Architects/Engineers
   2. Contractors
   3. Others