Building Information Modeling Market

Building Information Modeling Market Size & Growth (2023 - 2028)

The global Building Information Modelling Market was worth US$ xx million in 2022 and is estimated to reach a valuation of US$ xx million by the end of 2028, expanding at a CAGR of around xx%.

Building Information Modelling (BIM) is a creative process based on 3D models that provide architecture, engineering and construction (AEC) professionals with information and tools to plan, design, configure and manage buildings and infrastructure more efficiently. BIM is used to design and document buildings and infrastructure designs. All the details of the building are modelled with BIM. We can use this analysis model to explore design options and create visualizations to help stakeholders understand how they will look before construction. 

REPORT COVERAGE

Recent Developments and Trends

On March 14, 2019, the skyscraper council and the urban room of the Chicago City Council approved several new projects that decided to change the face of the horizon. A typical example is One Chicago Square, a 76-story skyscraper that achieved an investment entry of $ 850 million.

May 2019: The combination of BIM and the cloud capabilities of Autodesk, Inc. has moved from a static image to a fully immersive intelligent virtual reality solution.

July 2018: Autodesk, Inc. announced the acquisition of Assemble Systems, Inc., located in Salem, Massachusetts. Assemble Systems specializes in construction management, bid management, quotes, reservations, site management and finance.

On January 1, 2018, some organizations, such as the Canadian BIM Council, the Canadian BIM Institute, and SMART Canada, supported the adoption and implementation of BIM in Canada.

Market Drivers 

As the population overgrew, demand from the residential sector increased as several governments around the world offered incentives for growth in this sector. An essential driver of the development of the building information modelling market is the rapid development of developmental activities worldwide. Government regulators are also taking steps to increase acceptance of construction information modelling in their countries and to strengthen the market. The acceptance of small businesses is driving the demand for building information modelling. Also, the technical improvements of some companies that design mobile applications to access their services will increase the growth of the building information modelling market in the near future. The creation of information models increases productivity, improves visualization, accelerates delivery and reduces costs. These factors will be sufficient for the future development of the building information modelling industry. In addition, several mergers and acquisitions by market participants are one of the main aspects responsible for the growth of this market.

Restraints

On the other hand, continuous software updates and expensive software are hampering the development of the building information modelling market. Less knowledge of software management can hinder the growth of the market.

Market Segmentation

The Building Information Modelling Market is divided by end-users, solutions and regions.

By Solutions, the global BIM market is divided into services and software. The cloud-based software will be the most crucial aspect in the building information modelling market due to its easy access and profitability to local frameworks. The types of software dominated this sector due to its ability to provide greater efficiency and transparency in construction work.

By End-user, the building information modelling business is divided into engineers, contractors, architects and others. As the number of developmental programs increases, architects have become the dominant sector in the construction information modelling market and are likely to see significant progress in the future. The US Department of Energy reported that about 20 percent of all US energy works in commercial buildings. To minimize this energy consumption, the US government and many companies are investing in the development of structures that save energy due to their advantages over traditional commercial complexes.

Regional Analysis

Asia-pacific (APAC) is one of the emerging markets for building information models. Countries in this region where the BIM system has a significant market include China, Japan, India and Korea. Since APAC is the largest emerging market in the world, it is expected to lead the construction industry worldwide. Countries such as Japan, Korea, Australia and Singapore have given specific orders to adopt construction information models.

In contrast, countries such as China and India should adopt building information models in the future. The government has begun to implement new regulations on construction permits. Japan, China, Korea, Australia and Singapore have already made BIM documents mandatory, especially for public buildings, along with green certification documents.

Leading Company 

Autodesk Inc. is an American multinational corporation that provides software services for architectural, engineering and construction services. Part of the software is Autocad, Revit and Maya. Autodesk Inc. posted total recurring annual revenues of $ 2.25 billion in 2018, an increase of 25% over the fiscal year 2017.

Key Players

Key players in the Building Information Modelling Market include ABM Europe, Autodesk Inc., Atkins Bentley System, Inc, Dassault Systems SA, Nemetschek AG, BIM Technologies, Deutsche Bahn, Siemens AG, AG Faithful Gould and Trimble Inc., and Intergraph Aveva Asite Ltd.