With 12.5% CAGR, Building Information Modeling Market Growth to Surpass USD 10.7 billion

Building Information Modeling Market by Deployment Type (On Premises, Cloud), Offering Type, Project Lifecycle (Preconstruction, Construction, Operation), Application, End user, & Region
By: MarketsandMarkets
 
NORTHBROOK, Ill. - July 28, 2022 - PRLog -- The building information modeling market was valued at USD 5.9 billion in 2021 and is projected to reach USD 10.7 billion by 2026. It is expected to grow at a CAGR of 12.5% during the forecast period.  Rising adoption of remote working due to COVID-19, rapid rise in urbanization globally, wide-ranging benefits of BIM realized by AEC industry, and growing government initiatives for adoption of BIM are contributing to the growth of the building information modeling market. Rising trend of IoT in construction sector, increasing trend of BIM, and growing focus of organizations on introducing new standards such as ISO 19650 in BIM market act as a growth opportunity for the market players.

The software market is expected to be dominant during the forecast period. Software solutions used for BIM exhibit features such as interoperability between applications, easy visualization, and cost-effectiveness. The BIM software suite generally encompasses solutions for various objectives, such as architecture; sustainability; structures; mechanical, electrical, and plumbing (MEP); construction; and facility management in a project life cycle. Different types of BIM software solutions available in the market are Autodesk Revit Structure, Graphisoft ArchiCAD, Nemetschek ALLPLAN Architecture, Bentley Facilities Manager, and Tekla Structures. 3D BIM is increasingly being used by several architecture, engineering, and construction (AEC) professionals. 3D visualization of a project, reduction in costs and time, and flexibility of making changes in designs are the best features of the BIM software.

AEC professionals are expected to continue to dominate the BIM market during the forecast period. AEC professionals use BIM to create digital simulations to manage all the information associated with the project. Thus, they hold a major share of the BIM market, by end user. Apart from them, contractors and facility managers are also expected to adopt BIM at a significant rate for the reduction of the overall operational expenditure. As BIM offers multidisciplinary collaboration in real-time, all stakeholders involved in projects can have a clear idea about the overall progress of the project, which leads to increased communication and reduction in errors.

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In terms of geographic coverage, the BIM market has been segmented into North America, Asia Pacific (APAC), Europe, and the Rest of the World (RoW).North America is one of the critical markets for BIM; it comprises the US, Canada, and Mexico. This region is the early adopter of advanced BIM technology, which is a recently developed innovative approach to design and construction.

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Tags:BIM Market
Industry:Technology
Location:Northbrook - Illinois - United States
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