Wilmington, Delaware, United States, Oct. 13, 2022 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - In 2021, the value of global building information modeling (BIM) market stood at US$ 14.7 Bn. The global market is predicted to develop at 14% CAGR during the forecast period, from 2022 to 2031. By 2031, it is projected that the global building information modeling (BIM) market will attain value of US$ 53.8 Bn. The building information management system aids in boosting quality, infrastructure value, as well as sustainability whilst still improving efficiency and productivity. As a way to cut down on project time and expense while also minimizing risk, BIM is becoming more and more popular all over the world, particularly bim technology in construction industry.
Building information modeling (BIM) market growth is being driven by increased BIM use in the construction modeling, civil engineering, and architectural sectors. The COVID-19 epidemic has had a severe effect on the construction sector, which has made it more difficult to implement BIM in project management. In order to diversify their income streams, businesses in the BIM market strive to provide cutting-edge building information modeling services, especially to the construction sector.
By 2022, North America is predicted to rule the global building information modeling (BIM) market. It is projected that throughout the forecast period, the regional market will expand at a notable CAGR. The region's growing understanding of the advantages of BIM technologies, particularly bim in construction project management, is primarily responsible for this.
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Key Findings of Market Report
- Digitalization is coming to the building industry. The application of VR and AR technologies is anticipated to contribute to the delivery of improved project knowledge and greater design visualization. Additionally, it could increase workplace security and prevent sneaky dangers. Using AR technology also simplifies maintenance. Thus, organizations involved in the building information modeling (BIM) market are anticipated to benefit greatly from the increasing use of building information modeling services along with these technologies during the forecast timeline.
- The need for BIM tools in the construction industry is being boosted by increased knowledge of the advantages of BIM, an increase in the volume of building projects, and increasing usage of automated models in industries including construction, engineering, and architecture.
- Rising usage of BIM tools in infrastructural and commercial projects is anticipated to drive the market for building information modeling (BIM). In the near future, the global market is projected to be driven by the development of infrastructure to accommodate the expanding road and rail network caused by the constantly growing population.
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Global Building Information Modeling [BIM] Market: Key Competitors
- Microsoft Corporation
- Tekla Corporation
- AVEVA Group plc.
- Safe Software Inc.
- Trimble, Inc.
- RIB Software SE
Global Building Information Modeling [BIM] Market: Segmentation
Component
- Software/Platform
- Services
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Deployment
- On-premise
- Cloud
Application
- Water and Wastewater
- Rail Transit and Aviation
- Energy Generation Facilities
- Roads, Bridges, and Highways
- Houses and Apartments
- Factories and Warehouses
- Educational Institutes and Commercial Spaces
- Government Buildings
- Dams and Others
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