Pune, Sept. 26, 2024 (GLOBE NEWSWIRE) -- Market Size
The Building Information Modeling Market Size was valued at USD 7.42 Billion in 2023. It is estimated to reach USD 20.91 Billion by 2032, growing at a CAGR of 12.24% during 2024-2032.
Market Overview
Building Information Modeling is changing the architecture, engineering, and construction sectors by providing a detailed digital representation of a building’s physical and functional characteristics. In particular, substantial market expansion has occurred in the building information modeling industry due to increasing demand for better project execution and control, as well as cost reduction and greater efficiency in the use of resources in the AEC environments. At the moment, huge investments are being made in the AEC sectors by the United States, including government and private. For example, the Department of Energy is currently tracking investment in 2023 in areas such as battery, solar, and offshore wind production, showing a shift towards eco-friendly approaches. In 2023, private investments in the AEC segment are likely to overshoot USD 400 billion for a strong focus on sustainable building. Digital technology for BIM An environmentally friendly alternative caters to planning the construction of BIM, as well as in building design and construction, to prevent mistakes and improve the coordination of BIM technologies in the AEC industries. Moreover, increased requirements for the use of BIM in public infrastructure projects by governments and regulatory groups all over the world have resulted in its rising acceptance.
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Major Industry Players Listed in this Research Report are:
- Autodesk (Revit, AutoCAD Architecture)
- Bentley Systems (AECOsim Building Designer, OpenBuildings Designer)
- Trimble (SketchUp, Tekla Structures)
- Nemetschek Group (Vectorworks, Allplan)
- Dassault Systèmes (CATIA, SOLIDWORKS)
- Siemens (NX, Solid Edge)
- Hexagon AB (Intergraph Smart 3D, Leica Cyclone)
- Graphisoft (ARCHICAD, BIMcloud)
- AVEVA Group (AVEVA E3D, AVEVA PDMS)
- ArchiCAD (ArchiCAD, BIMx)
- RIB Software (iTWO, MTWO)
- Asite (Adoddle, Asite CDE)
- Procore Technologies (Procore BIM, Procore Project Management)
- Trimble Solutions Corporation (Trimble Connect, SysQue)
- Acca Software (Edificius, PriMus)
- MagiCAD Group (MagiCAD for Revit, MagiCAD Cloud)
- Innovaya (Innovaya Visual Estimating, Innovaya Composer)
- Bluebeam, Inc. (Revu, Studio)
- Vectorworks, Inc. (Vectorworks Architect, Vectorworks Landmark)
- Synchro Software (Synchro Pro, Synchro Scheduler)
Building Information Modeling (BIM) Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | USD 7.42 Billion |
| Market Size by 2032 | USD 20.91 Billion |
| CAGR | CAGR of 12.24% From 2024 to 2032 |
| Key Segments | • By Component (Software & solution, Services) • By Deployment Mode (Cloud, On-premises) • By Project Lifecycle (Construction, Operation, Preconstruction) • By End Users (Consultants & Facility Managers, AEC Professionals, Others) • By Application (Residential, Commercial, Industrial, Public Infrastructure) |
| Key Drivers | • Global Government Mandates Driving the Growth of Building Information Modeling in Construction. • Enhancing Collaboration and Visualization Through Building Information Modeling. |
"Key Market Segments in Focus: Analyzing the Forces Driving Expansion and Innovation"
By Component:
In 2023, the software & solutions segment held a market share of 57% and was the top segment. This category includes tools and platforms for creating, modeling, and governing construction projects in a digital environment. BIM software helps to enhance interaction among architects, engineers, and construction industry players by generating precise 3D models for constructing complex and large infrastructure.
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By Deployment Mode:
In 2023, the on-premises segment dominated market segment and held a share of 56%. Big construction companies and government entities opt for on-site options because they are more interested in keeping their data private. As a result, with such deployment, organizations have complete autonomy and are responsible for maintaining their infrastructure and data.
By Project Lifecycle:
The preconstruction segment led the market with a 43% market share in 2023. Consequently, it focuses on planning, design, and organization work before the beginning of construction, ensuring that every party understands what the project entails. With an emphasis on modeling and visualization in preconstruction, each phase is error-free because issues in onsite clash detection are minimized. Moreover, during the identification of errors in clashes, simple changes are made to lower expenses and delays.
“Comprehensive Segment Analysis: Understanding Market Opportunities”
In 2023, North America held the leading position in the market with a 35% share. The region’s construction sectors in the United States and Canada are strong and emphasize high levels of technological innovation, making them prime markets for BIM solutions. Infrastructure development, implementation of smart city technologies, and regulatory requirements in public construction projects also play their role in the region’s leading position. Autodesk and Trimble play a vital role as key players in the market, providing innovative software for building and infrastructure projects. For instance, Autodesk offers BIM 360, which is used in major projects all over North America, from the initial design to final construction providing a convenient solution.
The Asia-Pacific region is expected to experience the fastest CAGR reaching 12.79% by the end of the forecast. The rising rate is explained by rapid urbanization and, therefore, infrastructure expansion and government efforts to adopt smart construction technology. Example of such efforts includes Bentley Systems and Nemetschek, both of which are international corporations offering specialized BIM platforms in the cloud for major infrastructure projects. As a large market for infrastructure, China is already working with Bentley’s BIM technologies to design railways and smart cities.
Recent Developments in AI CCTV
- June 2024: Dahua Technology released its new CCTV With AI Face Recognition Technology for Smart City Development.
- August 2023: Hikvision introduces its AI-powered CCTV, focusing on enhancing the cities’ safety by offering real-time threat detection.
- March 2024: Bosch Security Systems’ AI-Enabled CCTV Camera to Monitor and Protect Industrial Enterprises with a focus on predictive maintenance.
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Key Takeaways
- The BIM market is projected to reach USD 30.32 billion by 2032, growing at a CAGR of 4.46%.
- The Software and Solutions segment dominates the market, with cloud deployment expected to witness the fastest growth.
- North America leads in BIM adoption, while Asia-Pacific is the fastest-growing region.
- Public infrastructure projects and AEC professionals are key drivers of market growth.
- Recent AI innovations in CCTV technology reflect the increasing role of automation and smart surveillance in the construction industry.
Table of Contents - Key Points Analysis
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
5.1 Building Information Modeling Capacity Installations, 2020-2032, by Region
5.2 Building Information Modeling Adoption Rates, in 2023
5.3 Building Information Modeling Technology Integration Index
5.4 Growth in Government & Public Sector Adoption
6. Competitive Landscape
7. Building Information Modeling (BIM) Market Segmentation, by Component
8. Building Information Modeling (BIM) Market Segmentation, by Deployment Mode
9. Building Information Modeling (BIM) Market Segmentation, by Project Lifecycle
10. Building Information Modeling (BIM) Market Segmentation, by End User
11. Building Information Modeling (BIM) Market Segmentation, by Application
12. Regional Analysis
13. Company Profiles
14. Use Cases and Best Practices
15. Conclusion
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