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“Rising urbanization and infrastructure projects drive the overall growth of building information modeling market”
The building information modeling market size is projected to grow from USD 4.9 billion in 2019 to USD 8.9 billion by 2024, with a CAGR of 12.7%. The building information modeling market is driven by various factors, such as rising urbanization and infrastructure projects, growing benefits offered by BIM for the AEC industry, and increasing government mandates for BIM adoption. However, handling the initial high cost of BIM may hinder the growth of the industry.
“Services to witness the highest CAGR during the forecast period”
BIM services comprise services related to infrastructure modeling to architects, engineers, general contractors, and developers. In addition, BIM services include the provision of detailed engineering of a project, which helps in improving the quality of buildings, reducing their designing and maintaining costs, and sharing information more effectively among building owners, design teams, contractors, and facility managers. The service segment is expected to grow at the fastest rate as it includes the detailed engineering of a project, which helps in improving the quality of buildings, reducing their designing and maintaining costs, and sharing information more effectively among building owners, design teams, contractors, and facility managers.
“Based on applications, building is likely to be the fastest-growing application during 2019–2024”
Due to rising trends in digitization across industries, BIM is gaining popularity in the construction industry. Building applications mainly includes commercial, residential, and retail buildings. Buildings are designed with the help of BIM mostly during the preconstruction phase, in which the 3D modeling of the structure is prepared and the flow of the entire building project is decided. These buildings are constructed mostly on a customized basis. BIM is widely used in building applications to reduce the cost overrun and time overrun, which may help in reducing the delays in the project. With the help of various tools such as 3D modeling and clash detection, it helps efficiently plan, design, construct and manage buildings.
“APAC to record the highest growth rate in building information modeling market during the forecast period”
APAC is likely to be the highest growing market for building information modeling market in the coming years. The market in APAC is expected to grow at the fastest rate due to the use of BIM for large-scale infrastructure and building projects. Government initiatives are expected to act as a major factor driving the BIM market in APAC. Governments have started imposing new regulations regarding the building construction permit. Japan, China, and South Korea have already made BIM documents mandatory, especially for public buildings, along with green certification-related documents.
In-depth interviews have been conducted with chief executive officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in the building information modeling marketplace.
- By Company Type: Tier 1 - 52%, Tier 2 – 25%, and Tier 3 - 23%
- By Designation: C-Level Executives - 55%, Directors - 27%, and Managers - 18%
- By Region: North America - 40%, Europe - 20%, APAC - 28%, and RoW - 12%
The building information modeling market comprises major players such Autodesk (US), Nemetschek (Germany), Bentley Systems (US), Trimble (US), Dassault Systemes (France), RIB (Germany), Asite (UK), AVEVA (UK), Hexagon (Sweden), and Archidata (Canada).
The study includes an in-depth competitive analysis of these key players in the building information modeling market, with their company profiles, recent developments, and key market strategies.
The report defines, describes, and forecasts the building information modeling market based on type, project life cycle, applications, end-users, and geography. It provides detailed information regarding factors such as drivers, restraints, opportunities, and challenges influencing the growth of the building information modeling market. It also analyzes competitive developments such as product launches, acquisitions, expansions, contracts, partnerships, and developments carried out by the key players to grow in the market.
Key Benefits of Buying the Report
- The report will help market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall building information modeling market and the subsegments.
- This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies.
- The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.