Global Building Information Modeling Market Size Set to Touch USD 11.85 billion by 2029

Published | 16 June 2023

Global building information modeling market is flourishing because of an increasing usage in agriculture and construction sector,  Wide ranging benefits of BIM realized by AEC industry, and rising commercial vehicles

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated Global Building Information Modeling Market  size at USD 6.11 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects Global Building Information Modeling Market size to grow at a significant CAGR of 11.98% reaching a value of USD 11.85 billion by 2029. Major growth drivers for the Global Building Information Modeling Market include an increasing adoption of BIM technology within the construction industry, government initiatives promoting its usage, and the wide-ranging benefits it offers in terms of enhanced collaboration, cost savings, and improved time efficiency. BIM has gained considerable traction in construction due to its capacity to facilitate project collaboration, enhance efficiency, reduce costs, and minimize errors throughout the design and construction phases. The continuous advancements in technologies like cloud computing, artificial intelligence, virtual reality, and the Internet of Things (IoT) have further augmented the capabilities of BIM. These technological advancements enable real-time collaboration, seamless data integration, and enhanced visualization, thereby driving the widespread adoption of BIM in the construction industry. Also, the global demand for infrastructure development, including roads, bridges, railways, airports, and utilities, is on the rise. BIM provides a compelling solution for effectively managing complex projects, ensuring superior coordination among stakeholders, and optimizing resources. Consequently, these factors are poised to propel the expansion of the global building information modeling market throughout the forecast period. However, high implementation cost and lack of standardization and guidelines are anticipated to restrain the overall market.

Global Building Information Modeling Market– Overview

Building Information Modeling (BIM) is an innovative technology that revolutionizes the entire process of designing, constructing, and operating construction projects. It serves as a digital representation of a building's physical and functional attributes, seamlessly integrating all pertinent data and information in a collaborative and well-coordinated manner. BIM enables effective project management and coordination, leading to reduced errors, enhanced communication, and heightened productivity. By leveraging 3D modeling, BIM empowers stakeholders to visualize and evaluate the building's performance, optimize design choices, and simulate construction processes. Additionally, BIM fosters interoperability among various disciplines, including architecture, engineering, and construction, thereby bolstering coordination and collaboration. In essence, BIM is driving a remarkable transformation within the construction industry, bringing forth superior efficiency, accuracy, and sustainability across the entire spectrum of building design, construction, and operation.

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Impact of COVID -19 on Global Building Information Modeling Market

COVID-19 pandemic adversely affected global building information modeling market. The outbreak and subsequent containment measures, such as lockdowns and travel restrictions, disrupted construction activities worldwide. Construction projects were delayed or put on hold, resulting in a decreased demand for BIM software and services during that time. The need for physical distancing compelled the construction industry to adopt remote work and virtual collaboration tools, leading to an increased utilization of BIM for remote collaboration, design review, and project management. The pandemic highlighted the importance of risk mitigation and cost optimization in construction projects, driving a greater emphasis on BIM's capabilities in improving project efficiency, reducing errors, and enhancing coordination. Cloud-based BIM solutions were increasingly adopted to enable remote access to project data and facilitate real-time collaboration. Governments worldwide implemented stimulus packages and infrastructure investments to revive economies, which increased the focus on construction and infrastructure development, providing opportunities for BIM utilization. Furthermore, the pandemic underscored the significance of sustainable and resilient infrastructure, aligning with BIM's capabilities in optimizing designs, analyzing energy efficiency, and simulating building performance. As the construction industry gradually recovered and adapted to the new normal, the demand for BIM solutions rebounded, driving the growth of the global BIM market.

Global Building Information Modeling Market – By Component

By component, the global building information modeling market is bifurcated into Solution and Services segments. The solution segment holds the highest share in the global building information modeling (BIM) market. BIM solutions provide the core software and tools necessary for creating, managing, and analyzing the digital models and data associated with construction projects. These solutions offer a wide range of functionalities, including 3D modeling, clash detection, quantity takeoff, cost estimation, and project visualization. They enable stakeholders to effectively design, simulate, and optimize construction projects, leading to improved efficiency, reduced errors, and enhanced collaboration. Also, BIM solutions are considered essential for implementing BIM processes within the construction industry. They act as the backbone of BIM implementation, allowing stakeholders from different disciplines, such as architects, engineers, contractors, and project managers, to collaborate and share information seamlessly. BIM solutions facilitate the integration and coordination of various project data, such as architectural, structural, and MEP (mechanical, electrical, and plumbing) information, enabling better decision-making throughout the project lifecycle.

Competitive Landscape

Major players operating in the Global Building Information Modeling Market include Autodesk Inc., Asite Solutions, Aveva Group PLC, Bentley Systems, Dassault Systèmes, Hexagon AB, Nemetschek SE, Pentagon Solution Ltd., Trimble Ltd, Beck Technology Ltd, Pentagon Solutions Ltd, Trimble Inc., Deutsche Bahn, ABB Ltd, and Synchro Software Ltd. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

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The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Global Building Information Modeling Market . It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Global Building Information Modeling Market  and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

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