Global Building Information Modeling (BIM) Market Analysis 2023: A $15 Billion Industry by 2028 Driven by Growing Adoption and Wide-Ranging Benefits

DUBLIN, Aug. 2, 2023 /PRNewswire/ -- The "Global Building Information Modeling (BIM) Market by Offering (Software, Services), Deployment (Cloud, On-Premise), Project Lifecycle (Preconstruction), Application (Buildings, Industrial), End-user (AEC Professionals), and Region - Forecast to 2028" report has been added to  ResearchAndMarkets.com's offering.

The global building information modeling (BIM) market, valued at USD 7.9 billion in 2023, is projected to reach a staggering USD 15 billion by 2028, with a remarkable compound annual growth rate (CAGR) of 13.7%.

The market is witnessing significant growth due to the increasing use of BIM in sustainable development, rapid urbanization, and the diverse advantages it offers to the architecture, engineering, and construction (AEC) industry. However, the high initial cost of BIM is a factor restraining its widespread adoption.

The buildings segment is expected to experience the highest growth during the forecast period, driven by the efficient planning, design, construction, and management capabilities offered by BIM. Governments in various countries have mandated the use of BIM for high-cost infrastructure projects, enabling seamless coordination, communication, analysis, simulation, project management, collaboration, and asset management.

Cloud deployment is another key driver for market growth, with the segment expected to exhibit a higher CAGR. Cloud-based BIM solutions eliminate capital costs and require low maintenance, making them highly preferred by both large and mid-sized institutions.

The preconstruction segment is projected to witness the highest CAGR, focusing on developing BIM models, clash detection, coordination, and extracting 2D drawings. Software such as Autodesk (Revit, Navisworks) and Graphisoft (ArchiCAD) are widely used in this phase.

The services segment, including infrastructure modeling, detailed engineering, and project management, is also expected to witness substantial growth. BIM services help improve the quality of buildings, reduce costs, and facilitate effective information sharing among stakeholders.

AEC professionals, including consultants and facility managers, are key contributors to the BIM market. BIM enables them to design, assess, and extract asset data throughout the entire life cycle of a building or infrastructure, leading to enhanced operations and maintenance.

North America is set to register the second-highest CAGR during the forecast period, driven by the widespread adoption of BIM by architects, engineers, and consultants. The United States, with its advanced digital systems and presence of leading companies, is expected to lead the BIM market in the region.

The global building information modeling market is characterized by the dominance of established players such as Autodesk Inc., Dassault Systemes, Nemetschek Group, Bentley Systems, and Schneider Electric. The report provides a comprehensive competitive analysis of these key players, including company profiles, recent developments, and key market strategies.

Premium Insights

• Rapid Urbanization Worldwide to Boost Building Information Modeling Market Growth
• Software Offerings to Account for Largest Market Share in 2028
• Asia-Pacific to Exhibit Highest CAGR in Building Information Modeling Market for Software During Forecast Period
• North America to Capture Majority of Market Share in 2023
• China to Exhibit Highest CAGR in Global Building Information Modeling Market During Forecast Period

Market Dynamics

Drivers

• Advancing Sustainability in Construction Sector Through BIM
• Rapid Urbanization Globally
• Government Initiatives Promoting Use of BIM

Restraints

• High Initial Cost of BIM

Opportunities

• Focus of Stakeholders in Construction Industry on Improving Safety
• Rising Trend of IoT in Construction Sector
• Increasing Trend of BIM
• Introduction of New Standards of BIM

Challenges

• Slow Adoption of BIM
• Low Level of Digitalization in Construction Industry

Case Studies

• XL Construction Utilizes Procore's BIM to Share Design Across Project Teams to Detect Flaws and Minimize Rework
• Beck Group Saves Time and Achieves Financial Gains with Deployment of Procore's BIM 360 Suite S
• Pinnacle Executes 3D BIM at Muscat International Airport for Design and Construction of Cargo and MRO Facilities

Technology Analysis

• IoT in BIM
• AR/VR in BIM

Standards

• BS EN ISO 19650
• BS EN ISO 19650-1
• BS EN ISO 19650-2
• BS EN ISO 19650-3
• BS EN ISO 19650-5

Company Profiles

Key Players - Business Overview, Products/Services Offered, Recent Developments, and Analyst's View

• Autodesk Inc.
• Nemetschek Group
• Bentley Systems
• Trimble Inc.
• Dassault Systemes
• Schneider Electric
• Asite
• Hexagon
• Procore Technologies, Inc.
• Archidata Inc.

Other Players

• Acca Software
• Treistek India Pvt. Ltd.
• Pinnacle Infotech Solutions
• Concora
• Afry
• Beck Technology
• Computers and Structures, Inc. (CSI)
• Robert McNeel & Associates
• 4M
• Sierrasoft
• Safe Software Inc.
• Topcon
• Faro
• Geo-Plus Inc.
• Vectorworks, Inc.

For more information about this report visit https://www.researchandmarkets.com/r/qpbxj3

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