Building Information Modeling Market Size to Reach $34.2 billion, Globally, by 2032 at 16.0% CAGR: Allied Market Research
NEW CASTLE, Delaware, Sept. 18, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Building Information Modeling Market by Component (Solution and Service), Deployment Mode (On-Premise and Cloud), Building Type (Commercial and Residential), Application (Planning and Modelling, Construction and Design, Asset Management and Building System Analysis and Maintenance Scheduling), End-User (Architects/Engineers, Contractors, and Others): Global Opportunity Analysis and Industry Forecast, 2024-2032". According to the report, the "building information modeling market" was valued at $7.9 billion in 2022, and is projected to reach $34.2 billion by 2032, growing at a CAGR of 16% from 2023 to 2032 during the building information modeling market forecast.
The building information modeling market is expected to witness notable growth owing to the government mandating building information modeling usage (BIM) and the increasing adoption of digital technology by the construction sector. Moreover, the emergence of virtual reality (VR) and augmented reality (AR) technologies and their integration with BIM is expected to provide lucrative opportunities for the growth of the market during the forecast period. On the contrary, increasing initial expenditure on BIM technology limits the growth of the building information modeling market.
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The commercial segment held the highest market share in 2023
By building type, the commercial segment dominated the market in 2023, This is primarily due to the widespread adoption of BIM technology in large-scale commercial construction projects, including office buildings, retail spaces, hospitals, and hotels. The commercial construction sector demands highly detailed design, planning, and project management, which BIM provides through its ability to enhance collaboration, improve efficiency, and reduce construction costs and errors.
The planning and modelling segment held the highest market share in 2023
By application, the planning and modelling segment accounted for the largest share in 2023. This is because BIM's core strength lies in its ability to create detailed and accurate 3D models during the early stages of construction projects. These models facilitate better planning, visualization, and decision-making for architects, engineers, and project managers. However, the building system analysis and maintenance scheduling segment is expected to witness the largest CAGR of 19.3%. This growth is driven by the increasing demand for tools that help manage the operational lifecycle of buildings, particularly in terms of maintenance and optimizing building systems such as HVAC, electrical, and plumbing.
Regional Insights: The North America region held the highest market share in 2023
By region, the building information modeling market was dominated by North America in 2023. The region's leadership can be attributed to the early adoption of advanced construction technologies, stringent regulatory frameworks, and the increasing focus on sustainable and smart building practices. In the U.S. and Canada, government initiatives and mandates for the use of BIM in large infrastructure and commercial projects have significantly driven its adoption.
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Key Industry Developments
• In June 2024, Microsol Resources Corporation launched an addition of Egnyte to its growing association of technology partners. Egnyte transforms where and how companies work with their content. Combining many different software categories into one unified platform gives IT the visibility and control they require while also empowering knowledge workers with the intelligence, automation, and flexibility they required.
• In June 2023, OpenSpace launched a new product for building information modeling (BIM) technology to be adopted in the field for fast problem-solving. OpenSpace BIM+ is a suite of easy-to-use 3D tools to help field teams and virtual design and construction (VDC) teams to get work done faster by unlocking BIM coordination on site.
• In December 2021, Capgemini partnered with Autodesk, Inc., to deliver end-to-end Building Information Modeling (BIM) platforms and transformation programs. Capgemini becomes the first Authorized Autodesk System Integrator, playing a key role in the development of the program.
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