Building Information Modeling to Witness US$ 19.97 Billion Market Opportunity in 2032, Registering 12% CAGR

Building Information Modeling Market to Grow Triple as Demand in Infrastructure Projects Rises

Fact.MR's latest study provides unbiased analysis on the building information modeling market for the forthcoming decade. It provides compelling insights into growth drivers, restraints, and consumer demands influencing building information modeling sales. Besides this, it provides information about opportunities across various segments including type, application, end user, and region.

ROCKVILLE, Md., Nov. 21, 2022 /PRNewswire/ -- The global building information modeling (BIM) market is projected to top a valuation of US$ 6.43 Billion in 2022. Sales are expected to increase at a robust 12% CAGR between 2022 and 2032, exceeding US$ 19.97 Billion by 2032.

Building information modeling industry is becoming prevalent in all infrastructure projects due to its accuracy and efficiency in planning building operations. Hence, governments across the globe are launching initiatives to support the growth and building corporations are working under a deadline. This is expected to improve the demand by 3X between 2022 and 2032.

Additionally, as increasing number of people are moving to metropolitan cities due to better infrastructure and technological advancements, need for infrastructure these areas is growing. For instance, in March 2021, Vectorworks Partner Network was introduced by Vectorworks, Inc. It offers a committed and varied group of technology companies in the architecture, interior architecture, landscape architecture, landscape design, and entertainment design sectors that bring transformative solutions to empower a designer's vision and creativity.

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As per the study, the building information modeling industry is projected to be dominated by the software sector. Rising demand in the ACE sector is projected to increase the need for digital tools in the AEC sector and for BIM software. Further, need for services such as virtualization, documentation, and consultancy is expected propel the growth.

North America is predicted to dominate the revenue share throughout the forecast period. Adoption of advanced digital technologies and government's need to adopt BIM software, are expected to drive market growth. However, number of planned infrastructure projects in the country, China is likely to hold a significant market position.

Key Takeaways:

• · Based on end user, AEC (architects, engineers, and contractors) segment is expected to account 60% of revenue during the forecast.
• · China is expected to witness impressive growth at 11% CAGR in the global building information modeling market.
• · North America is estimated to contribute for 10% of total sales of building information modeling.
• · In terms of application, building sector is expected to create lucrative prospects over the upcoming decade.
• · By type, the software segment is likely to hold the lion's share in the building information modeling market.

Growth Drivers:

• Increasing usage of BIM tools in infrastructure and commercial projects is expected to drive the global building information modeling (BIM) market during the forecast period.
• Rising application of building information modeling in construction sector will propel the demand in the market.
• Surging usage of cloud-based building information technology modeling solutions by large and mid-sized businesses will aid the growth.

Restraints:

• Difficulty in providing training of various services and personnel might hinder the growth in building information modeling market.
• High investment required for building information modeling deployment is likely to limit the sales.

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Competitive Landscape:

Leading players are investing extensively to expand their customer base and establish their presence. The global BIM industry is expected to be fragmented with few leading corporations accounting for mammoth's share.

For instance,

• In September 2020, Trimble integrated its cloud-based collaboration platform Trimble® Connect^TM with BIMcollab and Microsoft 365. Users will be able to provide project stakeholders the information they require to increase team productivity and guide choices.
• In April 2020, in collaboration with Spacewell, Nemetschek AG introduced a brand-new BIM solution by including integrated Workplace Management System (IWMS) software. Through digital data, visualization, and intelligence from BIM, this is anticipated to assist the owner and project team in managing and maintaining buildings.

Key Companies Profiled by Fact.MR

• Aecom
• Asite Solutions Limited
• Beck Technology Ltd
• Nemetschek AG
• Synchro Software Ltd
• Pentagon Solutions Ltd
• Bentley Systems Inc
• Dassault Systemes Sa
• Trimble Navigation Ltd.

More Valuable Insights on Building Information Modeling Market

In the latest study, Fact.MR offers a detailed study on global building information modeling market for the forecast period of 2022 to 2032. This study also highlights key drivers promoting the sales of building information modeling through detailed segmentation as follows:

By Type:

• Software
• Services

By Application:

• Building
• Oil & Gas
• Civil Infrastructure
• Industrial

By End User:

• AEC
• Contractors
• Facility Managers

By Region:

• North America
• Europe
• Asia Pacific
• Middle East & Africa
• South America

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Key Questions Covered in the Building Information Modeling Market Report

• What is the projected value of the building information modeling market in 2022?
• At what rate will the global building information modeling market grow until 2032?
• Which are the factors hampering the growth in the building information modeling market?
• Which region is expected to lead in the global building information modeling market during 2022-2032?
• Which are the factors driving the building information modeling market during the forecast period?

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