Building Information Modeling Market Outlook 2031
The global building information modeling market size was valued at USD 6.95 billion in 2022 and is expected to reach USD 22.07 Billion by 2031 expand at a significant CAGR 13.7% during the forecast period, 2023-2031. The growth of market is attributed to growing population across the globe, rising demand for the residential segment, and favorable government rules and regulation.
From the past few years, the architecture and modeling domain has witnessed an inclination towards building information modeling (BIM) owing to the occurrence of computer software’s, several companies are taking an advantage of MINs to optimize their operations in residential structure design, which offers a feasible growth opportunity for the BIM market.
Technological advancement in digital design tools such as automated fabrication, computer monitored connectedness, advance digital design tools, and inter-connectedness has unlocked a new vertical for the designs and build process.
Due to its several different advantages over the existing tools the building information modeling (BIM) have observed a significant adoption rate in sectors such as CAD system and paper-based design & modeling. BIM’s major function is to facilitates the user to create precise, accurate geometrical virtual model with all the details and structure that are associated in the buildings or infrastructures formation.
The COVID-19 outbreak has adversely affected the construction and building sector. Challenge the industries has to face such as use of limited manpower due to restrict movement and social distancing protocols, plants, machinery, material are most likely act as obstruction between the segments growth. Furthermore, the fluctuation of construction prices along with lack of skilled labor act as a hindrance for industry growth.
Building Information Modeling Market Trends, Drivers, Restraints, and Opportunities
- Increasing disposable income of the population, thus escalating the demand for residential sector is estimated to boost the market in the coming years.
- Government across the globe providing incentives is expected to propel the market during the forecast period.
- R&D and technological advancement in designing tools such as automated fabrication, inter-connectedness and more, unlocks new horizon of build and design process within the architecting domain which offer immense opportunities for the key players in the market.
- Disruption in supply chain, limited workforce, shortage of raw materials due to COVID pandemic and limited movement protocol by the government act as one of the factors that hampers the market.
- Increasing cost of construction act as another factor which can impede the market expansion in the coming years.
- Lack of skilled professional and labor fees possesses a challenge that hampers the market growth.
Scope of the Building Information Modeling Market
The report on global building information modeling market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Attributes
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Details
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Report Title
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Building information modeling Market – Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Solution Types (Services and Software), Applications (Residential, Commercial, Industrial, and Others), End-Users (Architects, Contractors, Facilities Manager, and Others)
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Regional Scope
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North America, Asia Pacific, Latin America, Middle East & Africa, and Europe
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Bentley Systems Inc; Autodesk Inc; Dassault Systemes SA; Hexagon AB; Trimble Inc.
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Building Information Modeling Market Segment Insights
The software segment is expected to exhibit high CAGR
Based on the solution types, the market is bifurcated into services and software. The software segment is expected to exhibit high CAGR in the coming years due to surging demand for digital tools in AEC sector. The BIM object offers 3D CAD drawing with more operational use and is user-friendly, with the rising demand for services such as virtualization, consultation, and cost planning is most likely to drive the market.
The commercial segment is estimated to hold major share of the market
On the basis of applications, the market is fragmented into residential, commercial, industrial, and others. The commercial segment is estimated to hold major share of the market during the forecast period owing to increasing construction activities and rapid adoption of BIM software for better operational efficiency, increasing user awareness and segment majorly uses BIM software for development of smart cities and offices globally.
The architects segment is anticipated to constitutes a large share of the market
Based on end-users, the market is categorized into architects, contractors, facilities manager, and others. The architect segment is anticipated to constitutes a large share of the market during the projected period. The software offers designers and builders to understand the probable risk factors of the projects in much advance.
However, the contractor segment is expected to grow at a rapid pace owing to the beneficial factor of the software which offers them the real-time insight on how they can reduce the cost of construction.
North America is expected to dominate the market
In the term of regions, the market is divided into North America, Asia Pacific, Latin America, Middle East & Africa, and Europe. North America is expected to dominate the market in the coming years owing to increasing urbanization and government investments on offering lucrative opportunities for companies’ expertise in advanced technological achievements, rapid adoption of 3D modeling into construction industry, and owing to its massive data storage for built environment act as a valuable tool for the construction sector.
Segments
The global building information modeling market has been bifurcated on the basis of
Solution types
Applications
- Residential
- Commercial
- Industrial
- Others
End Users
- Architects
- Contractors
- Facilities Manager
- Others
Regions
- North America
- Asia Pacific
- Europe
- Latin America
- Middle East & Africa
Key players
Competitive Landscape
Key players competing in the global building information modeling market include Bentley Systems Inc; Autodesk Inc; Dassault Systemes SA; Hexagon AB; Trimble Inc.
Some of these players are targeting on business strategies such as mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to increase their market shares.