Building Information Modeling Market to Surpass USD 17.32 Billion by 2030 on Account of Growing Construction Industry and Major Technological Advancements

Sep 27, 2023 1:00 PM ET

Building Information Modeling Market Scope & Overview

The Building Information Modeling Market, as per the SNS Insider report, achieved a valuation of USD 6.85 billion in 2022 and is projected to attain USD 17.32 billion by 2030, with a compound annual growth rate (CAGR) of 12.3% anticipated during the forecast period spanning from 2023 to 2030.

Based on per SNS Insider’s research, the building information modeling market is experiencing rapid growth due to its ability to enhance efficiency, reduce costs, and improve collaboration in the construction and architecture sectors.

Building Information Modeling (BIM) is a comprehensive and digital approach to the design, construction, and management of buildings and infrastructure. It involves creating and managing a 3D virtual model of a building or facility, which integrates various data and information throughout its entire lifecycle. BIM serves as a central repository for all project-related information, facilitating collaboration and communication among architects, engineers, contractors, and other stakeholders.

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Key Players Covered in Building Information Modeling market report are:

Autodesk,
Aveva Group,
Bentley Systems,
Hexagon,
Nemetschek,
Trimble,
Asite Solutions,
Beck Technology,
Dassault Systems,
Pentagon Solution.

Market Analysis

The building information modeling market has witnessed significant growth in recent years, driven by various factors that have reshaped the construction and architecture industries. BIM fosters collaboration among architects, engineers, contractors, and other stakeholders by providing a centralized digital platform for project data. Real-time collaboration improves decision-making, reduces miscommunication, and minimizes conflicts, leading to smoother project execution. Stringent building regulations and environmental standards have driven the adoption of BIM. BIM software allows professionals to accurately model and analyze various aspects of a project, ensuring compliance with local, national, and international codes and standards. Advancements in technology, such as cloud computing, augmented reality (AR), and virtual reality (VR), have boosted the BIM market. Cloud-based BIM platforms allow remote access and collaboration, while AR and VR enhance visualization and user experience in design and construction processes.

Building Information Modeling Market Segmentation as Follows:

BY COMPONENT:
Software and solution
Services

BY DEPLOYMENT MODE:
Cloud Deployment
On Premises Deployment

BY PROJECT LIFECYCLE:
Construction
Operation
Preconstruction

BY APPLICATION:
Industrial
Buildings
Civil Infrastructure
Utilities
Oil & Gas
Others

BY END USER:
Consultants & Facility Managers
AEC Professionals
Others

Segmented by Region/Country:
North America
Europe
China
Japan
Asia Other

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Impact of Recession

The impact of a recession on the building information modeling market is complex and multifaceted. While budget constraints and project delays can pose challenges, BIM’s potential for cost savings, efficiency improvements, and support for sustainable practices can also make it an attractive solution during economic downturns. The extent to which BIM is affected during a recession largely depends on the specific economic conditions, regional factors, and the industry’s response to the crisis.

Impact of Russia-Ukraine War

The Russia-Ukraine war has introduced various challenges and uncertainties for the building information modeling market. While it has disrupted supply chains and raised costs, it has also highlighted the importance of resilience and innovation in the AEC sector. The long-term impact will depend on the duration and resolution of the conflict, as well as how the global economy responds to the geopolitical situation.

Key Regional Development

North America, particularly the United States and Canada, has been at the forefront of BIM adoption. The region’s dynamic construction industry, emphasis on infrastructure development, and regulatory support have fueled the growth of the building information modeling market. Europe has a well-established BIM market, with countries like the UK, Germany, and France leading the way. European Union directives, such as the Energy Performance of Buildings Directive (EPBD) and the push for sustainable construction practices, have driven BIM adoption. The Asia-Pacific region is experiencing unprecedented urbanization and infrastructure development. Countries like China and India are investing heavily in construction and transportation projects.

Key Takeaway from Building Information Modeling Market Study

– The construction industry is undergoing a transformative phase, and Building Information Modeling (BIM) is at the forefront of this revolution. BIM has emerged as an invaluable tool in the construction segment, revolutionizing the way projects are planned, designed, and executed.

– In the realm of Building Information Modeling (BIM), the deployment segment plays a pivotal role in shaping the industry’s landscape. On-premises BIM solutions can be tailored to suit the specific needs of an organization. This level of customization is invaluable, especially for large construction firms with unique workflows and requirements.

Recent Developments Related to Building Information Modeling Market

– DeSimone, a leading global engineering and design firm, has recently announced its acquisition of Dowco Group’s global detailing and Building Information Modeling (BIM) business. Dowco Group’s global presence and established client relationships will enable DeSimone to expand its reach into new markets and regions.

– In a groundbreaking development for the construction industry, OpenSpace has launched a cutting-edge Field-Ready Building Information Modeling (BIM) technology that promises to transform how construction projects are executed and managed.

Table of Content – Analysis of Key Points

1. Introduction
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of ongoing Recession on Major Economies
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Building Information Modeling Market Segmentation, By Component
9. Building Information Modeling Market Segmentation, By Deployment Mode
10. Building Information Modeling Market Segmentation, By Project Lifecycle
11. Building Information Modeling Market Segmentation, By Application
12. Building Information Modeling Market Segmentation, By End User
13. Regional Analysis
14. Company Profiles
15. Competitive Landscape
16. Conclusion