With 11.1% CAGR, Building Information Modeling Market Size Worth USD 11.96 Billion in 2028
According to Fortune Business Insights, the global building Information Modeling Market Size is projected to hit USD 11.96 Billion in 2028, at CAGR of 11.1% during forecast period [2020-2028]; High Demand for Commercial and Personal Infrastructures to Aid Growth
Pune, India, June 23, 2022 (GLOBE NEWSWIRE) -- According to Our Analyst, the global building information modeling (BIM) market is set to gain impetus from the high demand for such software solutions from the architecture and construction sector. The worldwide market size was valued at USD 5.20 Billion in 2019, and is projected to reach USD 11.96 Billion by 2028, registering a CAGR of 11.1% from 2020 to 2028. This information is given by Fortune Business Insights™ in a new report, titled, “Building Information Modeling Market Size, Share & COVID-19 Impact Analysis, By Component, By Project Phase, By Application, By End-User, and Regional Forecast.
*Industry developments:*
· *September 2020:* Trimble integrated its Trimble® Connect™ cloud-based collaboration platform with BIMcollab and Microsoft 365. It will enable users to connect project stakeholders with required data to enhance team efficiency and inform decisions.
· *April 2020:* Nemetschek AG partnered up with Spacewell to introduce a new BIM solution by blending it with the Integrated Workplace Management System (IWMS) software.
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*Report Scope:*
*Report Coverage* *Details*
Forecast Period 2020-2028
Forecast Period 2020 to 2028 CAGR 11.1%
2028 Value Projection USD 11.96 Billion
Base Year 2019
Mobile Payment Market Size in 2019 USD 5.20 Billion
Historical Data for 2016-2018
No. of Pages 150
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*Drivers & Restraints-*
*High Demand for Commercial and Personal Infrastructures to Aid Growth*
Nowadays, various cities worldwide are experiencing rapid improvements and technological developments. Hence, many people have started shifting to metropolitan cities. The surging demand for enhanced infrastructure for commercial and personal requirements in urban areas would propel the Building Information Modeling Market growth in the upcoming years. However, building information Modeling software solutions require constant service and maintenance. It therefore involves high cost spending. This factor may obstruct growth.
*Regional Insights-*
*Early Adoption of Unique Digital Tools to Favor Growth in North America*
Geographically, in 2019, North America procured USD 1.91 billion in terms of revenue. It would remain at the forefront because of the rising implementation of stringent norms on the usage of BIM software. At the same time, the early adoption of state-of-the-art digital tools would aid regional growth.
On the other hand, the rising expenditure in building and infrastructure would propel growth in South America. In Asia Pacific, the surging number of planned smart city projects in numerous countries, such as Singapore, India, China, and South Korea would bolster growth.
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*COVID-19 Pandemic to Affect Growth Stoked by Remote Working Practices Worldwide*
The Building Information Modeling Market is projected to grow from USD 5.71 billion in 2020 to USD 11.96 billion in 2028 at a CAGR of 11.1% in the forecast period between 2020-2028. The COVID-19 pandemic has taken a huge toll on the building and construction industry. But, it has inclined people toward remote working environments. Hence, several builders and engineers are managing their projects and handling customer contracts effectively by using these software solutions. We are delivering in-depth research reports to help you better understand the current scenario.
*Segment-*
*Architect & Engineers Segment to Dominate Backed by Need for Project Insights *
Based on the end-user, the architect and engineers segment earned 43.5% in terms of the BIM market share in 2019. It is expected to retain its dominant position throughout the forthcoming years backed by the ability of BIM software solutions to help designers and builders understand the upcoming challenges of a particular project in advance. They can also gain access to persistent insights into the whole process.
*Building Information Modeling Market** Segmentations:*
*Segmentation* *By Component*
· Software
· Services
*By Project Phase*
· Pre-Construction
· Construction
· Post Construction
*By Application*
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· Commercial
· Residential
· Industrial
· Public Infrastructure
*By End-User *
· Architect and Engineers
· Facility or Construction Managers
· Builders and Contractors
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*What Does This Report Contain?*
This report includes in-depth information associated with change in material usage, new product launches, and technological advancements. It provides ma Building Information Modeling (BIM) Market dynamics based on various factors, such as opportunities, challenges, drivers, hindrances, and dynamics. At the same time, it will deliver a complete insight from the supply side respondents related to market share, distribution, and size.
*Competitive Landscape-*
*Key Players Focus on Launching Innovative Solutions to Intensify Competition*
The global market for building information Modeling contains numerous software providers that are mainly focusing on launching novel solutions to cater to the high customer demand. Some of the others are aiming to strengthen their positions by integrating with reputed software solutions for providing improved support to users.
*A list of all the renowned BIM manufacturers operating in the global Building Information Modeling (BIM) Market:*
· Autodesk Inc. (California, United States)
· Dassault Systèmes SA (Vélizy-Villacoublay, France)
· Bentley Systems Inc. (Pennsylvania, United States)
· Nemetschek AG (Munich, Germany)
· Beck Technology Ltd. (Texas, United States)
· AVEVA Group Plc. (Cambridge, United Kingdom)
· Hexagon AB (Sweden)
· Pentagon Solution Ltd. (Belfast, N. Ireland)
· Trimble Ltd. (California, United States)
· Synchro Software Ltd. (London, UK)
· Pinnacle Infotech (Mumbai, India)
· Planon Group (Boston, United States)
· LOD Planner Inc. (Los Angeles, United States)
· ACCA software S.p.A. (Campania, Italy)
· Vectorworks, Inc. (Maryland, United States)
· Revit Modeling India (Gujrat, India)
· Robert Mcneel & Associates (Washington, United States)
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*Quick Buy - Building Information Modeling (BIM) Market:*
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*Major Points in TOC:*
· · Global Building Information Modeling (BIM) Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2016-2028
· By Component (Value)
· Software
· Services
· By Project Phase (Value)
· Pre-Construction
· Construction
· Post Construction
· By Application (Value)
· Commercial
· Residential
· Industrial
· Public Infrastructure (Road, Airport, Ports, Railways, Energy and Utilities, Education, Healthcare, Social)
· By End-user (Value)
· Architect and Engineers
· Facility or Construction Managers
· Builders and Contractors
· By Region (Value)
· North America
· South America
· Europe
· Middle East & Africa
· Asia Pacific
· North America Building Information Modeling (BIM) Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2016-2028
· By Component (Value)
· Software
· Services
· By Project Phase (Value)
· Pre-Construction
· Construction
· Post Construction
· By Application (Value)
· Commercial
· Residential
· Industrial
· Public Infrastructure (Road, Airport, Ports, Railways, Energy and Utilities, Education, Healthcare, Social)
· By End-user (Value)
· Architect and Engineers
· Facility or Construction Managers
· Builders and Contractors
· By Country (Value)
· United States
· By End-user
· Canada
· By End-user
· Mexico
· By End-user
· South America Building Information Modeling (BIM) Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2016-2028
· By Component (Value)
· Software
· Services
· By Project Phase (Value)
· Pre-Construction
· Construction
· Post Construction
· By Application (Value)
· Commercial
· Residential
· Industrial
· Public Infrastructure (Road, Airport, Ports, Railways, Energy and Utilities, Education, Healthcare, Social)
· By End-user (Value)
· Architect and Engineers
· Facility or Construction Managers
· Builders and Contractors
· By Country (Value)
· Brazil
· By End-user
· Argentina
· By End-user
· Rest of South America
· Europe Building Information Modeling (BIM) Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2016-2028
TOC Continued…!
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