Building Information Modeling Market By Component (Solution, Service), By Deployment Mode (On-premise, Cloud), By Building Type (Commercial, Residential), By Application (Planning and Modelling, Construction and Design, Asset Management, Building System Analysis and Maintenance Scheduling ), By End-User (Architects/Engineers , Contractors , Others ): Global Opportunity Analysis and Industry Forecast, 2023-2032
The Building Information Modelling Market is likely to experience a significant growth rate of % from 2023-2032 owing to growing technological advancements– Allied Market Research
Building information technology refers to a collaborative process that helps architects, engineers, real estate developers, contractors and manufacturers and other construction professionals to strategize, design and construct a structure within a 3D technology model.
Industries such as construction, architecture, and engineering are increasingly adopting BIM technology. It allows for better collaboration, improved project visualization, and enhanced decision-making processes. Furthermore, BIM integrated with IoT sensors is a trend, enabling real-time monitoring of buildings and infrastructure. This integration provides valuable data for maintenance and operational purposes. Moreover, BIM usage is extending beyond design and construction phases to include facility management and maintenance. This lifecycle approach is establishing BIM as a valuable tool throughout the entire lifespan of a building and infrastructure.
The key factors such as government mandating for building information modeling usage (BIM) and the increasing adoption of digital technology by construction sector are driving building information modeling market growth. Furthermore, increasing initial expenditure on BIM technology is expected to hamper the building information modeling market growth during the forecast period. Moreover, the emergence of virtual reality (VR) and augmented reality (AR) technologies and their integration with BIM is providing an opportunity for building information modeling market growth during the forecast period.
The building information modeling market is segmented based on component, deployment mode, project life cycle, building type, application, end-user and region. In terms of component, the market is divided into solution and service. By deployment mode the market is divided into on-premise and cloud. By building type, the market is divided into commercial, and residential. By application, the market is divided into planning and modelling, construction and design, asset management, building system analysis and maintenance scheduling. By end user, the market is divided into architects/engineers, contractors and others. By region-wise the market is divided into North America, Europe, Asia-Pacific and LAMEA.
The report analyzes the profiles of key players operating in the building information modeling market such as Aveva Group Plc., Hexagon AB, Trimble Inc., Autodesk Inc., Beck Technolgy Ltd., Pentagon Solution Ltd., Nemetschek SE, Bentley Systems Inc., Dassault Systemes, and Asite Solutions Ltd. These players have adopted various strategies to increase their market penetration and strengthen their position in the building information modeling market.
Market players adopted different strategies for enhancing their services in the market and improving customer satisfaction. For instance, in July 2021, AVEVA Group PLC signed a partnership agreement with RIB Software (RIB), a global leader in digital technologies for construction, to enhance AVEVA’s Project execution portfolio offering for process and plant industries. The integration will extend the AVEVA unified project execution solution to include new capabilities from the RIB MTWO platform such as enhanced estimation and project cost controls, more powerful dashboards and KPI monitoring, and optimized construction management with full Connected Worker capabilities in the Cloud. Furthermore, in December 2020, Nemetschek Group acquired DEXMA. DEXMA is a rapidly expanding supplier of cutting-edge software as a service SaaS solutions for energy data management that use artificial intelligence (AI) and machine learning (ML) capabilities. The organization facilitates efficient measurement, tracking, and administration of energy expenses and usage for more than 4,000 clients across 30 nations. Therefore, such strategies are expected to boost the growth of the cloud data security market in the upcoming years.
Key Market InsightsBy component type, solution segment was the highest revenue contributor to the market, and is estimated to $ 21626.23 million by 2032, with a CAGR of 15.1%. However, the service segment is expected to be the fastest growing segment with a CAGR of 17.9% during the forecast period.
By deployment mode, the on-premise segment dominated the global market, and is estimated to reach $ 18698.18 million by 2032, with a CAGR of 15.0%.
By building type, the commercial segment dominated the global market, and is estimated to reach $ 24893.57 million by 2032, with a CAGR of 17.9%.
By application, the planning and modelling segment dominated the global market, and is estimated to reach $ 10583.48 million by 2032, with a CAGR of 12.8%.
By end-user, architects/engineers segment dominated the global market, and is estimated to reach $ 16998.58 million by 2032, with a CAGR of 14.4%.
Based on region, North America was the highest revenue contributor, accounting for $ 2867.5 million in 2022, and is estimated to reach $ 7697.95 million by 2032, with a CAGR of 10.4%.
Key Market SegmentsBy Deployment ModeOn-premise
Cloud
By Building TypeCommercial
Residential
By ApplicationPlanning and Modelling
Construction and Design
Asset Management
Building System Analysis and Maintenance Scheduling
By End-UserArchitects/Engineers
Contractors
Others
By ComponentSolution
Service
By RegionNorth America
U.S.
Canada
Europe
UK
Germany
France
Italy
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
South Korea
Australia
Rest of Asia-Pacific
LAMEA
Latin America
Middle East
Africa
Key Market PlayersBentley Systems, Incorporated
Nemetschek Group
Beck Technology Ltd.
Trimble, Inc.
HEXAGON AB
Pentagon Solutions Ltd.
Asite Solutions Ltd.
Autodesk Inc.
Dassault Systemes
AVEVA Group PLC.
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