Latest News- Building Information Modeling Market: Software is expected to lead the Type segment during 2024-2028

The Building Information Modeling Market is being driven by Rise in work-from-home model

The Building Information Modeling Market is expected to grow at a CAGR of 18.51% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 8064.1 million. Building Information Modeling (BIM) represents a significant shift in the architecture, planning, and construction industries, brought about by advancements in computer software. Digital design tools, computer-controlled manufacturing, and interconnectedness have transformed the landscape, replacing traditional paper-based designs and CAD systems. BIM's advantages are numerous, including the generation of precise, geometric virtual models that encompass all building components, enabling visualization, collaboration, design and construction planning synchronization, conflict identification, and cost reduction. The global adoption of BIM's 3D model-based approach to project delivery continues to grow. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Type
  • Software
  • Services
• Geography
  • North America
    • US
  • Europe
    • UK
    • France
  • APAC
    • China
    • Japan
  • Middle East and Africa
  • South America

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Rise in work-from-home model
• Growing need for building automation to enhance business outcomes
• Rapid population growth increases the demand for residential sectors

However, the market also witnesses some limitations, which are as follows:

• Low digitization rate in construction industry
• High installation cost of BIM
• Vulnerability issues and cybersecurity threats

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Market Scope in Building Information Modeling Market Research Report

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Research Analysis Overview

The Building Information Modeling (BIM) market encompasses digital representations of buildings created using BIM software. This market includes cost estimation tools, construction schedules, sequencing plans, and is driven by contractors, government mandates, and digital technology in the construction sector. Solutions segment offers Virtual Reality (VR) and Augmented Reality (AR) experiences, while services segment includes on-premise and cloud-based Building Management Systems (BMS) and Facility Management Systems (FMS) for building operations, HVAC, lighting, security, sensors, and intelligent buildings. The market is characterized by licensing and subscription models, requiring significant computing power, servers, and adherence to AEC standards.

Market Research Overview

The Building Information Modeling (BIM) market encompasses companies specializing in 3D modeling software, architectural design tools, and construction project management solutions. These firms also leverage digital twin technology, construction automation, and smart building design for virtual construction planning. Collaborative design platforms and cloud-based BIM solutions facilitate real-time construction collaboration and integrated design processes. Sustainable construction practices and advanced building modeling further enhance the value proposition. Construction data analytics, structural modeling tools, and building simulation software enable optimization and cost estimation. Infrastructure management software and multi-disciplinary design coordination tools ensure efficient project workflows. Smart construction technologies, such as modular building design and architectural visualization techniques, further expand the market landscape. The BIM software adoption rate continues to grow, driving the need for comprehensive building lifecycle management and construction design software solutions.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/