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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The market is segmented based on
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
However, the market also witnesses some limitations, which are as follows:
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Market Scope |
|
Report Coverage |
Details |
Page number |
142 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 18.51% |
Market growth 2024-2028 |
USD 8064.1 million |
Market structure |
market_structure.ucfirst |
YoY growth 2023-2024(%) |
15.88 |
Key countries |
US, Japan, UK, China, and France |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Find out which segment is leading the market by accessing the free PDF report
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.
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
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