Building Information Modeling Market 2024-2028: Size and Low digitization rate in construction industry; growth driven by the Type, Some of key Companies Positioned Strategically
The building information modeling market size by Type (Software and Services) and Geography (North America, Europe, APAC, Middle East and Africa, and South America), is forecast to increase by USD 8064.1 million. The market is expected to grow at a CAGR of 18.51% between 2024 and 2028.
- The construction industry trails behind other sectors, such as automotive and information technology, by approximately 15-20 years in terms of digitalization. This lag has resulted in decreased productivity due to outdated processes and technologies. Traditional methods, such as paper-based project planning, lack coordination between offices and construction sites. Large-scale construction projects often experience extended completion times and budget overruns, negatively impacting contractors' financial performance. Performance management remains inadequate, and supply-chain processes are rudimentary. By integrating Building Information Modeling (BIM) into construction processes, efficiency can be enhanced by up to 20%. This is achieved through shorter build times, improved quality, and cost reductions.
- The North American market, comprising the United States, Canada, and Mexico, represents a pivotal role in the Building Information Modeling (BIM) industry. This region was among the pioneers in implementing advanced BIM technology, which has transformed design and construction methodologies. BIM's adoption is gaining momentum in the mainstream building sector, with an escalating number of contractors, engineers, and architects embracing this innovative approach. Key drivers, including the expanding urban population and increasing government spending, are expected to fuel enterprise specialization in the most advanced BIM technologies. This adoption leads to heightened project productivity during design and construction stages, a significant reduction in project errors, and a substantial return on investment.
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Some of the Key Companies:
- 4M SA Advanced Software Engineering Systems
- ABB Ltd.
- ACCA software Spa
- AECOM
- Asite Solutions Ltd.
- Autodesk Inc.
- AVEVA Group Plc
- Bentley Systems Inc.
- Cadsoft Corp.
- Dassault Systemes SE
- GRAITEC Innovation SAS
- Hexagon AB
- Nemetschek SE
- Pinnacle Infotech
- Plannerly
- Planon Shared Services BV
- Schneider Electric SE
- Siemens AG
- The Beck Group
- Trimble Inc.
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