Building Information Modeling Market To Generate $18,911.8 Million Revenue by 2030
- Published: July 2023
The global building information modeling market revenue is expected to reach USD 18,911.8 million by 2030, exhibiting a CAGR of 11.9% during 2023–2030.
BIM is an advanced 3D model software that provides construction, engineering, and design specialists in the AEC industry with new perspectives on project planning, construction, and management procedures. With these advanced perspectives, grand and expensive projects can be planned, designed, and executed competently and cost-effectively.
The popularity of the BIM software is expected to surge as it enables better operational performance, more-informed decisions, accurate project cost estimation, and more-extensive collaboration.
Essentially, the market for BIM software is forecast to boom owing to the increasing construction of commercial structures and residential spaces. Many private and public builders, with government support, are using BIM software in order to enhance their operational efficiency.
Additionally, governments around the world are bound to inevitably repair civic infrastructure from time to time, in order to avoid any mis happening. That is why they are mandating BIM in commercial projects, owing to the enhanced 3D design modeling and improved operational efficiency it offers.
The rapid urbanization because of the increasing population is the main reason behind the market growth. Many individuals and families are shifting to metropolitan cities in the hope of better education and employment opportunities and to uplift their living standards. This results in an enormous need for infrastructure to match personal and public demands in metropolitan areas. Moreover, the demand for residential construction is overtaking supply swiftly.
Hence, with the growing real estate investments, a surging number of commercial, public, government, and private buildings are being built every year all over the world. Further, the rising cost of engineering and construction is creating the need for optimum cost-cutting strategies.
Cloud Is Faster-Growing Category in Deployment Segment
The significant growth of the cloud category is owing to the scalability, flexibility, and accessibility provided by this deployment method, which are ultimately encouraging the AEC industry to advance its usage of cloud-based solutions.
Moreover, unlike on-premises deployment, in which there is a need to maintain infrastructure on the site, cloud has no such requirement. Thus, the latter lowers the upfront costs and also provides quicker updates and upgrades. Further, real-time collaboration, data sharing, and remote access are the other advantages of cloud-based BIM driving its usage in grand building projects.
Asia-Pacific Is Fastest-Growing Region
The fastest growth of the market in the APAC region is due to the availability of cheap labor, improving economic conditions, and advancements in the technological infrastructure. Moreover, the recent surge in foreign direct investments (FDI) has resulted in the advent of new, enormous projects. Further, the region’s skyline, particularly in Tokyo, Shanghai, Beijing, Hong Kong, and Seoul, is dominated by lustrous skyscrapers with facades of glass, consisting of hundreds of floors.
Moreover, Japan, South Korea, Australia, and Singapore have made plans to mandate BIM in civic projects. Other nations, including China and India, are also predicted to implement such regulations in the years to come. Niti Ayog said in a statement that with the adoption of BIM, the construction period can be decreased and the overall project cost can be lowered by 20%.
Key Players in the building information modeling market are Autodesk Inc., Nemetschek Group, Bentley Systems, Trimble Inc., Dassault Systèmes, RIB Software SE, AVEVA Group plc, Hexagon AB, and Archidata Inc.