Global Building Information Modeling (BIM) Market Analysis 2023: A $15 Billion Industry by 2028 Driven by Growing Adoption and Wide-Ranging Benefits
[ Back ]   [ More News ]   [ Home ]
Global Building Information Modeling (BIM) Market Analysis 2023: A $15 Billion Industry by 2028 Driven by Growing Adoption and Wide-Ranging Benefits

DUBLIN, Aug. 2, 2023 — (PRNewswire) — The  "Global Building Information Modeling (BIM) Market by Offering (Software, Services), Deployment (Cloud, On-Premise), Project Lifecycle (Preconstruction), Application (Buildings, Industrial), End-user (AEC Professionals), and Region - Forecast to 2028" report has been added to  ResearchAndMarkets.com's offering.

Research_and_Markets_Logo

The global building information modeling (BIM) market, valued at USD 7.9 billion in 2023, is projected to reach a staggering USD 15 billion by 2028, with a remarkable compound annual growth rate (CAGR) of 13.7%.

The market is witnessing significant growth due to the increasing use of BIM in sustainable development, rapid urbanization, and the diverse advantages it offers to the architecture, engineering, and construction (AEC) industry. However, the high initial cost of BIM is a factor restraining its widespread adoption.

The buildings segment is expected to experience the highest growth during the forecast period, driven by the efficient planning, design, construction, and management capabilities offered by BIM. Governments in various countries have mandated the use of BIM for high-cost infrastructure projects, enabling seamless coordination, communication, analysis, simulation, project management, collaboration, and asset management.

Cloud deployment is another key driver for market growth, with the segment expected to exhibit a higher CAGR. Cloud-based BIM solutions eliminate capital costs and require low maintenance, making them highly preferred by both large and mid-sized institutions.

The preconstruction segment is projected to witness the highest CAGR, focusing on developing BIM models, clash detection, coordination, and extracting 2D drawings. Software such as Autodesk (Revit, Navisworks) and Graphisoft (ArchiCAD) are widely used in this phase.

The services segment, including infrastructure modeling, detailed engineering, and project management, is also expected to witness substantial growth. BIM services help improve the quality of buildings, reduce costs, and facilitate effective information sharing among stakeholders.

AEC professionals, including consultants and facility managers, are key contributors to the BIM market. BIM enables them to design, assess, and extract asset data throughout the entire life cycle of a building or infrastructure, leading to enhanced operations and maintenance.

North America is set to register the second-highest CAGR during the forecast period, driven by the widespread adoption of BIM by architects, engineers, and consultants. The United States, with its advanced digital systems and presence of leading companies, is expected to lead the BIM market in the region.

The global building information modeling market is characterized by the dominance of established players such as Autodesk Inc., Dassault Systemes, Nemetschek Group, Bentley Systems, and Schneider Electric. The report provides a comprehensive competitive analysis of these key players, including company profiles, recent developments, and key market strategies.

Premium Insights

Market Dynamics

Drivers

Restraints

Opportunities

Challenges

Case Studies

Technology Analysis

Standards

Company Profiles

Key Players - Business Overview, Products/Services Offered, Recent Developments, and Analyst's View

Other Players

For more information about this report visit https://www.researchandmarkets.com/r/qpbxj3

About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

Media Contact:

Research and Markets
Laura Wood, Senior Manager
Email Contact
 
For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
 
U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716

Logo: https://mma.prnewswire.com/media/539438/Research_and_Markets_Logo.jpg

 

Cision View original content: https://www.prnewswire.com/news-releases/global-building-information-modeling-bim-market-analysis-2023-a-15-billion-industry-by-2028-driven-by-growing-adoption-and-wide-ranging-benefits-301891536.html

SOURCE Research and Markets

Contact:
Company Name: Research and Markets