The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

The Business Research Company’s Building Information Modeling Global Market Report 2023 offers crucial insights into the building information modeling market help businesses analyse and build stronger strategies.

The global building information modeling (BIM) market is experiencing substantial growth, with a projected increase from $6.89 billion in 2022 to $8.12 billion in 2023, showcasing a remarkable compound annual growth rate (CAGR) of 17.9%. Looking ahead, the market is expected to reach $14.89 billion in 2027 at a CAGR of 16.3%. This surge is fueled by the rapid rise in construction activities globally, creating a robust demand for BIM to enhance productivity and streamline project lifecycles.

Construction Industry Dynamics

• The construction industry, responsible for creating, repairing, renovating, and maintaining infrastructures, is witnessing a significant uptick.
• Increased construction activities drive the need for efficient tools like BIM to enhance communication and coordination.
• BIM facilitates faster project completion by reducing work and time, contributing to higher productivity.

Case in Point: Construction Trends

• In Canada, the investment in building construction soared from $14,294 million in April 2019 to $19,273 million in 2020, according to Canada’s national statistical agency.
• The U.S. Construction Cost Trends report for 2022 highlights a surge in residential construction, driving up demand for materials and labor.
• Total construction spending in the U.S. has risen by 16% since the onset of the pandemic, indicating a robust market.

Market Players
Major players shaping the BIM market include Autodesk, Nemetschek, Bentley Systems, Trimble, ASITE, AVEVA Group plc, Hexagon AB, ACCA Software Inc., and Tekla Corporation, among others. These industry leaders play a pivotal role in driving innovation and meeting the growing demands of the construction sector.

IoT Integration: A Transformative Trend

• The rising trend of the Internet of Things (IoT) in construction is significantly impacting the BIM market.
• IoT applications streamline ordering and modeling processes, reducing the time required for various project phases.
• Key players in the BIM sector, such as SIMLAB, are incorporating BIM and IoT smart building technologies to enhance project management capabilities.

Technological Advancements
In March 2022, SIMLAB, a Poland-based technology company, integrated BIM and IoT smart building technologies into Matterport Digital Twins. This innovation allows stakeholders in construction project management to track and view critical points during the architectural design stage. Importantly, it enables the examination of construction sites without the need for a physical presence onsite.

Market Segmentation
The global BIM market is segmented based on various parameters:

1) Deployment Type

• On-Premises Deployment: Traditional deployment within an organization’s infrastructure.
• Cloud Deployment: Utilizing cloud-based services for accessibility and flexibility.

2) Project Lifecycle

• Preconstruction: Planning and preparation phases.
• Construction: Actual building and assembly.
• Operation: Post-construction, including maintenance and management.

3) Component

• Software: BIM software solutions.
• Services: BIM-related services and support.

4) Application

• Planning and Modeling: Initial stages of project development.
• Construction and Design: Implementation and building phases.
• Asset Management: Post-construction asset tracking and maintenance.
• Building System Analysis and Maintenance Scheduling: Analyzing systems and scheduling maintenance.
• Other Applications: Diverse applications catering to specific project needs.

5) End User

• Architects/Engineers: Professionals involved in design and planning.
• Contractors: Individuals overseeing construction processes.
• Other End Users: Varied stakeholders with specific roles in the construction lifecycle.

Regional Dynamics

• North America: Dominated the BIM market in 2022, showcasing a strong presence.
• Asia-Pacific: Expected to be the fastest-growing region, reflecting the region’s commitment to adopting advanced BIM solutions.

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The Building Information Modeling Global Market Report 2023  provides a comprehensive outlook of the building information modeling market for the historic years (2010 – 2021) and ten years forecast (2023 – 2032). The building information modeling market forecast offers a thorough analysis on building information modeling market size, building information modeling market share, prominent players and their strategies.

The Table Of Content For The Building Information Modeling Market Include:
1. Building Information Modeling Market Executive Summary
2. Building Information Modeling Market Segments
3. Building Information Modeling Market Size And Building Information Modeling Market Growth Rate
4. Key Building Information Modeling Market Trends
5. Major Building Information Modeling Market Drivers
……
25. Key Mergers And Acquisitions In The Building Information Modeling Market
26. Top Building Information Modeling Companies
27. Building Information Modeling Market Opportunities And Strategies
28. Building Information Modeling Market, Conclusions And Recommendations
29. Appendix

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