Global Building Information Modeling Market Report 2024: Size, Drivers, And Top Segments
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How is the Building Information Modeling Market Expected to Expand from 2024 to 2033?
The building information modeling market is growing rapidly, expected to increase from $8.06 billion in 2023 to $9.43 billion in 2024 at a CAGR of 17.0%, supported by lifecycle management expansion, industry standards, cost-saving efficiency, government mandates, and advancements in 3D modeling.
The building information modeling (BIM) market is anticipated to reach $17.46 billion by 2028, with a CAGR of 16.6%. The growth is driven by the rise in remote collaboration, smart city and urban development projects, demand for facility management integration, and advancements in 5D BIM. Major trends include AI and machine learning integration, cloud-based solutions, sustainable design practices, and VR/AR expansion in BIM.
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What Influences Are Propelling the building information modeling Market Forward?
The modular construction market is expected to experience growth driven by the rapid rise in construction activities. With construction being a key industry involved in building, repairing, and maintaining infrastructures, the demand for modular construction is on the ascent. Notably, reports from Oxford Economics indicate a substantial increase in global construction output, with significant growth anticipated between 2020 and 2030. Additionally, trends in the U.S. construction sector highlight a surge in residential construction, contributing to increased demand for materials and labor. This rapid rise in construction activities is anticipated to fuel the growth of the modular construction market, which reached $71.2 billion in 2023 and is forecasted to expand to $114.6 billion by 2028.
What Key Segments Exist Within the Building Information Modeling Market?
1) By Component: Software, Services
2) By Deployment Type: On Premises Deployment, Cloud Deployment
3) By Project Lifecycle: Preconstruction, Construction, Operation
4) By Application: Planning and Modelling, Construction And Design, Assest Management, Building System Analysis And Maintenance Scheduling, Other Applications
5) By End User: Architects/Engineers, Contractors, Other End Users
What Trends Are Coming to the Forefront in the 129 Market?
The rising adoption of IoT (Internet of Things) technology in construction is reshaping the building information modeling (BIM) market, with major players leveraging IoT-based solutions to enhance their market standing. For example, in March 2022, SIMLAB, a Poland-based technology company, integrated BIM and IoT smart building technologies into Matterport Digital Twins. This integration enables stakeholders in construction project management to remotely monitor and assess crucial aspects of architectural design and construction sites, enhancing efficiency and reducing the need for onsite presence.
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What Regions Are Leading the Charge in the Building Information Modeling Market?
North America was the largest region in the building information modeling market share in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the building information modeling market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The Building Information Modeling Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the building information modeling market, its market share, and analyzes key competitors along with their market positions.
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 Template 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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