Building Information Modeling Market

Market Synopsis:

The Global Building Information Modeling Market was valued at USD 5,721.4 Million in the year 2021 and is projected to reach a value of USD 1,1172.5 Million by the year 2028. The Global Market is anticipated to grow to exhibit a Compound Annual Growth Rate (CAGR) of 11.70% over the forecast period.

Building Information Modeling is a three-dimensional depiction of a buildings design, including the plan, elevation, and section. In the AEC sector, Building Information Modeling is a popular design tool for analyzing the quantity and quality aspects of a project, such as a cost estimation, schedule requirements, and component procurement. Furthermore, Building Information Modeling assists with activities connected to the project after it has been completed, such as maintenance issues and project cycle management. There has been an increase in construction activity all across the world. Large buildings, housing apartments, business areas, government complexes, and other activities are among them. Furthermore, construction SMEs are expanding at a rapid rate, which has supported the worldwide Building Information Modeling Market. Furthermore, government regulatory agencies that oversee construction operations have demanded that construction companies use Building Information Modeling solely for public-sector projects. The Building Information Modeling Task Group, for example, was established to promote Building Information Modeling adoption in the United Kingdom.

However, High expenses, the need for frequent maintenance, and a lack of technical experience are all challenges limiting the growth of the building information modeling market. Because Building Information Modeling is such an important tool, even little design errors can result in catastrophic workplace catastrophes. As a result, one of the primary factors limiting the growth of the Building Information Modeling Market is a shortage of technical skills. The expensive cost of Building Information Modeling software, as well as the need for periodic upgrades and reconfigurations, is major roadblocks to the markets expansion. The demand for Building Information Modeling software is skyrocketing, thanks to the emergence of cloud-based services.

Market Segmentation:

The Building Information Modeling Market is segmented based on Deployment, Offering, Project Lifecycle, Application, End User, and Region. Based on Deployment, the market is sub-segmented as On-Premises Deployment and Cloud Deployment. Moreover, based on Offering, the market is sub-segmented as Software and Services. Based on Project Lifecycle, the market is sub-segmented into Pre-Construction, Construction, and Operation. Furthermore, based on the segment Application, the market is sub-segmented as Buildings, Industrial, Civil Infrastructure, Oil & Gas Utilities, and Others. Finally based on the segment End User, the market is sub-segmented as AEC Professionals, Consultants & Facility Managers, and Other Applications.

Based on Project Lifecycle

On the basis of the sector Project Lifecycle, the Pre-Construction sub-sector is expected to lead the market during the projected period. The use of Building Information Modeling in the pre-construction phase aids in laying out the complete operating scope, estimating building project costs, designing, and planning workflow. This also aids in reducing errors and ensuring that all challenges are met on schedule.

Based on End User

Based on the segment End User, the Consultants & Facility Managers sub-segments market share is likely to be dominated by the architect and engineer segment. The program assists designers and builders in anticipating the projects' potential future issues. By implementing the program, facility and construction managers can gain continuous insight into the process. This will very certainly increase demand for the software.

North America is projected to grow at the fastest CAGR during the forecast period followed by the Asia Pacific

North America is expected to dominate the revenue share during the projected timeframe. Early acceptance of modern digital technologies, as well as the government’s mandate to use Building Information Modeling software, is expected to promote market growth. Similarly, due to increased spending on construction and infrastructure, South America will experience significant growth during the predicted period. However, the growing number of smart city initiatives in countries like as South Korea, China, India, and Singapore, Asia Pacific is expected to develop significantly throughout the projection period. The demand for efficient and innovative construction and infrastructure solutions is increasing as the world becomes more urbanized. Due to the generally large number of planned infrastructure projects in China, the country is likely to dominate the region. Shanghai Tower, Beijing Phoenix Media Center, and Shanghai Disneyland Resort are three large-scale construction projects that will use Building Information Modeling software. This will very certainly enhance market growth.

Competitive Landscape:

The key players in the Global Building Information Modeling Market include- Autodesk and others.

Segmentation of the Global Building Information Modeling Market: