Building Information Modeling is a software modeling approach that allows architects, engineers, and contractors to coordinate the design, construction, and operation of a structure. Numerous people from many professions are involved in the commercial building, including architects, engineers, business experts, contractors, tradesmen, construction workers, and others.
In terms of revenue, the Global Building Information Modeling Market is expected to reach USD 1,1172.5 Million by 2028, growing at a Compound Annual Growth Rate (CAGR) of 11.8% from 2022 to 2028.
Key Highlights from Report:
- The Preconstruction Phase-Type sub-segment held potential growth of the Building Information Modeling Market in 2021. This surge will help to prevent future cost expensive changes at the construction site, expected to support the segmental growth of the market.
- The Software sub-segment, of the Offering Type segment, accounts for a higher market share. This dominance is because the Software solution has various features, such as low cost and visualization, which is expected to support the segmental growth of the market.
- Asia Pacific is expected to grow at the fastest Compound Annual Growth Rate (CAGR) during the forecast period. Asia-Pacific is expected to grow fastest during the forecast period. Adoption of BIM in the construction and development of construction infrastructure is expected to support the segmental growth of the market.
Building Information Modeling is a process for creating and managing information throughout a construction project's life cycle. By using advanced technology, a coordinated digital description of every component of the produced object is created as part of this process. This digital description most typically combines information-rich 3D models with related structured data, including details on the product, the execution, and the handover. A cooperative team is put together early on in a BIM project. To ensure that the design information created is coordinated and will be of the greatest use to those involved in the building and operation stages, it is by the process and information structures. This beginning can be considerably aided by applying those who will be involved at a later stage of the project (such as manufacturers or the client's FM team). The information gathered can be used to design and build more effectively when the project moves into the construction phase. When changes to the design are necessary, the agreed-upon process can be followed in a transparent and documented manner. The information from the model can then be used to control the created asset once the building project is over and the in-use stage begins.
North America held the most significant shares in 2021. This dominance is owing to increasing urbanization and technological adoption in the construction area. Also, the presence of major players in the region is further propelling the market growth.