Building Information Modeling (BIM) Market Size worth USD 8.9 billion by 2024

Published | 11 October 2019

According to BlueWeave Consulting, the Global Building Information Modeling (BIM) Market is expected to grow at a significant rate during the forecast period. The Global Building Information Modeling (BIM) Market is anticipated to grow from USD 4.9 billion in the year 2019 to USD 8.9 billion by the end of the year 2024; it is also expected to record a steady compound annual growth rate (CAGR) of 12.7% during the forecast period.

The Global Building Information Modeling (BIM) Market is growing owing to various factors. High power utilization in business structures and the ascent in energy expenses have been driving the use of structures data displaying in development for effective power and improved electrical framework plan for lessening costs, diminishing wastage, and in the general retrofit enhancements.

The worldwide BIM market is required to increment because of rising consumption and interest in the development business both private and non-private, expanding digitization in the development division, developing IT interest in the development and expanding administrative appropriation of BIM by a few countries. However the market faces a few difficulties, for example, absence of positive regulation, absence of skill in BIM and significant expenses, protection from the change on part of development directors/temporary workers, social hindrances and issues of interoperability. Joining of BIM with the Internet of Things (IoT) technology, the extent of Augmented and Virtual reality in the BIM market, the advancement of 5D BIM and spike in mergers and acquisitions (M&A) action are probably the most recent patterns existing in the market.

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The software segment from the type section holds a major share in the Global Building Information Modeling (BIM) Market growth during the forecast period

Software is relied upon to lead the building information modeling market, by type. The product is divided further into engineering plan, maintainability, structure, MEP, development, and facility management. Engineering is relied upon to overwhelm the BIM programming market. The utilization of BIM for engineering structures helps in incorporating plans and propelled perceptions. It likewise improves plans according to the necessities. The construction software is required to hold a noteworthy portion of the product type. To build efficiency, a perplexing development procedure must be trailed by exacting procedures and tight timetables. BIM in the development procedure is for the most part utilized for reenactment, assessing, and development investigation.

The AEC segment holds a lion’s share in the Global Building Information Modeling (BIM) Market growth during the forecast period

The joint effort of architecture, engineering, and construction (AEC) processes bring about finishing a task. BIM is among the most encouraging improvements in the AEC section, and it embraces different advanced innovations that would help change the AEC fragment. Right now, BIM is combined with incredible structure and recreation devices that support more prominent joint effort between undertaking groups. BIM permits AEC end-clients to team up with the general development work directly from the preconstruction to the tasks stage.

The North American region holds a significant share in the Global Building Information Modeling (BIM) Market growth during the forecast period

Main factors that are driving the building information modeling market in North America incorporate the desire for selection of BIM commands in the region, noteworthy interests in foundation ventures from government and private players, and activities taken by different associations in these districts for the reception of BIM in particular nations.

Global Building Information Modeling (BIM) Market: Major Players

RIB Software SE (RIB, Germany), Asite (Asite, UK), AVEVA Group plc (AVEVA, UK), Hexagon AB (Hexagon, Sweden), Autodesk, Inc (Autodesk, US), Nemetschek Group (Nemetschek, Germany), Bentley Systems, Incorporated (Bentley Systems, US), Trimble Inc. (Trimble, US), Dassault Systèmes SE (Dassault Systèmes, France), Archidata Inc. (Archidata, Canada), Pöyry Oyj (Pöyry, Finland), Computers and Structures, Inc. (Computers and Structures, US), and 4M Company (4M Company, US), Beck Technology (Beck Technology, US), among others are some of the major players in the Global Global Building Information Modeling (BIM) Market.

The in-depth analysis of the report provides the growth potential, upcoming trends and statistics of global Building Information Modeling (BIM) market size & forecast. The report promises to provide state-of-the-art of Building Information Modeling (BIM) production and industry insights which help decision makers to take sound strategic decisions. Furthermore, the report also analyzes the market drivers and challenges and competitive analysis of the market.