Building Information Modeling Market Growing at 11.2% CAGR to Reach $22.9 Billion by 2034

Building Information Modeling Solutions Being Widely Used with High Focus on Efficient Planning and Designing in the Construction Sector.

ROCKVILLE, Md., June 5, 2024 /PRNewswire/ — The revenue from the global Building Information Modeling Market is expected to reach $7.9 billion in 2024. According to this recently updated research report by Fact.MR, the market is forecasted to increase at a noteworthy 11.2% CAGR from 2024 to 2034. It has been calculated to reach a size of $22.9 billion by the end of 2034.

The BIM market growth is being driven by the increasing demand for efficient planning, designing, processing, and constructing buildings and infrastructure. Building information modeling is an advanced 3D model software solution that provides valuable insights to architecture, engineering, and construction professionals by enhancing operational performance, decision-making, project cost estimation, and collaboration. The expansion of the market size is further led by the rising construction of residential and commercial buildings.

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Government support and the implementation of building information modeling software by public and private builders to boost operational efficiency are also contributing factors. For instance, collaborations between contractors and software companies aim to enhance construction efficiency significantly. The market faces restraints such as limited awareness among end users, the high cost of BIM software, and the limited availability of skilled labor. The need for interoperability between different software platforms, data security, and standardization are some of the challenges in the BIM market.

Key Takeaways from the Market Study:

The market in North America is projected to expand at a CAGR of 11.4% from 2024 to 2034.
East Asia is calculated to occupy 23.1% of the global market share by 2034-end.
The United States is forecasted to hold a 45.6% market share in North America by 2034.
Building information modeling software is poised to occupy 80% market share in 2024.
The market in Japan is projected to expand at 11.7% CAGR from 2024 to 2034.

“Construction professionals are increasingly adopting building information modeling solutions because these tools offer valuable insights to enhance the efficiency of infrastructure projects and ensure cost savings while ensuring efficiency,” says a Fact.MR analyst.

Market Developments:

Key building information modeling solution providers are Aecom, Asite Solutions Limited, Beck Technology Ltd, Nemetschek AG, and Synchro Software Ltd.

In 2023, Bentley Systems collaborated with Engineers Without Borders International (EWB-I), a United States-based conglomerate of national EWB/ISF organizations. This partnership aims to unify the global efforts of the Engineers Without Borders movement to extend its benefits to millions more. By addressing the most urgent issues of today, they strive to expedite the journey toward a future that is both sustainable and equitable for everyone.

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Growing Adoption of Building Information Modeling Solutions in North America and China

According to an updated report by Fact.MR, a market research and competitive intelligence provider, in North America, is projected to hold a 24.3% market share by 2034. Providers of building information modeling solutions have expanded their reach to diverse regions, including Southeast Asia, Central and South America, and Australia.

In the United States, growing awareness of sustainability and a focus on cost-effective construction solutions are key drivers of market growth. The integration of digital tools, 3D modeling software, cloud computing, and data analytics is further contributing to market expansion. Government regulations mandating BIM usage and the increasing adoption of technological advancements in construction are significant drivers.

In China, the increase in sales of BIM solutions is driven by the quality and training of personnel. The standardization of BIM and the influence of experts play a significant role in market growth. BIM offers numerous advantages, including improved design accuracy, enhanced collaboration among stakeholders, reduced project timelines, and cost savings. These benefits appeal to companies in the construction sector, thereby driving BIM adoption.

Market players in China benefit from the growing awareness of BIM solutions’ advantages in the construction sector. Educational institutions and professional training programs are focusing on BIM to enhance workforce skills. Increased urbanization and major infrastructure development projects necessitate the use of advanced construction management tools. Given the complexity and scale of infrastructure projects, such as transportation networks, BIM solutions are crucial for ensuring efficiency and cost savings.

Overall, the adoption of BIM solutions is driven by a combination of regulatory support, technological advancements, and the need for efficient, cost-effective construction practices in both North America and China.

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More Valuable Insights on Offer:

Fact.MR, in its new offering, presents an unbiased analysis of the building information modeling market for 2019 to 2023 and forecast market statistics for 2024 to 2034.

The study divulges essential insights into the BIM market based on type (software, services), application (building, oil & gas, civil infrastructure, industrial), and end-user (AEC, contractors, facility managers), across seven major regions of the world (North America, Latin America, Eastern Europe, Western Europe, East Asia, South Asia & Pacific, and MEA).

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SOURCE Fact.MR