Building Information Modeling Market worth $8.9 billion by 2024
Added: (Tue Sep 24 2019)
Pressbox (Press Release) -
According to MarketsandMarkets, the global building information modeling (BIM) market size is projected to grow from USD 4.9 billion in 2019 to USD 8.9 billion by 2024, at a CAGR of 12.7%. Major factors driving the growth of the BIM market are rising urbanization and infrastructure projects, growing benefits offered by BIM for the AEC industry, and increasing government mandates for BIM adoption.
Software type is expected to account for the largest share of the building information modeling (BIM) market between 2019 and 2024. The software type is dominated mainly by architectural design software. BIM allows architects to create digital design simulations to manage all the information associated with an architectural project. It further supports architects throughout the design process to gain more insights to optimize designs for clients. The architectural design can be delivered with improved quality and efficiency.
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The preconstruction phase is expected to lead the building information modeling (BIM) market during the forecast period. This phase is associated with visualization, conceptualization, programming, cost planning, architectural, structural, systems design, analysis, detailing, coordination, and specification. Major BIM software is used during the preconstruction phase by architects, engineers, and contractors. This phase mainly consists of developing BIM models, clash detection and BIM co-ordination, and extraction of 2D/3D drawings. This trend is expected to continue over the forecast period driving the growth of the preconstruction phase.
Building applications is expected to command the building information modeling (BIM) market during the forecast period. Building applications mainly includes commercial, residential, and retail buildings. Buildings are designed with the help of BIM mostly during the preconstruction phase, in which the 3D modeling of the structure is prepared and the flow of the entire building project is decided. BIM is widely used in building applications to reduce the cost overrun and time overrun, which may help in reducing the delays in the project. With the help of various tools such as 3D modeling and clash detection, it helps efficiently plan, design, construct and manage buildings.
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In terms of geographic coverage, the building information modeling (BIM) market has been segmented into North America, Asia Pacific (APAC), Europe, and Rest of World (RoW). North America is expected to hold the largest share of building information modeling (BIM) market between 2019 and 2024. The market in North America is segmented further into the US, Canada, and Mexico. The primary factor driving the growth of the building information modeling (BIM) market in North America includes a significant expenditure in the infrastructure domain. Strong economic position and active government support have contributed to the large-scale adoption of advanced technologies in the construction segment, which further drives the BIM market in the region.