$8.9 Billion Building Information Modeling (Software, Services)

$8.9 Billion Building Information Modeling (Software, Services) Markets, 2024 by Application, End-User, Project Lifecycle, and Region - ResearchAndMarkets.com

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DUBLIN — (BUSINESS WIRE) — October 4, 2019 — The "Building Information Modeling Market by Type (Software, Services), Application (Buildings, Civil Infrastructure, Industrial, Oil & gas), End-User (AEC, Contractors and Facility Managers), Project Lifecycle, and Region - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering.

The Building Information Modeling Market Size is Projected to Grow from USD 4.9 Billion in 2019 to USD 8.9 Billion by 2024, with a CAGR of 12.7%.

Rising urbanization and infrastructure projects drive the overall growth of building information modeling market

The building information modeling market is driven by various factors, such as rising urbanization and infrastructure projects, growing benefits offered by BIM for the AEC industry, and increasing government mandates for BIM adoption. However, handling the initial high cost of BIM may hinder the growth of the industry.

Services to witness the highest CAGR during the forecast period

BIM services comprise services related to infrastructure modeling to architects, engineers, general contractors, and developers. In addition, BIM services include the provision of detailed engineering of a project, which helps in improving the quality of buildings, reducing their designing and maintaining costs, and sharing information more effectively among building owners, design teams, contractors, and facility managers.

The service segment is expected to grow at the fastest rate as it includes the detailed engineering of a project, which helps in improving the quality of buildings, reducing their designing and maintaining costs, and sharing information more effectively among building owners, design teams, contractors, and facility managers.

Based on applications, the building is likely to be the fastest-growing application during 2019-2024

Due to rising trends in digitization across industries, BIM is gaining popularity in the construction industry. 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. These buildings are constructed mostly on a customized basis.

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.

APAC to record the highest growth rate in building information modeling market during the forecast period

APAC is likely to be the highest growing market for building information modeling market in the coming years. The market in APAC is expected to grow at the fastest rate due to the use of BIM for large-scale infrastructure and building projects. Government initiatives are expected to act as a major factor driving the BIM market in APAC.

Governments have started imposing new regulations regarding building construction permit. Japan, China, and South Korea have already made BIM documents mandatory, especially for public buildings, along with green certification-related documents.

The building information modeling market comprises major players such Autodesk (US), Nemetschek (Germany), Bentley Systems (US), Trimble (US), Dassault Systmes (France), RIB (Germany), Asite (UK), AVEVA (UK), Hexagon (Sweden), and Archidata (Canada).

Market Dynamics

Drivers