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Building Information Modeling Market to Reach USD 34.2 Billion by 2032 at 16% CAGR: Allied Market Research

Building Information Modeling Market to Reach USD 34.2 Billion by 2032 at 16% CAGR: Allied Market Research

building information modeling market

Building Information Modeling technology is a powerful and innovative approach to the planning, design, construction management of buildings & infrastructure.

PORTLAND, PORTLAND, OR, UNITED STATE, December 4, 2023 /EINPresswire.com/ — The key factors such as government mandating for building information modeling usage (BIM) and the increasing adoption of digital technology by construction sector are driving the building information modeling market growth. Furthermore, increase in initial expenditure on BIM technology is expected to hamper the building information modeling market growth during the forecast period. Moreover, the emergence of virtual reality (VR) and augmented reality (AR) technologies and their integration with BIM is expected to provide an opportunity for the building information modeling market growth during the forecast period.

According to the report, the global building information modeling industry generated $7.9 billion in 2022, and is anticipated to generate $34.2 billion by 2032, witnessing a CAGR of 16% from 2023 to 2032.

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Region-wise, North America dominated the market in 2022, owing to the presence of large volume of BIM software providers in the region. However, Asia-Pacific is expected to grow during the forecast period at a CAGR of 19.1%, due to the growing construction activities in the region.

By building type, the commercial segment dominated the building information modeling market in 2022, owing to increase in demand for better planning and design requirement to build an enhanced infrastructure from commercial segment. However, the residential segment is expected to grow during the forecast period with a CAGR of 12.1% from 2022 to 2032. This is attributed to the growing demand from consumers to buy high quality complexes with better design and space in the residential sector.By application, the planning and modeling segment dominated the market in 2022. This is attributed to the fact that BIM plays a major role in planning and modelling of building projects before the initiation and m

akes it convenient for the engineers and architects to control the whole process through flexiblity. However, the building system analysis and maintenance scheduling segment is expected grow during the forecast period at a CAGR of 19.3% from 2022 to 2032. This is attributed to growing demand for the analysis and maintenance feature provided by BIM software.

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By component, the solution segment dominated the building information modeling market in 2022. This is attributed to the increasing number of BIM solutions provided by various software companies across the globe. However, the service segment is expected to attain growth during the forecast period with a CAGR of 17.9% from 2022 to 2032. This is attributed to the fact that large number of service organizations are growing at an increasing rate on a global scale.

By deployment mode, the on-premise segment dominated the market in 2022. This is attributed to the fact that on premise building information modeling technology is preferred as it provides complete control to the organization to monitor the BIM process. However, the cloud segment is expected to grow during the forecast period at a CAGR of 17.4% from 2022 to 2032. This is attributed to the growing flexibility and reduced cost advantages provided by cloud technology.

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By end-user, the architect/engineer segment dominated the market in 2022. This is attributed to increasing use of BIM software by engineers/architects to develop infrastructures. However, the others segment is expected grow during the forecast period at a CAGR of 17.2% from 2022 to 2032. This is attributed to the growing demand by construction companies and facility managers for BIM software.

Key Market Players:

➢ Aveva Group Plc.
➢ Hexagon AB
➢ Trimble Inc.
➢ Autodesk Inc.
➢ Beck Technolgy Ltd.
➢ Pentagon Solution Ltd.
➢ Nemetschek SE
➢ Bentley Systems Inc.
➢ Dassault Systemes
➢ Asite Solutions Ltd.

The report provides a detailed analysis of these key players of the global building information modeling market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

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Similar Reports:

1. Building Information Modeling Solution Market

2. Building Information Modeling Software Market

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About us:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients in making strategic business decisions and achieving sustainable growth in their respective market domains.

Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies.

This helps us dig out market data that helps us generate accurate research data tables and confirm utmost accuracy in our market forecasting. Every data company in the domain is concerned. Our secondary data procurement methodology includes deep presented in the reports published by us is extracted through primary interviews with top officials from leading online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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Originally published at https://www.einpresswire.com/article/672713359/building-information-modeling-market-to-reach-usd-34-2-billion-by-2032-at-16-cagr-allied-market-research-top-trends

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