Market Size of Building Information Modeling Industry
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 8.72 Billion |
| Market Size (2029) | USD 16.72 Billion |
| CAGR (2024 - 2029) | 13.90 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Building Information Modeling (BIM) Market Analysis
The Building Information Modeling Market size is estimated at USD 8.72 billion in 2024, and is expected to reach USD 16.72 billion by 2029, growing at a CAGR of 13.90% during the forecast period (2024-2029).
With the introduction of computer software, planning and modeling for architecture have undergone a paradigm shift in recent years. Improvements in digital design tools, computer-controlled fabrication, connectivity, and interconnectedness have opened up a new stage of the design and build process. Building information modeling has seen a lot of expenditures and developments.
- BIM technology is expected to grow as many government regulations promote using BIM solutions in various regional markets. Moreover, many private organizations worldwide are increasingly moving toward BIM, owing to its efficient modeling systems, thus driving the market growth.
- As a result of the population's rapid growth, there has been an increase in demand for residential real estate, and governments all over the world are offering incentives for this sector's expansion. Companies worldwide are using BIM to streamline their processes in designing residential structures, creating a promising market for BIM expansion.
- Building information modeling (BIM) has also grown in popularity due to its many advantages over competing technologies like paper-based design, modeling software, and CAD systems. BIM principally enables users to produce an exact, precise, geometric virtual model that includes all of the building's structures and components.
- However, high-cost software and limitation of the trained professionals, along with the Implementation Issues, might hamper the market's growth.
- The COVID -19 epidemic has significantly impacted the region's building and construction industries. However, it has influenced many to prefer remote employment. As a result, various builders and engineers properly manage their projects and customer contracts by utilizing these software solutions.
