Exponential Growth In The Building Information Modeling Market

  • Building Information Modeling Market is projected to grow from $4.9 billion in 2019 to $8.9 billion by 2024.
  • Software likely to account for a larger share of the building information modeling market by 2024.
  • North America to account for the largest share of the building information modeling market by 2024.

Building Information Modeling Market is projected to grow from $4.9 billion in 2019 to $8.9 billion by 2024; it is expected to record a compound annual growth rate (CAGR) of 12.7%. The rising BIM trends and governments initiatives for the adoption of BIM are the major factors that drive market growth.

Market Highlights

  • Software likely to account for a larger share of the building information modeling market by 2024.
  • Preconstruction to be the high impacting segment of the building information modeling market.
  • Building application to account for the largest building information modeling market share and to grow at the fastest rate during the forecast period.
  • APAC to witness the highest CAGR in building information modeling market during the forecast period.

Software to account for the largest share of the building information modeling market.

Software is expected to lead the building information modeling market, by type. The software is segmented further into architectural design, sustainability, structure, MEP, construction, and facility management.

Architecture is expected to dominate the BIM software market. The use of BIM for architectural designs helps in integrating designs and advanced visualizations. It also helps optimize designs as per the requirements. The construction software is expected to hold a significant share of the software type. To increase productivity, a complex construction process has to be followed by strict processes and tight schedules. BIM in the construction process is mainly used for simulation, estimating, and construction analysis.

Download PDF Brochure

North America to account for the largest share of the building information modeling  market by 2024.

Major factors driving the growth of the building information modeling market in North America include the expectation of adoption of BIM mandates in the region, significant investments in infrastructure projects from government & private players, and initiatives taken by various organizations in these regions for the adoption of BIM in respective countries.

Only $1/click

Submit Your Ad Here

vishal ubhe

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.


https://www.marketsandmarkets.com

Leave a Reply