Global Building Information Modeling (BIM) In Construction Market Size To Worth USD 18.10 Billion by 2033 | CAGR of 15.22%
Category: Construction & ManufacturingGlobal Building Information Modeling (BIM) In Construction Market Size To Worth USD 18.10 Billion by 2033
According to a research report published by Spherical Insights & Consulting, the Global Building Information Modeling (BIM) In Construction Market Size is Expected to Grow from USD 4.39 Billion in 2023 to USD 18.10 Billion by 2033, at a CAGR of 15.22% during the forecast period 2023-2033.
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Browse key industry insights spread across 252 pages with 110 Market data tables and figures & charts from the report on the "Global Building Information Modeling (BIM) In Construction Market Size, Share, and COVID-19 Impact Analysis, By Phase of Work (Construction and Operation), By Application (Residential, Non-Residential, Industrial, Government, AEC Professionals, and Consultants & Facility Managers), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033." Get Detailed Report Description Here: https://www.sphericalinsights.com/reports/building-information-modeling-bim-in-construction-market
Building Information Modeling (BIM) is a collaborative process that helps design, build, maintain, and use buildings. It involves creating and managing a digital representation of a building throughout its lifecycle, from planning to demolition. BIM is a multidisciplinary process that involves sharing information between all parties involved in a building project. It uses a range of data sources and software tools to create a 3D model that can be used by many different stakeholders, including planners, designers, engineers, contractors, managers, and owners. The construction industry has been positively impacted by building information modeling software, leading to improved efficiency and productivity on construction sites. This technology automates different construction processes, reducing the potential for human error throughout pre-construction, construction operations, and post-construction. Integration of BIM into construction activities enables better planning of tasks, including material management and execution time, resulting in time savings and a more streamlined construction process. BIM is also utilized to accurately predict building construction costs, enhancing cost-effectiveness and further driving the market for BIM in construction. However, the sharing of vast project data among various stakeholders in BIM raises concerns about data security and privacy, potentially compromising data integrity and confidentiality. Cyberattacks could harm stakeholder reputations, leading to fines, legal action, litigation, and other consequences, posing a significant risk to BIM adoption, especially in the construction sector. The application of BIM in the building industry requires skilled specialists who can operate the program and interpret the data accurately before implementing it on-site.
The construction segment is predicted to hold the largest market share through the forecast period.
Based on the phase of work, the building information modeling (BIM) in construction market is classified into construction and operation. Among these, the construction segment is predicted to hold the largest market share through the forecast period. The construction sector considers the use of BIM technology throughout the construction process. The construction process is highly complex and comprises tasks like model-based scheduling, model-based coordination, quantification and evaluation, and clash prevention. It calls for careful planning and implementation to prevent time and money wasted on resource procurement, incorrect data interpretation on the job site, resource and time management, and other issues.
The non-residential segment is anticipated to hold the highest market share during the projected timeframe.
Based on the application, the building information modeling (BIM) in construction market is divided into residential, non-residential, industrial, government, AEC professionals, and consultants & facility managers. Among these, the non-residential segment is anticipated to hold the highest market share during the projected timeframe. Non-residential construction projects encompass infrastructure, industrial buildings, hospitals, hotels, and other facilities. Infrastructure projects such as bridges, highways, and tunnels can be designed and planned using building information modeling (BIM) prior to construction. BIM software can be utilized to manage resource usage, calculate imposed loads, and create virtual 3D models.
North America is estimated to hold the largest share of the building information modeling (BIM) in construction market over the forecast period.
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North America is estimated to hold the largest share of the building information modeling (BIM) in construction market over the forecast period. The North American building information modeling in construction market is expected to expand due to the rapidly increasing urban population and growing government expenditure. Market growth is likely to be boosted by the adoption of advanced digital tools and the government's requirement to implement BIM software. The utilization of the BIM approach is aimed at improving productivity during project design and construction phases, reducing project-related errors, and achieving a favorable return on investment. The widespread adoption of advanced technologies in the construction sector is being driven by a strong economic position and active government support, further fueling the growth of the region's BIM in construction market.
Europe is expected to grow the fastest during the forecast period. The potential of BIM to enhance productivity and efficiency in the construction sector has been acknowledged by the European Commission, which has initiated various efforts to promote its adoption. BIM is being utilized in a broad range of construction endeavors across Europe, encompassing small-scale residential structures and large-scale infrastructure projects. European governments are at the forefront of driving the implementation of BIM, with many countries enacting BIM requirements and guidelines for public sector ventures.
Major key players in the building information modeling (BIM) in construction market include Autodesk Inc., Aveva Group Plc, Bentley Systems, Incorporated, Dassault Systèmes, Hexagon Ab, Nemetschek Se, Oracle Corporation, Procore Technologies Inc., Trimble Inc., Vizerra Sa., and Others.
Recent Developments
- In June 2024, The Korea Airports Corp. (KAC) execute Building Information Modeling (BIM) for a new airport on Gadeok Island off the coast of Korea's southern port city of Busan, the company announced. The airport is slated to be completed by the end of 2029.
Key Target Audience
- Market Players
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
Market Segment
This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the building information modeling (BIM) in construction market based on the below-mentioned segments:
Global Building Information Modeling (BIM) In Construction Market, By Phase of Work
- Construction
- Operation
Global Building Information Modeling (BIM) In Construction Market, By Applications
- Residential
- Non-Residential
- Industrial
- Government
- AEC Professionals
- Consultants & Facility Managers
Global Building Information Modeling (BIM) In Construction Market, By Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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