Building Information Modeling Market Size (2024 - 2029)

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.

Building Information Modeling (BIM) Industry Segmentation

Building Information Modeling (BIM) is a 3D model-based process for creating and managing information on a construction project across the project lifecycle. The important outputs of this process are the building Information model, the digital description of every aspect of the built asset to manage the building infrastructure in a better way.

The Building Information Modeling Market is segmented by Solution Type (Software, Service), Application (Commercial, Residential, Industrial), End-user (Contractors, Architects, Facilities Managers), and Geography.

The market sizes and forecasts are provided in terms of value (USD billion) for all the above segments.