BIM Software Market to Make Great Impact in near Future by...

BIM Software Market to Make Great Impact in near Future by 2024-2032

Posted 2024-06-27 06:58:29

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BIM Software Market Outlook, 2032

The global BIM Software Market share is projected to register a 14.9% CAGR during the forecast period, 2024–2032. In this report, Market Research Future (MRFR) includes the segmentation and dynamics of the market to offer a better glimpse of the BIM software market in the next few years.

BIM is one of the greatest technological innovations in the construction industry. However, due to the presence of various barriers such as cost and technological limitations, the implementation is lagging in several countries due to which strong government support is required for the successful deployment and development of BIM software. Digitalization in the construction industry is driven by various factors, including the capturing of information in a model, the use of technologies, a single source of truth, digital collaboration, future-proof designs, and construction

Green buildings are environment-friendly and eliminate and reduce the negative impact on the environment by using minimum natural and energy resources. It is also economical, saves utility costs, and lowers construction costs. Due to these reasons, there is an increasing demand for green buildings. According to MRFR analysis, 40% of green building construction companies use BIM for around 60% of their projects, as implementing this software can help achieve green goals.

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Segmental Analysis

The global BIM software market is segmented based on software models, applications, and end-users.

Based on software model, the BIM software market has been segmented into 3D, 4D, 5D, and others. The 3D segment accounted for the largest market share in 2019, with the largest market value. The 4D segment was the second-largest market in 2019, and it is expected to register the highest CAGR of 15.95% during the forecast period. A 3D model is used only for the concept work, whereas a 3D collaboration model allows sharing of project work among the stakeholders and project coordinators. The 3D model is used for product or asset design or modeling.

The 4D BIM software integrates start and end date data for the supply and incorporation of construction components and reveals the importance of data in all projects. The 5D BIM model integrates cost management in addition to the features provided by the 3D and 4D models. Others include 6D, 7D, 8D, 9D, and 10D, which are still at a development stage.

Based on application, the BIM software market has been segmented into buildings, public infrastructure, industrial, and others. The buildings segment accounted for the largest market share, with a market value of 1597.50 million in 2019. The public infrastructure segment was the second-largest market in 2019, valued at USD 1008.58 million; it is projected to register the highest CAGR of 16.5%. BIM software has witnessed high adoption across the construction industry for the construction of commercial and residential buildings. The commercial sector covers retail and corporate buildings, which are expected to gain traction over the assessment period. Public infrastructure projects are expected to have a significant demand during the forecast period. Governments of various countries around the globe have recognized the value of BMI software owing to the process efficiency it offers. Industrial applications also use BIM software due to their cost-effective and convenient construction management processes.

Based on end-user, the BIM software market has been segmented into architects, engineers, contractors, and others. The architects segment accounted for the largest market share, with a market value of USD 1425.48 million. The contractor segment was the second-largest market in 2019; it is projected to register the highest CAGR of 16.26%. BIM software helps architects and engineers complete their tasks within stringent timelines. The software enables architects to layout 3D elements conveniently, which is a time-consuming task if traditional modeling tools are used. BIM helps contractors easily review the quantity variances to validate the subcontractor change orders and verify the cost submittals without taxing internal resources, increasing the efficiency of change order management. Others include government users. Adoption of BIM by most government departments and agencies in recent years has witnessed growth in the last few years, which has gained a considerable pace as compared to the private sector.

Competitive Analysis

The key players of the global BIM software market include Trimble Inc. (US), Autodesk Inc. (US), PKPM (Beijing Jianli Technology Co., Ltd) (China), Integrated Environmental Solutions Limited (IES LTD.) (UK), Glodon Company Limited (China), Shanghai Luban Software Co., Ltd (China), Beijing Hongye Tongxing Technology Co., Ltd (China), Innovaya, LLC. ( China), Beck Technology Ltd (US), Cadsoft Corporation (Canada), Aveva Group Plc (UK), Rib Software Se (Germany), Siemens AG (Germany), Nemetschek SE (Germany), Bentley Systems (US), Dassault Systemes SA (France), and Oracle Corporation (US).

Regional Analysis

The global BIM software market is divided into North America, Europe, Asia-Pacific, South America, and the Middle East & Africa.

North America accounted for the largest share of the BIM software market in 2019 and is likely to remain dominant by 2026. Europe was the second-largest region in 2019, and Asia-Pacific is likely to exhibit the highest CAGR of 17.36% by 2026. Mandatory regulations imposed by the governments in the region for the use of BIM software for construction projects, especially in projects related to public infrastructure, drive the regional market growth.

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