July 16, 2024

Digital Engineering is the fastest growing segment fueling growth of the building information modeling market

Building information modeling (BIM) is a digital representation of physical and functional characteristics of any built object such as buildings and civil structures. It gives architecture, engineering, and construction professionals insight into safely planning, designing, constructing, and managing buildings and infrastructure.

The global building information modeling market is estimated to be valued at US$ 9,908.7 Mn in 2023 and is expected to exhibit a CAGR of 16.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
One of the key trends in the building information modeling market is the adoption of digital engineering. Digital engineering refers to the integrated digitization of engineering activities through computing and digital technologies including building information modeling. It aims to improve productivity and quality across the project lifecycle from concept to decommissioning through digitally-enabled workflows and collaboration. Digital engineering is gaining popularity as it allows embedding intelligent connections between building information models and associative parameters which helps in automatizing key engineering tasks and optimizing designs using simulations and analyses. This improves constructability, speeds decision making, and enhances sustainability of infrastructure projects.

Segment Analysis
Content: The global building information modelling market is segmented into software, services, project life-cycle, application and end-user. The software segment dominated the market in 2022 on account of increasing usage of BIM software by various end-users such as builders, architects and others for project visualization and building design process. The software segment is expected to continue its dominance over the forecast period.

Key players: Key players operating in the building information modelling market are Autodesk Inc., Nemetschek AG, Beck Technology Ltd., GRAITEC, Dassault Systemes SA, AECOM, Synchro Software Ltd., Pentagon Solutions Ltd, Tekla Corporation, and Bentley Systems Inc. Autodesk Inc. dominates the market owing to its robust BIM software portfolio and global presence.

Regional analysis: Asia Pacific is expected to be the fastest growing as well as dominating region in the building information modelling market owing to rapid urbanization and infrastructure development projects in major countries like China and India. North America is also a significant regional market supported by presence of major players and increasing adoption of BIM in construction projects.

Key Takeaways
Market size: The global building information modelling market is expected to witness high growth, exhibiting a CAGR of 16% over the forecast period, due to increasing demand for efficient project management and growing construction industry across the globe.

 *Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it