BIM Software Market Overview:

The building information modeling (bim) market is projected to grow from USD 8.41 billion in 2022 to USD 25.61 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 14.9% during the forecast period (2022 - 2030).  The building information modelling market is developing due to the rising acceptance of remote working due to COVID-19, rapid worldwide urbanisation, wide-ranging advantages of BIM realised by the AEC industry, and increased government programs for BIM adoption. The expanding trend of IoT in the construction industry, the strong trend of BIM, and organisations' rising emphasis on establishing new standards like ISO 19650 in the BIM market provide market participants with potential for expansion.

BIM software can offer builders valuable information about construction projects. These insights are useful for a variety of jobs.

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Key Players:

Key Companies in the BIM Software includes,

• Trimble Inc
• Autodesk Inc.
• PKPM (Beijing Jianli Technology Co., Ltd)
• Integrated Environmental Solutions Limited (IES Ltd.)
• Glodon Company Limited

Segmental Analysis:

The global BIM software market is segmented on the basis of software model, applications, and end-user.

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 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.  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. Others include entertainment and sports application

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. BIM allows the engineers to develop a virtual layout with comprehensive information in such a format which creates a model structure and forecasts the entire timeline of the project

Regional Classification:

Asia Pacific, Europe, and North America make up the BIM software market. North America is a high-potential area with the highest proportion of the market. In addition, the market for building investments is rising. In this area, new product releases and advancements are anticipated. Another area with strong market growth is the Asia Pacific.

Construction in the area is high as a result of the increased urbanisation. The industry's infrastructural upgrades are also a driving force. BIM software is becoming more popular as a result of government backing. All of these aspects will fuel the Asia Pacific market's rapid rise. Europe is the 3rd largest continent in the world. Growth would be aided by the existence of top BIM Software Market Players. These players have made enormous contributions to the worldwide market.

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Industry News:

With the rapid growth of the world's population, there's been an increase in demand for housing, with different governments worldwide providing incentives to encourage the development of the sector. Companies worldwide are using BIM to improve their efficiency in the residential structural system, making this a promising growth field for the BIM industry.

BIM software is widely used in the building industry. The BIM software market is becoming increasingly competitive. New players can join the game. Market expansions, acquisitions, collaborations, and partnerships will result as a result of this. In addition, in the following years, new technologies, as well as developments, are predicted.

In recent years, the advent of computer software has caused a paradigm change in the architecture planning and modelling sector. Digital design resources, computer-controlled manufacturing, computer-controlled connection, and interconnectedness have ushered in a new era of design and construction.

Building information modelling (BIM) has grown in popularity due to its several advantages over previous tools like paper-based design and modelling and computer-aided design (CAD) systems. BIM enables users to generate an exact, precise, geometric virtual model that includes all the building's structures and components.

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