PUBLISHER: The Business Research Company | PRODUCT CODE: 1596063
PUBLISHER: The Business Research Company | PRODUCT CODE: 1596063
Building Information Modeling (BIM) refers to the process of generating and managing digital representations of physical and functional characteristics of places, such as buildings or infrastructure. It is a collaborative platform that integrates data across various project stakeholders-architects, engineers, contractors and owners-enabling them to visualize, design, construct and manage a structure's lifecycle from planning through maintenance.
The building information modeling market consists of sales, by entities (organizations, sole traders and partnerships), of building information modeling software and services that are primarily used in the architecture, engineering and construction (AEC) industries to improve efficiency and decision-making through the use of detailed 3D models that represent the project in its entirety.
Emerging Markets Growth
The building information modeling market was driven by strong economic growth of developing countries during the historic period. Strong economic growth in developing countries increased investment in infrastructure and construction projects, driving the demand for advanced planning and management tools like building information modeling (BIM) software. For example, according to data from the World Bank Group, China's gross domestic product (GDP) grew from $14.28 trillion in 2019 to $17.88 trillion in 2022. According to the International Monetary Fund (IMF), the emerging markets and developing economies together registered a growth of 4.8% in 2022, which increased to 5.2% in 2023. Economic growth in developing countries raised the average disposable income of the people, which led to a rise in spending on residential and commercial buildings construction, thereby driving spending on building information modeling software. Therefore, the strong economic growth propelled the growth of the building information modeling market.
Revolutionizing Building Information Modeling With Latest Software Versions
Companies operating in the building information modeling market are focusing on the introduction of latest versions of BIM software. These software versions allow users to deliver required documentation and model information efficiently, using a wider variety of supported industry formats. For instance, in March 2024, Trimble, an industrial technology company, announced the introduction of 2024 versions of its Tekla(R) software for constructible Building Information Modeling (BIM), structural engineering and steel fabrication management. Tekla Structures 2024, Tekla Structural Designer 2024, Tekla Tedds 2024 and Tekla PowerFab 2024 let users collaborate with ease through enhanced communication for more integrated, connected workflows between all construction project stakeholders. Usability improvements make the Tekla suite of solutions ideal for experienced and new users alike, helping them to be on schedule and within budget of their projects.
The global building information modeling market is fairly concentrated, with few large players in the market. The top ten competitors in the market made up to 29.96% of the total market in 2023.
Building Information Modeling Global Market Opportunities And Strategies To 2033 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global building information modeling market as it emerges from the COVID-19 shut down.
Where is the largest and fastest-growing market for building information modeling? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The building information modeling market global report from The Business Research Company answers all these questions and many more.
The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market's history and forecasts market growth by geography. It places the market within the context of the wider building information modeling market; and compares it with other markets.