Northrook, IL -- (SBWIRE) -- 05/21/2020 -- The building information modeling market size is projected to grow from USD 4.9 billion in 2019 to USD 8.9 billion by 2024, at a compound annual growth rate (CAGR) of 12.7%. Increasing population and ongoing urbanization, rising BIM trends, and growing BIM adoption are the major factors driving the growth of the building information modeling market.

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Software likely to account for a larger share of the building information modeling market by 2024

Many players are offering BIM based on software and services. The software used for building information modeling exhibits features such as interoperability between applications, easy visualization, and cost-effectiveness. The software generally encompasses solutions for objectives such as architecture, sustainability, structures, MEP, construction, and facility management. The software segment holds the largest share of the BIM market, by type and is dominated mainly by the architecture and construction software.

Preconstruction to be the high impacting segment of the building information modeling market

BIM is a complete process from the preconstruction phase to the operations phase. Preconstruction is the first phase. This phase consists of visualization, conceptualization, programming, cost planning, architectural, structural, systems design, analysis, detailing, coordination, and specification. As most of the information about the project planning and execution is provided in this phase, owners, contractors, architects, and engineers can easily visualize the entire project. The preconstruction phase mainly consists of developing BIM models, clash detection and BIM co-ordination, and extraction of 2D drawings.

Building application to account for the largest building information modeling market share and to grow at the fastest rate during the forecast period

Building information modeling is widely used in building applications to reduce the cost overrun and time overrun, which may help in reducing the delays in the project. With the help of various tools such as 3D modeling and clash detection, it helps efficiently plan, design, construct and manage buildings. Buildings account for a larger share of the building information modeling market compared with any other application because of the increasing number of buildings or construction projects, along with business centers, shopping centers, and retail shops. It is a step forward in leveraging building information modeling toward the innovative presentation of projects in the form of informative and simulations models.

APAC to witness the highest CAGR in building information modeling market during the forecast period

APAC is one of the emerging and the fastest-growing market for building information modeling. The countries in this region wherein BIM systems have a considerable market include China, Japan, India, and South Korea. Being the largest emerging market in the world, APAC is expected to lead the construction industry, accounting for a significant number of construction projects carried out worldwide. Countries such as Japan, South Korea, Australia, and Singapore have made certain mandates for the adoption of building information modeling, while countries such as China and India are expected to adopt building information modeling in coming years. Governments have started imposing new regulations regarding the building construction permit. Japan, China, South Korea, Australia, and Singapore have already made BIM documents mandatory, especially for public buildings, along with green certification-related documents.

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Key Market Players
include Autodesk (US); Nemetschek (Germany); Bentley Systems (US); Trimble (US); Dassault Systèmes (France); RIB (Germany); Asite (UK); AVEVA (UK); Hexagon (Sweden); Archidata (Canada); Pöyry (Finland); Beck Technology (US); Computers and Structures (US); Robert McNeel & Associates (US); 4M Company (US); CCT International (Lebanon) are among the major players in the building information modeling market.

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