In 2021, the global building information management market revenue will be $6,098.1 million USD. The building information management market is expected to be worth US$ 23,660.9 million by 2032, expanding at a CAGR of 13.2% between 2022 and 2032.
According to Future Market Insights’ (FMI’s) research of the building information management industry, demand would increase significantly between 2022 and 2032, with a CAGR of around 13.2%.
The building information management market is predicted to be valued US$6,819.2 Mn by the end of 2022, per the report. According to Future Market Insights, increasing construction activity in the residential and commercial sectors is expected to boost demand for BIM systems. Aside from that, both public and commercial developers have been integrating the software to improve operational efficiency with government assistance across several nations.
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Technology improvements that enable user cooperation and remote data administration have led to an increase in the use of building information management software and solutions. BIM is also becoming more popular since it has several advantages over contemporary technologies in the same category, such as paper-based design, modelling, and computer-aided design (CAD) systems.
Key Takeaways: Building Information Management Market
- By solution, the BIM software segment is predicted to lead the worldwide demand for building information management, exhibiting a CAGR of 13.7% during the forecast period, followed by the services segment.
- By end user, the architects and consultants’ category is dominating, registering a CAGR of nearly 14.8% between 2022 and 2032.
- By application, the demand for BIM systems is expected to rise rapidly in the commercial sector than in the residential sector throughout the projected period.
- By geography, North America presently has the largest market share of roughly 30.3% in the BIM industry in 2021, however the South Asia & Pacific region has the highest growth rate of around 15.4% through the period of 2022-2032.
Rise in Prefabrication to Fuel the Demand
Buildings or building components are built offsite by construction teams and then transported to the construction site once completed. Prefab is considered to be more efficient and faster than onsite construction.
BIM software facilitates prefabrication by detailing the materials and design of a building and its components making it easier to plan the resources as well as schedule assembly. Building information management creates highly detailed models in a fabrication-level 3D file format that may be directly triggered by Computer-Aided Manufacturing (CAM) equipment.
The components are then created by these machines with great precision, accuracy, and quality. These factors are expected to majorly contribute towards the growth of building information management market in the coming years.
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Optimizing the Processes Interaction through Systematic Digitalization to Help BIM Market Create Strong Footprint
Digitalization in the construction sector remains weak. Catchup effects and increasing investment in industry specific software solutions that control processes more efficiently and reduce costs and time expenditure are creating demand for BIM solutions.
By decreasing building time, increasing quality, and cutting costs, optimizing the interaction of all processes will provide the industry a more than 20% gain in efficiency.
Thanks to the world’s leading building information management approach, many aspects of this change may already be accomplished efficiently utilizing current technology. These factors are projected to further accelerate the market growth in the near future.
More Valuable Insights on Building Information Management Market
Future Market Insight’s report on the building information management industry research is segmented into four major sections – solution (building information management software, and services – structural design & modelling services, project consulting, and support & maintenance), end user (civil engineers, architects & consultants, construction supervisors, and building contractors), application (residential, commercial, industrial, and government), and region (North America, Latin America, Europe, East Asia, South Asia & Pacific, and the Middle East & Africa), to help readers understand and evaluate lucrative opportunities in the building information management solution demand outlook.
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Building Information Management Outlook By Category
By Solution, Building Information Management Demand is segmented as:
- Building Information Management Software
- Services
- Structural Design & Modeling Services
- Project Consulting
- Support & Maintenance
By End User, Building Information Management Outlook is segmented as:
- Civil Engineers
- Architects & Consultants
- Construction Supervisors
- Building Contractors
By Application, Building Information Management Outlook is segmented as:
- Residential
- Commercial
- Industrial
- Government
By Region, Building Information Management Sales is segmented as:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East and Africa (MEA)
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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