Building Information Modeling Market Size, Share, Growth Analysis, By Offering(Software (Architectural Design, Sustainability, Structures, MEP), By Project Phase(Pre-Construction, Construction, Operations), By Vertical(Residential, Industrial, Commercial, Others), By Deployment Mode(On-premises, Cloud), By Application(Planning & Modelling, Construction & Design, Asset Management, Building System Analysis & Maintenance Scheduling), By End User(AEC Professionals, Consultants & Facility Managers, Others), By Region - Industry Forecast 2024-2031

Building Information Modeling Market size was valued at USD 5.5 billion in 2022 and is poised to grow from USD 6.6 billion in 2023 to USD 24.07 billion by 2031, growing at a CAGR of 13.12% during the forecast period (2024-2031).

This market is expected to grow significantly over the forecast period. Building information modeling, popularly known as BIM, refers to the process of creating and maintaining digital representations of a location's functional and physical attributes. A BIM is a file that can be networked, extracted, or traded to support decisions regarding a building or other constructed asset. In the construction sector, building information modeling is applied for managing the life cycle of a project. The traditional construction methods are extremely related to the building information modeling market full value chain. For the last few years, they have been growing quickly and forming into a powerful and interconnected network. The industries where building information modeling has been applied have resulted in many innovative software models and commercial developments. Commercial buildings, which include office and retail constructions, are the largest market. Implementation of building information modeling in construction to achieve efficient power in the improved design of electric systems without waste and costs has been facilitated by the sated consumption in commercial buildings and the increases in energy costs. With growing construction projects, increasing requests for automated models in the architecture, engineering, and construction (ACE) industry, and growing awareness of the benefits of BIM globally, the resistance to adopting BIM in the construction industry is depleting. Adoption becomes even easier for commercial and infrastructure projects. Government regulations on the usage of BIM in building construction would further accelerate acceptance of BIM globally.