Building Information Modelling Market: By Deployment Type (On-Premises and Cloud Deployment), By Project Life Cycle (Preconstruction, Construction, and Post-Construction), Application (Commercial, Residential, Industrial, and Others), By End User (Government, Architect, Engineering, Builders and Others), and Geography

Building Information Modelling Market size was valued at USD 6,524.5 million in 2022 and is expected to reach a value of USD 10,256.8 million by 2028, at a CAGR of 9.8% from 2023 to 2029. Building Information Modelling (BIM), is a digital representation and functional characteristics of a facility, it provides foundation to the architect, engineering and construction (AEC) industry to control and manage construction data in the project lifecycle. Rising in the construction sector increases BIM model trend which leads to increase in demand, also rising trend in technological advancement in the construction sector drive the market. the architect industry is growing rapidly with various 3D modelling techniques creates opportunities in the industry. Initial Cost of building information modelling is expensive due to software which cost around $3000-$4500, the cost factor for the software makes restraints for the construction company. Furthermore, high cost for training and lack of professional in the digitalisation of building information modelling is the major challenges in the market. Geographically, North America held the major market share in 2022 and is expected to dominate the building information modelling market in the forecasted years.

Building Information Modelling Market Key Developments:
In November 2022, and November 2022 - Bentley announced new capabilities of its iTwin Platform, significantly extending the scope and interoperability of infrastructure data that engineering firms and owner-operators can use to create and leverage digital twins in design, construction, and operations workflows.
In September 2022 - Autodesk announced a suite of new capabilities across the auto desk construction cloud reality, making it easier for construction project teams to use and maximize the value of BIM from the office to the field. The improvements enable team members to streamline workflows and make important choices more quickly by giving all stakeholders instant access to essential model data and information.