(MENAFN- GlobeNewsWire - Nasdaq) Australia's Building Information Management (BIM) market is booming with a 16.50% CAGR, driven by infrastructure projects like residential developments and transportation.NEWARK, Del, April 04, 2024 (GLOBE NEWSWIRE) -- The building information management (BIM) market is estimated to be worth US$ 8,591.7 million in 2024 and is projected to be valued at US$ 29,087.1 million in 2034. Between 2024 and 2034, the industry is expected to register a CAGR of 13% .
Building information management is becoming increasingly essential as businesses look to maximize resources and streamline operations. Effective stakeholder engagement during the building process is made possible by building information management, which eventually reduces errors, improves project coordination, and saves money.
To increase sustainability, cut waste, and increase efficiency, many governments worldwide require building information management services in public infrastructure projects. The adoption of building information management in the construction industry is driven by compliance with rules like these.
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The capabilities of building information management software are being improved by ongoing technological breakthroughs like cloud computing, artificial intelligence, and the Internet of Things (IoT). Integrating these technologies makes more advanced analysis, visualization, and simulation possible, encouraging more users to embrace BIM solutions.
Growing environmental concerns have led to an increased emphasis on sustainable construction methods. In line with the industry's sustainability objectives, Building information management provides tools for energy analysis, material optimization, and lifetime evaluation, facilitating sustainable design, construction, and operation.
Key Takeaways from the Building Information Management (BIM) Market Report:
From 2019 to 2023, the building information management market expanded at a CAGR of 10.8%. Based on the application, the commercial segment is expected to account for a market share of 39.2% in 2024. The demand for building information management in Germany is predicted to grow at a CAGR of 8.40% through 2034. In the United States, the refurbished appliance industry is estimated to register a CAGR of 9.80% from 2024 to 2034. China is projected to expand by a CAGR of 13.50% between 2024 and 2034. The building information management market in Australia is anticipated to record a CAGR of 16.50% during 2034.
"Our latest market research study delves into the dynamic landscape of the Building Information Management (BIM) Market, revealing robust growth propelled by increasing adoption across construction and infrastructure sectors. With advancements in technology and a growing emphasis on efficient project management, the BIM market is poised for substantial expansion in the coming years." - says Sudip Saha, Managing Director and Co-Founder at Future Market Insights.
Scope of Report:
| Attributes | Details |
| Estimated Market Size in 2024 | US$ 8,591.7 million |
| Projected Market Valuation in 2034 | US$ 29,087 million |
| Value-based CAGR 2024 to 2034 | 13 % | |
| Forecast Period | 2024 to 2034 |
| Historical Data Available for | 2019 to 2023 |
| Market Analysis | Value in US$ million |
| Key Regions Covered | North America Latin America Western Europe Eastern Europe South Asia and Pacific East Asia The Middle East and Africa |
| Key Market Segments Covered | Solution End-use Application Region |
| Key Countries Profiled | The United States Canada Brazil Mexico Germany The United Kingdom France Spain Italy Russia Poland Czech Republic Romania India Bangladesh Australia New Zealand China Japan South Korea GCC countries South Africa Israel |
| Key Companies Profiled | Autodesk Inc. Trimble Solutions Corporation Graphisoft (Nemetschek Group) BIMobject Elecosoft RIB Software SE Dassault Systèmes DataCAD LLC Bentley Systems Procore Technologies Bricsys NV Vizerra SA Cadmatic Oy ArCADiasoft ACCA software Kreo |
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Competitive Landscape:
Market players are collaborating with other companies, including technology partners, construction firms, architecture firms, and engineering consultants, helping expand the reach of BIM solutions and providing comprehensive services to clients.
Software provider DataCAD LLC focuses on offering drafting and architectural design software. DataCAD is the company's main product, a potent and user-friendly CAD (Computer-Aided Design) program designed especially for architects, engineers, and construction industry experts. Software firm Bricsys NV is well-known for its main offering, BricsCAD. BricsCAD is an advanced Computer-Aided Design (CAD) program with the ability to design in two dimensions, model in three dimensions, and create building information models (BIMs). BricsCAD is well-known for its extensive feature set, easy-to-use interface, and compatibility with industry-standard file formats like DWG.
More Valuable Insights Available
Future Market Insights offers an unbiased global building information management market analysis, providing historical data from 2019 to 2023 and forecast statistics from 2024 to 2034
To understand opportunities in the building information management industry, the industry is segmented based on solutions (software, services), end users (civil engineers, architects & consultants, construction supervisors, and building contractors), applications (residential, commercial, industrial, and government) and region (North America, Latin America, Western Europe, Eastern Europe, South Asia and Pacific, East Asia, Middle East, and Africa).
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Building Information Management (BIM) Market Segmentation:
By Solution:
Software Services Structural Design & Modeling Services Project Consulting Support & Maintenance
By End User:
Civil Engineers Architects & Consultants Construction Supervisors Building Contractors
By Application:
Residential Commercial Industrial Government
By Region:
North America Latin America Western Europe Eastern Europe South Asia and Pacific East Asia The Middle East and Africa
Authored By:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management across verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client's requirements at a time. His foresightedness and visionary approach recently got him recognized as the 'Global Icon in Business Consulting' at the ET Inspiring Leaders Awards 2022.
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