Market Overview:

The current BIM Software Market Size is anticipated to generate 14.90% CAGR during the assessment period. The BIM software tools are gaining popularity due to their large benefits such as high return on investment, cost-effectiveness, time-saving, and many others. The BIM Software industry is projected to grow from USD 8.41 billion in 2022 to USD 25.61 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 14.9% during the forecast period (2022 - 2030).  

Moreover, the BIM software offers improved site safety, high emphasis on value-added tasks, reduced wastage of raw materials in construction sites, and a better understanding of design concepts. Apart from that, the growing demand for engineering solutions and feasible architecture is boosting up the global market growth in the forecast period. For instance, the worldwide market is driving the market growth due to the increasing demand for infrastructure development and the growing population. 

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Key Players:

Key Companies in the BIM Software includes,

• Trimble Inc
• Autodesk Inc.
• PKPM (Beijing Jianli Technology Co., Ltd)
• Integrated Environmental Solutions Limited (IES Ltd.)
• Glodon Company Limited

Additionally, the global market's key players and vendors have significant opportunities to generate market value due to the complex geometry extraction from point-cloud data and the smart city initiatives in countries like India. However, the lack of interoperability in the 4D (4 dimensional) simulation process can affect the BIM Software Market Growth in the upcoming years. 

Market segmentation:

The BIM Software Market Analysis highlights that the present market is segmented on the basis of applications, software models, and end-users.

The global market has been segregated into the building, industrial, public infrastructure, and others by application segment. In 2019, the buildings segment was registered to account for the largest BIM Software Market Share and is predicted to continue. 

The worldwide market has been divided into 5D, 4D, 3D, and others in terms of the software model segment. In 2019, the 3D segment was projected to register the largest market share and further projected to continue the same in the forecast period. On the basis of the end-user segment, the current market has been classified into engineers, contractors, architects, and others. In 2019, the architect's segment was anticipated to account for the largest market share.

Regional Analysis:

On the basis of geographical locations, the global market has been segmented into various parts such as North America, Asia-Pacific, the Middle East & Africa, Europe, and South America.

As per the BIM Software Market Forecast report, the North American region had dominated the global market for the year 2019. Here, the North American regional market is propelling the market value due to the rising investments in advanced infrastructure facilities and the presence of key players like Bentley systems and Autodesk in the region.

Furthermore, the second-largest share is contributed by the European region. This region is expected to grow due to the high demand for BIM software solutions among the region's architects, contractors, and building owners. Moreover, the increasing construction sector across the region is driving regional market growth in the upcoming years. 

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Industry News:

In September 2019, the prominent market player Glodon Company Limited declared its partnership with a consultation firm in the UK named Bill Solutions. This partnership has aimed to strengthen the standardization of construction and promote the internationalization and development of the construction industry of China. Further, this partnership is expected to strengthen the brand, grow business opportunities, and promote the product in the UK. 

BIM Software Industry Developments:

January:

• Nemetschek Solutions announced the launch of its Building Lifecycle Intelligence (BLI) platform.
• Autodesk released its Revit 2023 software, which includes new features for collaboration, model checking, and sustainability.

February:

• Trimble announced the acquisition of PlanGrid, a construction collaboration software company.
• Bentley Systems released its MicroStation CONNECT Edition 2023 software, which includes new features for data management and visualization.

March:

• Revizto and OpenSpace announced a partnership to integrate their BIM visualization software.
• Vectorworks released its Vectorworks 2023 software, which includes new features for 3D modeling, rendering, and collaboration.

April:

• Autodesk released its AutoCAD 2023 software, which includes new features for 2D drafting, 3D modeling, and collaboration.
• Tekla Corporation released its Tekla Structures 2023 software, which includes new features for structural engineering and fabrication.

May:

• The International Alliance for Interoperability (IAI) released the IFC4.3 specification, which is the latest version of the open standard for BIM data exchange.
• The American Institute of Architects (AIA) released its 2023 BIM Guidelines, which provide guidance on the use of BIM in the architectural design process.

June:

• The National Institute of Building Sciences (NIBS) released its BIM Handbook, which provides a comprehensive overview of BIM technology.
• The Construction Industry Institute (CII) released its BIM Roadmap, which outlines the future of BIM in the construction industry.

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