According to research from Cambashi, the BIM Software Market will grow to USD 30.7bn by 2027
The Cambridge-based research company forecasts that the BIM software market will see double-digit growth CAGR of 11.5% from 2022 to 2027. This would represent an increase in revenue of around USD 12.9bn over that period.
According to the report, the BIM software market is projected to experience growth in three. The market is expected to grow at a compound annual growth rate (CAGR) of 10.4%, reaching approximately USD 13.5bn by 2027.
The construction area of the market, which focuses on collaboration during planning and construction, is forecasted to grow at a CAGR of 15.6%, reaching around USD 9.2bn by 2027. The Operate area of the market, which involves facility management software, is anticipated to grow with a CAGR of 9.4%, reaching approximately USD 8bn by 2027.
The use of BIM in the UK has grown in recent years
In 2011, the UK government introduced a construction strategy aimed at achieving a 15-20% cost reduction in public building projects. As part of this strategy, the mandatory use of BIM software was required for all publicly funded construction projects by 2016.
Additionally, two new BIM standards, namely BS 1192 and PAS 1192-2, were introduced and acknowledged as the preferred practices for implementing BIM in the UK construction industry.
BIM software, such as the 3D Repo platform, presents vast possibilities, such as the ability to train machine learning algorithms for identifying potential hazards on a worksite.
“BIM Design, Construct, and Operate showed positive growth during the worst lockdown periods caused by the COVID pandemic – displaying strong growth in 2021 and peaking in 2022. In 2023, a struggling global economy will slow down BIM software growth. However, BIM Operate software will show some resilience as building management and maintenance are ongoing needs that cannot be postponed indefinitely,” said Joe Brooker, industry analyst at Cambashi.
According to Cambashi, there has been a significant increase in corporate restructuring and mergers and acquisitions from stakeholders in the BIM software market since the COVID pandemic.
A comprehensive overview of the BIM Software Market
This report looks to provide a high-level market assessment of the BIM software market. The market offers the opportunity for lucrative growth via new market developments, acquisitions, and partners.
The report offers an analysis of the BIM software market, serving as a valuable resource for developing effective plans and strategies, aligning internal resources, capabilities, and product planning. The report provides insights into potential software users, allowing for a better understanding of the addressable market.
The report also examines the landscape of the BIM software market and highlights key trends and market drivers. With its forecast of market growth by segment, region, and key players, the report aids in setting targets for sales and marketing initiatives.
It also serves as a starting point for investigations into specific market segments or country markets. Additionally, the report provides an understanding of the impact of currency fluctuation on the technical software markets.
