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Building Information Modeling (BIM) Software Market size is set to grow by USD 9.68 billion from 2024-2028, Increasing need for management of large-scale projects to boost the market growth, Technavio

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NEW YORK, July 4, 2024 /PRNewswire/ — The global building information modeling (BIM) software market size is estimated to grow by USD 9.68 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 22.79% during the forecast period. Increasing need for management of large-scale projects is driving market growth, with a trend towards growth of 5d building information modeling. However, high implementation and operating costs poses a challenge. Key market players include Asite Solutions Ltd., Autodesk Inc., Bentley Systems Inc., Dalux Corp., Dassault Systemes SE, Glodon Co. Ltd., Hexagon AB, KUBUS B.V., MRI Software LLC, Nemetschek SE, Oracle Corp., Pinnacle Infotech, Plannerly, Planon Shared Services BV, Procore Technologies Inc., Revizto SA, Schneider Electric SE, thinkproject Holding GmbH, Trimble Inc., and Virtual Construction and Technology BIM One Inc..

Get a detailed analysis on regions, market segments, customer landscape, and companies – Click for the snapshot of this report

Forecast period

2024-2028

Base Year

2023

Historic Data

2018 – 2022

Segment Covered

End-user (Architects, AEC engineering offices, Contractors, Facility managers, and Others), Deployment (On-premises and Cloud-based), and Geography (North America, Europe, APAC, South America, and Middle East and Africa)

Region Covered

North America, Europe, APAC, South America, and Middle East and Africa

Key companies profiled

Asite Solutions Ltd., Autodesk Inc., Bentley Systems Inc., Dalux Corp., Dassault Systemes SE, Glodon Co. Ltd., Hexagon AB, KUBUS B.V., MRI Software LLC, Nemetschek SE, Oracle Corp., Pinnacle Infotech, Plannerly, Planon Shared Services BV, Procore Technologies Inc., Revizto SA, Schneider Electric SE, thinkproject Holding GmbH, Trimble Inc., and Virtual Construction and Technology BIM One Inc.

 

Key Market Trends Fueling Growth

The construction industry has seen a shift towards more advanced building information modeling (BIM) solutions to enhance project efficiency and accuracy. While 3D BIM provides a three-dimensional representation of building designs, it lacks integration for time and cost factors. This gap led to the emergence of 5D BIM, an evolution of 4D BIM, which considers five dimensions including time, cost, and labor productivity. With 5D BIM, investors can easily access crucial information such as deviations from the pre-determined project schedule and budget, an in-house database with complete cost and labor productivity details, efficient preparation of cost schedules, and real-time cost estimation for quick comparisons with the target cost. The development of 5D BIM solutions is expected to significantly contribute to the growth of the global BIM software market during the forecast period. 

The BIM software market is thriving as construction companies embrace digital technology for more efficient operations. BIM technology offers digital representations of buildings, enabling cost estimation tools for budgeting and cost control during the project life cycle. Contractors benefit from construction schedules and sequencing plans, while architects and engineers use BIM software for planning & modeling. Government mandates drive market growth, with many mandating BIM usage in the construction sector. Initial expenditure on BIM software can be high, but long-term benefits include virtual reality (VR) and augmented reality (AR) for project visualization, IoT sensors for facility management, and maintenance. BIM solutions come in on-premise and cloud-based deployment modes, catering to various building types – commercial and residential. The market includes components for construction & design, asset management, and project visualization, streamlining decision-making processes. Product launches continue, with innovations in cost control, contractor collaboration, and real-time data access. Despite the benefits, low productivity due to initial expenditure and learning curve hinder widespread adoption. However, the trend towards digital construction is undeniable, with BIM technology set to revolutionize the construction sector. 

Research report provides comprehensive data on impact of trend. For more details- Download a Sample Report

Market Challenges

The global BIM (Building Information Modeling) software market growth is hindered by the high cost of these solutions. Small architectural and engineering firms in the construction industry find it challenging to adopt BIM software due to its expensive price tag. These software packages come with numerous modules for various applications, but they offer minimal value for SMEs with smaller project sizes. The high cost of training and support, as well as ongoing maintenance fees, further impedes market expansion. Additionally, the ongoing geopolitical conflict between Russia and Ukraine has disrupted the supply chain for construction materials, leading to increased implementation and operating costs. These rising costs may deter potential adopters of BIM software, thereby hindering market growth during the forecast period.The Building Information Modeling (BIM) market is growing rapidly, driven by the need for efficient construction operations and digital transformation in the industry. However, challenges persist, such as the integration of AR and VR technologies like Bentley Systems Incorporated’s iTwin platform for project visualization. Deployment modes, including on-premise and cloud-based solutions, impact the commercial viability of BIM software for various building types, from commercial to residential. BIM software solutions facilitate planning & modeling, construction & design, asset management, and facility management. Challenges include initial expenditure, low productivity, and process changes. Training and education are essential for successful BIM implementation. Government mandates and IoT sensors play a role in driving BIM adoption. Bentley’s engineering applications, such as structural engineering and steel fabrication management, address specific challenges. Product launch and decision-making processes are streamlined through BIM technology, enhancing project life cycle efficiency. BIM software and hardware require careful data management, especially during the construction phase. Contractors and architects/engineers benefit from BIM’s ability to improve collaboration and coordination. Project visualization and maintenance are essential components of BIM solutions. The construction sector continues to evolve, with digital construction and IoT sensors shaping the future of the industry. Bentley’s infrastructure cloud offers a comprehensive solution for managing BIM data and facilitating efficient construction operations.

For more insights on driver and challenges – Download a Sample Report

Segment Overview 

This building information modeling (BIM) software market report extensively covers market segmentation by

End-user 1.1 Architects1.2 AEC engineering offices1.3 Contractors1.4 Facility managers1.5 OthersDeployment 2.1 On-premises2.2 Cloud-basedGeography 3.1 North America3.2 Europe3.3 APAC3.4 South America3.5 Middle East and Africa

1.1 Architects- Building information modeling (BIM) software has become a game-changer in the architectural industry, enabling architects to design and construct buildings more efficiently and effectively. This software allows architects to create detailed 3D models that integrate all aspects of a building’s design, construction, and operation. By facilitating collaboration among professionals such as engineers and contractors, BIM software streamlines the construction process and reduces potential misunderstandings or errors. Architects can easily modify designs and iterate, eliminating the need for traditional 2D drawings. BIM software also promotes better communication among team members by allowing the integration of data from various disciplines into a single model. This reduces conflicts and clashes between design elements and saves time and costs by identifying and resolving potential issues before construction. Architects also use BIM software to optimize energy performance and sustainability in building designs by simulating energy usage and conducting energy analysis. Furthermore, BIM models contain detailed information about each building component, including specifications, maintenance schedules, and supplier data. This information is accessible to facility managers and building owners, enabling them to maintain and operate buildings more effectively throughout their lifespan. Architects’ crucial role in the BIM software market is expected to fuel its growth during the forecast period.

For more information on market segmentation with geographical analysis including forecast (2024-2028) and historic data (2018 – 2022) – Download a Sample Report

Research Analysis

Building Information Modeling (BIM) technology revolutionizes the construction industry by enabling digital representations of buildings and infrastructure projects. BIM software is a key solution for cost estimation, budgeting, cost control, construction schedules, and sequencing plans. It benefits contractors, construction operations, and government mandates by streamlining processes, enhancing collaboration, and improving accuracy. The initial expenditure for implementing BIM software can be high, but the long-term advantages include efficient decision-making processes, on-premise and cloud-based options, and integration with IoT sensors for facility management and maintenance. The BIM market spans various sectors, including commercial and residential, and encompasses planning & modeling, construction & design, and project visualization. Digital technology continues to evolve, making BIM software an essential tool for the construction sector.

Market Research Overview

The Building Information Modeling (BIM) market is experiencing significant growth due to the increasing adoption of digital technology in the construction sector. BIM technology allows for the creation of digital representations of buildings and infrastructure, facilitating efficient construction operations through cost estimation tools, budgeting, cost control, construction schedules, and sequencing plans. BIM software is essential for contractors, construction operations, and government mandates, enabling project visualization and decision-making processes. BIM market solutions include planning & modeling, construction & design, asset management, and facility management. Deployment modes include on-premise and cloud-based, catering to commercial and residential building types. BIM technology also integrates with virtual reality (VR) and augmented reality (AR) for improved project visualization. BIM market growth is driven by the need for efficient construction operations, digital construction, and low productivity. Initial expenditure on BIM technology, including hardware and software, is a significant consideration. Training and education, process changes, data management, IoT sensors, and product launches are key factors influencing the BIM market. Bentley Systems Incorporated, with its infrastructure cloud and iTwin platform, offers a range of engineering applications, including structural engineering and steel fabrication management.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

End-userArchitectsAEC Engineering OfficesContractorsFacility ManagersOthersDeploymentOn-premisesCloud-basedGeographyNorth AmericaEuropeAPACSouth AmericaMiddle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/

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SOURCE Technavio

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Youth Power: Foreign Youth Embrace China’s Economic Prospects

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BEIJING, July 13, 2024 /PRNewswire/ — In the latest episode of China Daily’s Youth Power, which aired on June 30, Jan Kerekes, a Canadian who has lived in South China’s Hainan province for six years, shared what led him to settle down here.

Hainan is really opening up. The whole world comes here, and you see the opportunities right in front of you,” Kerekes said. “It is a place where you can pursue your dreams.”

Now a teacher at Hainan University, Andreev Aleksei, a 30-year-old Russian, found Kerekes’s story particularly resonant.

“When I went back to my country, I missed the island so much that I had to come back,” Aleksei said. “Hainan not only hosts the Boao Forum for Asia but it is also the best place for windsurfing and parachuting.”

To encourage international talent to come, Hainan has introduced 16 measures to streamline living and working conditions for foreigners.

For example, Aleksei mentioned that Hainan offers numerous benefits and advantageous policies to assist global talents in establishing businesses in the region.

“[The application process] takes just three days, and it can be completed entirely online, even for foreigners,” he said.

The young guests visited the Haikou Municipal Government Service Center to learn more about these measures. There, they met people from around the world with different needs — whether for visas, education, or business.

“I think it’s a testament to the inclusivity of the entire province,” said Jood Ghazwan Sharaf, a 27-year-old Bulgarian student at Tsinghua University.

Dylan Walker, 27, from the United States, was impressed by the efficiency of the “one window for all” system.

“It’s like a one-stop service,” he said. “You don’t have to run all over the place.”

In addition to aiding tourists and residents in their daily lives and business activities, Hainan has made significant economic progress.

One notable example is the Yangpu Economic Development Zone, which has evolved from a small port into Hainan’s largest international port.

In the zone, the young guests explored the Yangpu Offshore Wind Power Industrial Park, where they discovered Hainan’s commitment to developing its marine economy and striving for a harmonious coexistence with the ocean.

According to Lin Qingsong, the park’s general manager, while Hainan’s wind power utilization is still in its early stages, this project stands out as a pioneering model for future large-scale offshore wind power initiatives.

“We can see that China is not an economy that goes within itself. It goes outward to benefit the rest of humanity,” Sharaf said, impressed by China’s innovative economic experiments.

As a global resident of Hainan, Aleksei believes that this island is not only a dynamic free trade model but also a natural paradise that strikes a balance between work and leisure.

“This is quite a unique place in China,” Aleksei said. “No matter what purpose brings you here, whether it’s tourism, starting a business, or work, just come here, and you will fall in love with it.”

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SOURCE 21st Century English Education Media

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Unimoni Student Stars 2024 – Scholarship & Rewards Program Launched: Study Abroad with ₹12 Lakhs Scholarship

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KOCHI, India, July 13, 2024 /PRNewswire/ — Unimoni, a leading provider of international money transfer services, is thrilled to announce the launch of its highly anticipated Unimoni Student Stars 2024 scholarship program. This year, the program offers a staggering ₹12 lakhs in scholarships and prizes, empowering ambitious Indian students to pursue their educational dreams abroad.

Unimoni Student Stars 2023 proved to be a monumental success, underscoring Unimoni’s commitment to nurturing India’s brightest talents pursuing international education. The program garnered widespread acclaim for its inclusive approach and impactful support of deserving students nationwide.

Building on last year’s initiative’s resounding achievements, which supported numerous talented students in pursuing overseas education dreams, Unimoni aims to elevate its impact further in 2024. The Unimoni Student Stars 2024 scholarship program launched with increased prize offerings, expanded eligibility criteria, and enhanced participant engagement initiatives planned. The company is poised to attract an even broader pool of exceptional candidates.

Beyond the Mega Scholarships: Exciting Rewards Throughout the Year

The Unimoni Student Stars 2024 scholarship program offers a tiered prize structure. The grand prize winner receives a life-changing scholarship of ₹5 lakhs. Additionally, one student will be awarded a second prize of ₹2 lakhs and three deserving students will receive scholarships worth ₹1 lakh each. Every quarter during the application period, lucky applicants will have the chance to win a new laptop. Every month, registered students can win a stylish trolley bag, perfect for their international studies. Plus, every participant secures a coveted free study abroad forex card.

Brace yourselves for a journey of triumph and rewards with Unimoni Student Stars 2024.

Eligibility Criteria

The Unimoni Student Stars 2024 scholarship program is open to Indian students either pursuing higher education abroad or planning to do so. To be eligible, candidates must register on the Unimoni or Remit Forex website with relevant details by March 31, 2025. Eligibility criteria include securing 60% or more in 10+2/diploma or graduation from institutions recognized by CBSE/ICSE/UGC/State/Central government. Candidates must also possess a valid offer letter from a foreign university. Indian students studying overseas are eligible but must update their university details during registration.

The registration process is straightforward

The application process is designed to be simple and convenient. Students can register online at the Unimoni website or the Remitforex website. Or scan QR codes from advertisements or social media links and complete a dedicated registration landing page. Candidates must accept the terms and conditions after entering personal and educational details and confirming eligibility. Subscribing to Unimoni or Remit Forex’s social media pages is encouraged, and additional referral benefits are available.

The Application Window Opens July 1, 2024

Register for Unimoni Student Stars 2024

Embark confidently on the study abroad journey by joining the Unimoni Student Stars 2024 program. Register now to unlock exclusive benefits and services tailored to support every international education dreams. From seamless outward remittance solutions to expert guidance on financial transactions, Unimoni ensures everyone’s study abroad experience is smooth and stress-free.

Follow Unimoni on social media for updates on the Unimoni Student Stars 2024 scholarship program and other exciting initiatives.

Don’t miss out – seize this opportunity to realize global ambitions with Unimoni. Please register today and let Unimoni empower candidates on their educational journey abroad.

To begin the registration process, please visit https://cutt.ly/xehwoWCk  

About Unimoni & Their Customized Services to Meet Everyone’s Needs

Committed to facilitating global education opportunities, Unimoni empowers students to achieve their academic dreams abroad and promotes its services to aspiring students.

Whether you’re remitting funds for tuition fees or living expenses, Unimoni ensures secure and streamlined outward remittance services. Unimoni’s competitive rates and efficient exchange services also make navigating currency exchanges seamless. Our exclusive study abroad forex card offers convenience and security, facilitating hassle-free financial transactions wherever you are. If you need assistance with Guaranteed Investment Certificates (GICs), Blocked Accounts, or Foreign Telegraphic Transfers (FTS), Unimoni provides expert guidance and support.

Unimoni facilitates effortless payments for university fees, hostel charges, and other expenses abroad, ensuring timely transactions to support your academic journey. Unimoni offers comprehensive health insurance plans, flexible and competitive overseas education loan options, and suitable student accommodation to ensure a smooth transition to your new academic environment. You need not worry about visa procurement, passport assistance, flight bookings, and pre-departure orientation!

Unimoni Financial Services Ltd
Web: https://www.unimoni.in / https://remitforex.com  
Email: care@remitforex.com  
Contact : +918129922232

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Faith In Young Champions: Hisense Partners with UEFA Foundation to Bring the Beautiful Game to Hospitalized Children

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QINGDAO, China, July 12, 2024 /PRNewswire/ — During the EURO 2024 tournament, the global home appliance and consumer electronics brand Hisense and the UEFA Foundation jointly launched “Faith In Young Champions,” a public welfare initiative. Innovative robots powered by Hisense enabled hospitalized children from 22 countries to virtually connect with 23 EURO 2024 matches, fulfilling their dreams of attending the event despite physical limitations.

During these periods, children can employ the robot to gain entry into exclusive areas, such as the warm-up zone, locker room or VIP section, directing interaction with their beloved players or teams, so that every football-loving soul can express the purest passion of live football in this way.

As part of its commitment to improving the lives of children, Hisense wants to leverage user-centric technology and social responsibility worldwide. For this remarkable occasion, Hisense supported state-of-the-art commercial products like interactive displays to a hospital in South Africa, and the children had the enriching opportunity to learn how this technology works through interactive activities with the help of volunteers. Also, hospital can use that in their daily office, meeting or discussion, making their working processes more electronic and convenient. 

“We gladly accept the digital board and it will go a very long way to share ideas and brain storm with the directors, doctors and management teams of the hospital, this digital version will make life so much easier.” According to the manager of hospital.

UEFA Foundation was founded in 2015 as a charitable organization governed under Swiss law, with a long-standing philosophy that aligns with the concepts of youth care and social responsibility of Hisense. During the EURO 2024 tournaments, fans also noticed “BECAUSE EVERY CHILD IS A CHAMPION” slogan on the LED board at the pitch side, which perfectly coincides with the “Faith In Young Champions” proposal called upon by Hisense this year, also making the collaboration more possible.

Carine Nkoue, General Secretary of the UEFA Foundation, said, “Football is not only the number one sport in the world but is also a great platform to create solidarity projects for those in need. I would like to encourage all of you to join the activities of the UEFA Foundation for children and become a supporter of this global initiative. With Hisense’s support and the solidarity of the European football family, we can achieve even more.”

Engaging in charitable endeavors and fulfilling corporate social responsibility has long been a cornerstone of Hisense’s corporate culture. The company has proactively allocated resources towards public welfare initiatives with the concept of helping everyone enjoy every moment of life with user-centric technology.

Thanks to its global presence in the diversity industries, Hisense is empowered to take on a broad range of social responsibilities to enhance healthcare and education standards worldwide. Hisense exports ultrasound and other equipment to over 20 countries in Asia, Central and Eastern Africa, and Europe to meet a diverse range of those in needs. Hisense’s commercial display products have also gained market traction in over 40 countries, including Europe, the United States, and the Asia-Pacific region.

For many years, Hisense has actively participated in public welfare activities initiated by world-class sports events. The collaboration this time is a spiritual inspiration to upgrade the CSR campaign from product sponsorship to beyond time and space.

Looking ahead, Hisense and UEFA Foundation will keep working to advance their philanthropic efforts and provide greater benefits to various regions around the world by leveraging their respective resources. 

About Hisense
Hisense is a leading global home appliance and consumer electronics brand. Hisense’s business covers multimedia products (with a focus on Smart TVs), home appliances, and IT intelligent information. Hisense ranked No. 2 globally for TV shipments and No. 1 in 100″ TVs in both 2023 and Q1 2024, and now operates in more than 160 countries.

 

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SOURCE Hisense Group

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