Technology

The Building Information Modeling Solutions Market is projected to grow by USD 13.33 Billion from 2024-2028, driven by rising demand for large-scale project management, AI Report- Technavio

Published

1 week ago

September 12, 2024

NEW YORK, Sept. 12, 2024 /PRNewswire/ — Report on how AI is driving market transformation- The global building information modeling solutions market size is estimated to grow by USD 13.33 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 22.19% 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 operational costs poses a challenge. Key market players include 4M SA Advanced Software Engineering Systems, ABB Ltd., ACCA software Spa, AECOM, Asite Solutions Ltd., Autodesk Inc., AVEVA Group Plc, Bentley Systems Inc., Cadsoft Corp., Dassault Systemes SE, GRAITEC Innovation SAS, Hexagon AB, Nemetschek SE, Pinnacle Infotech Inc, Plannerly, Planon Group, Schneider Electric SE, Siemens AG, The Beck Group, and Trimble Inc..

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Forecast period

2024-2028

Base Year

2023

Historic Data

2018 – 2022

Segment Covered

Component (Software and Services), Type (Commercial, Residential, Infrastructure, Industrial, and Institutional buildings), 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

4M SA Advanced Software Engineering Systems, ABB Ltd., ACCA software Spa, AECOM, Asite Solutions Ltd., Autodesk Inc., AVEVA Group Plc, Bentley Systems Inc., Cadsoft Corp., Dassault Systemes SE, GRAITEC Innovation SAS, Hexagon AB, Nemetschek SE, Pinnacle Infotech Inc, Plannerly, Planon Group, Schneider Electric SE, Siemens AG, The Beck Group, and Trimble Inc.

Key Market Trends Fueling Growth

Building information modeling (BIM) solutions have been instrumental in enhancing the efficiency and accuracy of construction projects by providing a 3D representation of structures. However, the lack of integration of time and cost factors in 3D BIM solutions has necessitated the emergence of 5D BIM solutions. These advanced solutions offer additional dimensions, enabling investors to easily access crucial information such as deviations from the pre-determined project schedule and budget, an in-house database with cost and labor productivity rates, efficient preparation of cost schedules, and real-time cost estimation for quick comparison with the target cost. The ability to effectively manage time, cost, and resources will fuel the growth of the global building information modeling solutions market during the forecast period.

The Building Information Modeling (BIM) solutions market is experiencing significant growth due to increasing housing demand and the shift towards digital design tools in residential structure design. BIM software enables architectural planning by creating digital representations of buildings, including their physical and functional characteristics. This technology is revolutionizing the construction process by replacing paper-based design with computer-controlled manufacturing. CAD systems like Autodesk Revit and ArchiCAD are popular BIM solutions used in the construction sector for planning, design, management, and coordination. BIM capabilities extend beyond buildings to infrastructure projects, including public and private sectors, commercial and industrial projects. BIM solutions offer enhanced productivity through virtual reality (VR) and augmented reality (AR) technologies, allowing users to visualize and manipulate digital representations in a more efficient way. Data management technologies, such as remote servers and cloud-based solutions, facilitate inter-user coordination and data transmission, making BIM an essential tool for the digital engineering sector. BIM proficiency is crucial for construction projects, with HVAC systems and other building services being modeled in detail. The BIM market continues to evolve, offering advanced capabilities and integrating with other digital technologies like VR, AR, and data management systems.

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Market Challenges

The global building information modeling solutions market faces impeded growth due to the high cost of these solutions. Small architectural and engineering firms in the construction industry are hesitant to adopt these solutions because of their prohibitive price. Building information modeling solutions packages come with numerous modules for various applications, but they offer minimal value for small and medium enterprises (SMEs) due to the size of their projects. SMEs struggle to invest large amounts in small projects and are skeptical about the return on investment. Additionally, the support and maintenance costs of building information modeling solutions are high, posing a significant challenge. The implementation and operating costs increase due to additional design or configuration tools and services, which are often required to support the implementation of building information modeling solutions. These add-on services add to the product’s cost. While some configuration is included in the license fee, customization or significant changes in computation significantly increase the price. Consequently, the high implementation and operating costs will hinder the growth of the global building information modeling solutions market during the forecast period.The Building Information Modeling (BIM) solutions market is growing rapidly due to the increasing need for digital representations of infrastructure projects. BIM provides a more efficient way to manage the physical and functional characteristics of facilities, from public infrastructure like roads and bridges, to private infrastructure such as commercial and industrial projects. Digital technology, including Virtual Reality (VR) and Augmented Reality (AR), enhances BIM capabilities, improving inter-user coordination and data management. BIM solutions enable construction productivity gains, with software like Autodesk Revit and ArchiCAD leading the way. HVAC systems, sustainable buildings, smart cities, and smart offices are all benefiting from BIM. As the urban population grows, the demand for BIM proficiency in the construction industry and digital engineering sector increases. Data transmission and management technologies, including remote servers and cloud-based solutions, are essential for effective BIM implementation. BIM solutions are transforming the construction industry, from architecture and residential real estate to infrastructure and industrial projects. With the integration of VR, AR, and 3D BIM software, construction projects can be planned, designed, and executed more efficiently and effectively. The future of BIM lies in its ability to meet the demands of a rapidly changing world, from HVAC systems to smart cities.

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Segment Overview

This building information modeling solutions market report extensively covers market segmentation by

Component1.1 Software1.2 ServicesType2.1 Commercial2.2 Residential2.3 Infrastructure2.4 Industrial2.5 Institutional buildingsGeography3.1 North America3.2 Europe3.3 APAC3.4 South America3.5 Middle East and Africa

1.1 Software- The Building Information Modeling (BIM) Solutions market’s software segment plays a crucial role in the planning, designing, construction, and management of building projects. This segment comprises various applications such as architectural design, sustainability, structures, mechanical, electrical, and plumbing (MEP), and construction management. Key vendors in this segment include Autodesk Inc., Bentley Systems Inc., Nemetschek SE, and Trimble Inc. Autodesk Inc., based in the US, offers Revit, a widely-used building information modeling solution with features for architectural design, MEP, and structural engineering. Bentley Systems Inc., also based in the US, provides an overall solution with its MicroStation platform, known for its data integration capabilities. Nemetschek SE offers various BIM solutions through its brands like Allplan, Graphisoft, and Vectorworks, catering to different aspects of building design and construction. Trimble Inc. Offers Tekla Structures, specializing in structural engineering and construction management. Government initiatives and the need for transparency, efficiency, and cost savings are driving the adoption of BIM solutions. For instance, the UK government mandates the use of BIM solutions for all public construction projects. The software’s ability to provide detailed 3D models, clash detection, and precise cost estimations enhances project outcomes by reducing errors and rework. These factors contribute significantly to the growth of the BIM Solutions market during the forecast period.

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Research Analysis

Building Information Modeling (BIM) solutions have revolutionized the construction industry by enabling digital design, planning, and management of residential structures. This technology allows for the creation of 3D models that contain essential information about a building’s design, engineering, and construction. Housing demand and sustainable buildings are major drivers of the BIM modeling sector, which includes software for architectural planning, HVAC design, and computer-controlled manufacturing. The construction process benefits from BIM solutions through improved collaboration, reduced errors, and enhanced visualization. Traditional paper-based design methods are being replaced by digital design tools like Autodesk Revit and ArchiCAD. Virtual Reality (VR) and Augmented Reality (AR) technologies further enhance the BIM experience, allowing for visualization and interaction with building models. BIM software is not limited to architecture but extends to residential real estate, smart cities, and smart offices. The integration of BIM with Computer-Aided Design (CAD) systems and the adoption of sustainable building practices are key trends shaping the future of the BIM market. The construction sector stands to gain significantly from the implementation of BIM solutions, leading to increased efficiency, cost savings, and better quality buildings.

Market Research Overview

Building Information Modeling (BIM) solutions have revolutionized the construction industry by enabling digital representations of buildings and infrastructure, integrating physical and functional characteristics. BIM solutions are essential for architectural planning, housing demand analysis, and design management in the residential structure sector. These digital design tools facilitate inter-user coordination, data transmission, and data management technologies, including remote servers and cloud-based solutions. BIM solutions are increasingly adopted in the construction sector for commercial, industrial, public, and private infrastructure projects. They offer significant benefits, such as increased construction productivity, improved planning, and enhanced BIM proficiency. The modeling sector leverages BIM capabilities to design HVAC systems, electrical installations, and other building components in 3D, using software like Autodesk Revit and ArchiCAD. BIM solutions also incorporate virtual reality (VR) and augmented reality (AR) technologies, allowing users to visualize and interact with digital models in a more efficient way. This innovation is particularly valuable for sustainable buildings, smart cities, and smart offices, catering to the growing urban population. General contractors and construction project managers can benefit from BIM solutions to streamline the construction process, reduce errors, and improve overall project efficiency. The digital engineering sector continues to innovate, offering new BIM capabilities and expanding the potential applications for these powerful digital design tools.

Table of Contents:

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

ComponentSoftwareServicesTypeCommercialResidentialInfrastructureIndustrialInstitutional BuildingsGeographyNorth 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

Technology

PEAC Institute Launches “24 Hour Pause for Peace: A Global Concert”

Published

2 hours ago

September 21, 2024

24 Hour Pause for Peace Will Be the Largest Peace Initiative Ever Worldwide, Unifying 96 Countries on Six Continents Through Music

MONTCLAIR, N.J., Sept. 21, 2024 /PRNewswire-PRWeb/ — On this International Day of Peace, PEAC Institute, part of the 2017 Nobel Peace Prize winning team, has launched “24 Hour Pause for Peace: A Global Concert,” the largest peace initiative ever organized worldwide through music.

“Now, we need companies, government entities, other nonprofits and donors who care about our cause for peace to join us in lifting up the biggest event of this generation.”

On October 4, 2025, this ground-breaking program will activate a massive network of youth ensembles that spans 96 countries and territories across six continents and host two 24-hour commercial festivals featuring some of the biggest acts in music and entertainment. This extraordinary day-long event will be live-streamed globally, allowing millions to participate simultaneously.

“It has been 40 years since Live Aid and We Are the World historically unified and changed the world through music,” said Rebecca Irby, president and CEO of PEAC Institute. “With our planet riddled with post-pandemic fatigue, climate chaos, unsettling wars and more, we believe it is time to create a new trajectory for humanity by inviting everyone around the globe to a 24 hour pause for peace to enjoy the sounds of music and feel the transformative power of human connection,” Irby explained.

Additionally, 24 Hour Pause for Peace plans to amass more than 100 million ambassadors to sign an appeal to the United Nations calling for a 24 hour ceasefire during the children’s concerts and commercial music events. All countries are welcome to participate with no exceptions. One of Pause for Peace’s core beliefs is everyone has the right to be equally respected and heard, particularly in collectively calling for peace.

“Achieving this ambitious global endeavor requires the support and participation from the most impactful brands, organizations, and influential leaders, artists and celebrities,” said Jennifer McKenna, 24 Hour Pause for Peace CEO.

Pause for Peace is a $165 million global initiative. Currently, it is in its first phase of raising seed capital through consumer brand-aligned sponsorships and private donors. Funding for the program is tax-deductible through PEAC’s 501(c)(3) status.

“We have assembled an exceptional executive team of change agents in entertainment, production, consumer marketing, charitable development and global security to make this extraordinary, worldwide peace event happen.” McKenna added. “Now, we need companies, government entities, other nonprofits and donors who care about our cause for peace to join us in lifting up the biggest event of this generation.” To become involved in 24 Hour Pause for Peace: A Global Concert as a sponsor, partner or donor, sign up to be an Ambassador, or for more information, go to www.24hourpauseforpeace.org.

About PEAC Institute

PEAC Institute is a 501(c)(3) nonprofit organization based in the United States. PEAC stands for peace, education, art and communication. It was formed in 2016 through a campaign with partner organization, International Campaign to Abolish Nuclear Weapons (ICAN), which garnered a 2017 Nobel Peace Prize. PEAC now holds special consultative status with the Economic and Social Council of the United Nations and has a global presence working with countries and territories worldwide to reach the most marginalized youth through art and communication activities to help them explore and express. For more information on PEAC Institute, go to www.peacinstitute.org.

Media Contact

Chadwick Boyd, Pause for Peace, 1 4046060611, chadwick@24hourpauseforpeace.org, www.24hourpauseforpeace.org

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SOURCE Pause for Peace

Technology

Global Times: China opens 12 nuclear research facilities to global scientists

Published

3 hours ago

September 21, 2024

The involved facilities span areas such as basic nuclear research, isotope production, nuclear environment simulation, equipment testing, and radioactive waste treatment and disposal.

VIENNA, Sept. 21, 2024 /PRNewswire/ — China will open 12 nuclear research facilities and testing platforms to international scientists and institutions to enhance global cooperation, a senior Chinese official said here on Monday.

These include the China Advanced Research Reactor, the new-generation tokamak device Huanliu-3, and the Beishan Underground Research Laboratory, Liu Jing, vice chairman of the China Atomic Energy Authority (CAEA), said at a meeting on the sidelines of the International Atomic Energy Agency’s (IAEA) annual general conference.

The facilities span areas such as basic nuclear research, isotope production, nuclear environment simulation, equipment testing, and radioactive waste treatment and disposal.

Monday’s meeting, themed “Share for Development,” was organized by the CAEA to promote international cooperation in nuclear technology research and development, as China marks the 40th anniversary of its accession to the IAEA.

Yu Jianfeng, chairman of China National Nuclear Corporation, said at the event that the company aims to deepen cooperation with the IAEA and expand international collaboration. He expressed hope that opening China’s nuclear research facilities will contribute to advancing nuclear technology globally.

IAEA’s Deputy Director General Mikhail Chudakov commended China’s remarkable achievements in nuclear energy development and highlighted the long-standing, fruitful relationship between the IAEA and the CAEA.

Welcoming China’s decision to open up more of its nuclear research and development facilities, Chudakov said the move will further strengthen the agency’s technical capacity to support its member states.

On Monday evening, the CAEA and China’s permanent mission to the United Nations (UN) and other international organizations in Vienna jointly held a reception at the UN headquarters in Vienna to celebrate the 40th anniversary of China’s accession to the IAEA. More than 200 participants, including IAEA representatives and foreign envoys to Vienna, attended the event.

Li Song, China’s permanent representative to the UN and other international organizations in Vienna, said at the reception that China and the IAEA have expanded practical cooperation and jointly promoted the development of nuclear energy over the past 40 years.

China, he said, will continue to strengthen collaboration with the IAEA and its member states to address emerging challenges in international security, safeguard the global non-proliferation regime, and promote the use of nuclear energy and technology for the benefit of the Global South.

At the reception, Liu, Li and IAEA Director General Rafael Grossi jointly unveiled a bronze statue of Qian Sanqiang, a renowned Chinese nuclear physicist and one of the founders of China’s nuclear industry.

The statue, donated by China, will be permanently displayed at the IAEA headquarters, alongside sculptures of Polish-French physicist Marie Curie and other prominent figures who have made significant contributions to the peaceful use of nuclear energy.

Contact: xutianshu@globaltimes.com.cn

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SOURCE Global Times

Technology

The Ar-King of Spirits: Ed Arking’s Impact on the Liquor Industry

Published

4 hours ago

September 21, 2024

In the interest of providing luxury liquors in a convenient and stress-free format, Served Neat was born. When asked about his intentions for the company, Ed states, “My goal with Served Neat is to create a one-stop shop where customers can easily discover these rare gems.”

MOORESTOWN, N.J., Sept. 21, 2024 /PRNewswire-PRWeb/ — Served Neat is an emerging online platform with a curated selection of some of the world’s most popular luxury spirits. The website offers daily flash deals that highlight a variety of high-end international brands including Pappy Van Winkle, Buffalo Trace, Clase Azul, and more.

“While there are websites selling spirits, none have the decades of experience that we bring from WTSO. Served Neat will offer not only incredible bottles but also the best customer service in the industry.”

Ed and Joe Arking, the father-son team behind the concept of Served Neat, have decades of experience hand-selecting and supplying sought-after liquors. Ed Arking, CEO of New Jersey’s Roger Wilco, grew up in the world of wine and spirits and formed his own business aspirations.

“Growing up, I watched my father navigate and succeed in the ever-evolving wine and spirits industry,” Ed explains. “While I always aspired to create something similar, I knew I needed to wait for the right moment.” Ed has gone on to manage his own liquor store and lead projects for up-and-coming brands, such as the vodka-infused and non-carbonated Smooth Water.

As he evolved in his career, Ed discovered the perfect time to make his lifelong vision a reality. He recalls, “I noticed a gap in the market—especially for whiskey and tequila. These categories have surged in popularity, making it difficult for the everyday consumer to find those elusive sought-after allocated bottles.”

When it comes to Served Neat, quality and knowledge is key. Ed adds, “While there are websites selling spirits, none have the decades of experience that we bring from WTSO. Served Neat will offer not only incredible bottles but also the best customer service in the industry.”

Served Neat is the sister company to WTSO and The Wine Market, two online platforms dedicated to sourcing and distributing top-notch wines from every corner of the globe.

At The Wine Market, an online marketplace for the world’s most popular wine brands, convenience and quality are key. Each bottle in their curated collection is a testament to exceptional flavor and craftsmanship.

Since 2006, WTSO has enjoyed creating a unique wine experience and sharing it with new beginners and seasoned connoisseurs alike. Using an extensive network of wineries and wine makers, WTSO connects customers to thousands of brands from top wine appellations around the globe. The strong relationships they’ve formed within the wine world allow the business to deliver authentic and high-quality bottles to homes across the United States.

Wine and spirits lovers alike are invited to explore Served Neat, WTSO, and The Wine Market to find their next favorite bottle. Visit their websites to learn more about these one-of-a-kind online marketplaces!

Media Contact

Julie Blount, WTSO, 1 8669572795, marketing@wtso.com

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SOURCE WTSO