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The Galien Foundation Honors 2024 Prix Galien Award Recipients

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Winners received prestigious award in recognition of latest innovations in advancement in life sciences

NEW YORK, Nov. 8, 2024 /PRNewswire/ — The Galien Foundation, the premier global institution dedicated to honoring innovators in life sciences, celebrated excellence and innovation in life sciences during the Prix Galien USA Forum and 18th annual Prix Galien Awards Gala last night at the American Museum of Natural History in New York City. The USA Committees, composed of 20 committee members, 12 subcommittee members and 20 advisory board members, represented the renowned leaders from the biomedical industry and academia. With three Nobel Laureates, these groups honored this year’s award winners in the following categories: “Best Biotechnology Product,” “Best Pharmaceutical Product,” “Best Product for Rare/Orphan Diseases” “Best Medical Technology,” “Best Digital Health Solution,” “Incubators, Accelerators and Equity” and “Best Startup.”

“On behalf of the Prix Galien USA Awards Committee, we extend our heartfelt gratitude to all nominees and winners for their exceptional efforts in addressing the critical challenges in human health,” said Kenneth Frazier, Prix Galien Committee Chair (categories: Medical Technology, Digital Health, Incubator/Accelerator/Equity, and Startup), former Chairman and Chief Executive Officer, Merck & Co., Inc., Chairman, Health Assurance Initiatives, General Catalyst. “We are inspired by the remarkable achievements and standards set by the Prix Galien Awards nominees and encourage the winners to embrace this moment, honor their accomplishments and continue to exceed their own expectations in the years ahead.”

The 2024 Prix Galien USA Award Winners

Best Biotechnology Product

Daiichi Sankyo & AstraZeneca

ENHERTU®

Best Pharmaceutical Product

Pfizer Inc.

PAXLOVID™

Best Product for Rare/Orphan Diseases

Immunocore

KIMMTRAK®

Best Medical Technology

Butterfly Network

Butterfly iQ3™ Handheld Ultrasound System

Best Digital Health Solution

Viz.ai

Viz HCM™

Incubators, Accelerators and Equity

TMC Innovation

Texas Medical Center Innovation

Best Startup

Pentavere

CervoMed Inc.

 

“The Awards Committee is honored to witness the exceptional dedication and creativity of our nominees as they turn visionary ideas into transformative solutions for patients worldwide. Their unwavering commitment to advancing patient care is truly commendable, and we are honored to celebrate their outstanding contributions to global health,” said Michael Rosenblatt, MD, Chair of the Prix Galien USA Awards Committee, Former Dean of Tufts University School of Medicine, and former Chief Medical Officer of Merck & Co. Inc.

The Roy Vagelos Pro Bono Humanum Award for Global Health Equity was presented to His Serene Highness Prince Albert II of Monaco, in recognition of his unwavering dedication to environmental conservation, scientific innovation, and humanitarian efforts on a global scale. His efforts to address critical issues such as climate change, biodiversity loss, ocean life research, and sustainable development, following the establishment of the Prince Albert II of Monaco Foundation in 2006, continue to have a profoundly positive impact on the well-being of people worldwide.

“We are excited to continue the Prix Galien legacy by honoring another extraordinary group of winners who exemplify the skill, dedication and innovation that is essential to the life sciences industry,” said Bruno Cohen, Chairman of The Galien Foundation. “Our Awards Committee, Prix Galien Alumni, and all members of The Galien Foundation express our sincere appreciation to all winners and nominees, and we eagerly anticipate the significant contributions they will make to the future of global healthcare .”

The Prix Galien Awards were created in 1970 by Roland Mehl in honor of Galien, the father of medical science and modern pharmacology, to recognize outstanding innovation and scientific advancement. With chapters in 14 countries and Africa, with the recent addition of Prix Galien India, Prix Galien is regarded worldwide as the equivalent of the Nobel Prize for the life science industry.

Prix Galien Awards Committee 2024

Biotechnology, Pharmaceutical and Rare/Orphan Diseases:

Michael ROSENBLATT
M.D., Former Dean of Tufts University School of Medicine, and former Chief Medical Officer of Merck & Co. Inc.
Prix Galien Committee Chair

Linda BUCK
Ph.D., Nobel Laureate, Fred Hutchinson Cancer Research Center member; Professor of Physiology and Biophysics, University of Washington

Sue DESMOND-HELLMANN
M.D., M.P.H., Former Chief Executive Officer, Bill & Melinda Gates Foundation

Laurie GLIMCHER
M.D., President and CEO, Dana Farber Cancer Institute, Professor of Medicine, Harvard Medical School

Mary-Claire KING
Ph.D., American Cancer Society Professor of Genome Sciences and Medical Genetics, University of Washington

Robert S. LANGER
M.D., David H. Koch Institute Professor, Massachusetts Institute of Technology

Cato T. LAURENCIN
M.D., Ph.D. University Professor, University of Connecticut

Steven J. LESTER
M.D., Chief Medical Officer, Mayo Clinic-ASU MedTech Accelerator

Stanley B. PRUSINIER
M.D., Nobel Laureate, Professor of Neurology, Director, Institute for Neurodegenerative Diseases, University of California, San Francisco

Philipp A. SHARP
Ph.D., Nobel Laureate, Professor of Biology and member of the Koch Institute, Chair of the advisory board of the MIT Jameel Clinic

Marc TESSIER-LAVIGNE
Ph.D., President, Stanford University

Elie WIESEL
Nobel Peace Prize Laureate, Boston University, Honorary Founding President, In Memoriam

Medical Technology, Digital Health, Incubators, Accelerators and Equity, and Startup:

Kenneth C. FRAZIER
Committee Chair, Former Chairman & CEO Merck

Roch DOLIVEUX
Honorary CEO, UCB

Mikael DOLSTEN
Global R&D President, Pfizer

Alex GORSKY
Former CEO & Executive Chairman, Johnson & Johnson

Penny HEATON
Global Therapeutic Area Head, Vaccines, Janssen

Sheri McCOY
Board of Directors, AstraZeneca, Former CEO, Avon

François MAISONROUGE
Senior Managing Director, Evercore Partners

Joel S. MARCUS
Executive Chairman & Founder, Alexandria

Elias ZERHOUNI
Former Head of Global R&D, Sanofi

Prix Galien Medical Technology Sub-Committee:

Robert S. LANGER
David H. Koch Institute Professor, Massachusetts Institute of Technology

Cato T. LAURENCIN
M.D., Ph.D., University Professor, University of Connecticut

Steven LESTER
M.D., Chief Medical Officer, Mayo Clinic-ASU MedTech Accelerator

Bernard POUSSOT
Director, Roche Holding, Former Chairman & CEO, Wyeth, Chairman Prix Galien, In Memoriam

Prix Galien Incubators, Accelerators, and Equity Category Sub Committee:

Gil BASHE
Managing Partner, Chair Global Health and Purpose, FINN Partners

Ron COHEN
M.D., Founder, President & CEO, Acorda Therapeutics

Jamey EDWARDS
Former CEO, Emergent Medical Associates

Amir KALALI
M.D., Chairman & Chief Curator CNS Summit/Co-Chair Decentralized Trial Research Alliance

Michelle LONGMIRE
M.D., Co-Founder & CEO, Medable Inc.

James PRUTOW
J.D., MBA, Advisory Partner – Life Sciences, Molecular Diagnostics, Global Healthcare, PwC Consulting

Julien de SALABERRY
CEO & Founder, Galen Growth

Prix Galien Startup Advisory Board:

Elaine BRENNAN
Executive Director, Global Strategic Partnerships, Northwell Health

Rodolphe KATRA
Ph.D.,Sr. Research Director & Technical Fellow, Medtronic

Michael LANGER
Founder and Managing Partner at T.Rx Capital

Jonathan MARCHADO
Managing Director, Samsung Next

Detlev MENNERICH
Corporate SVP, Global Head of Business Development &Licensing (BD&L), Boehringer Ingelheim

Leighanne OH
MS, Life Sciences Investor, Novo Holding

Denis PATRIC
Ph.D., Emerging Science & Innovation, Partnering Pfizer

Dennis PURCELL
Founder, Aisling Capital

Prix Galien Digital Health Advisory Board:

Junaid BAJWA
Chief Medical Scientist, Microsoft Research, Microsoft

Ariel KATZ
CEO and Co-foudner, H1

Sachin NANAVATI
Head, Industry, Healthcare, Google

Jay RAJDA
M.D., Clinical Leader, Healthcare, Amazon

MaryAnne RIZK
Ph.D., Managing Partner, Rizk Management Advisors, Adjunct Professor, Stevens Institute of Technology

Steven ROSENBERG
Chief Executive Officer, uMotif

Daniel VIAL
Former Advisor of Sanofi CEO, Healthcare Consultant

About the Galien Foundation 
The Galien Foundation fosters, recognizes and rewards excellence in scientific innovation to improve the state of human health. Our vision is to be the catalyst for the development of the next generation of innovative treatments and technologies that will impact the state of medical practice and save lives.

The Foundation oversees and directs activities in the US for the Prix Galien, an international awards program dedicated to progress through innovative medicines development, with chapters in 14 countries and Africa. The Prix Galien was created in 1970 by Roland Mehl in honor of Galien, the father of medical science and modern pharmacology. Worldwide, the Prix Galien is regarded as the equivalent of the Nobel Prize in biopharmaceutical research.

For more information, visit https://www.galienfoundation.org/.

Follow the Foundation on social media:
https://www.facebook.com/GalienFoundation/ 
https://twitter.com/GalienFdnhttps://www.linkedin.com/company/the-galien-foundation/

Media Contact:
Kara Bradley
Finn Partners
Kara.Bradley@finnpartners.com
646-213-7243

 

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HOLCIM RECOGNIZED WITH MANUFACTURING SUSTAINABILITY AWARD BY MICHIGAN MANUFACTURERS ASSOCIATION

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The Manufacturing Sustainability Award, new in 2024, pays tribute to innovative action to improve sustainability through clean energy solutions

CHICAGO, Nov. 8, 2024 /PRNewswire/ — Holcim was awarded the inaugural Manufacturing Sustainability Award by the Michigan Manufacturers Association at their awards ceremony on Wednesday evening, November 6. The Manufacturing Sustainability Award recognizes innovations to improve the long-term sustainability of manufacturing across Michigan state, where Holcim has extensive operations from Alpena and Detroit to Saginaw and St. Joe.

“We’re honored to receive this award from the Michigan Manufacturers Association for advancing more sustainable manufacturing practices across the state. At Holcim, improving sustainability goes hand-in-hand with accelerating economic development,” said Jaime Hill, North America region head at Holcim. “As industry leaders, creating a more sustainable future is the north star that drives the decisions we make, from reducing our carbon footprint with innovative materials and renewable energy sources to providing low-carbon building solutions for our customers.”

“Holcim is making a lasting impact on sustainability with innovative ideas that have had a profound impact on the broader manufacturing industry, the state of Michigan and our global environment,” said John J. Walsh, President & CEO of the Michigan Manufacturers Association. “Being named the first ever recipient of the Manufacturing Sustainability Award powered by Consumers Energy validates and provides well-deserved recognition for their efforts to enable greener cities, smarter infrastructure and improved living standards around the world.”

Over the past years, Holcim has invested more than $100 million in eco-friendly technologies. In June 2023, Holcim opened an alternative fuels facility as part of a $7.4 million, state-supported initiative that will safely and cleanly co-process materials to fuel 10% of Holcim’s Alpena plant operations.

Shortly afterward, Holcim announced a new partnership to bring the company’s largest solar project in the Midwest to its cement plant in Alpena. The solar array, completed this past October, will help the plant self-generate 75 percent of its purchased power needs with green energy—an important step toward fulfilling Holcim’s pledge to power all of its U.S. operations with 100 percent renewable energy by 2030.

The recognition also comes in the wake of a recent grant Holcim and the Detroit Wayne County Port Authority (DWCPA) received through the United States Environmental Protection Agency’s (EPA) Clean Ports program. The Clean Ports initiative aims to not only accelerate the decarbonization of the Detroit port, but also improve the air quality for workers, residents and families in Detroit for generations to come.

Holcim Alpena’s cement is used in construction projects across Michigan, including the Gordie Howe Bridge, Comerica Park, Ford Field and Little Caesars Arena, and services customers throughout the Midwest and Ontario. The cement is used in roads, schools, hospitals, dams and ports, and for decorative applications such as patios, floors, staircases, driveways and pool decks.

About Holcim US
In the United States, Holcim US includes almost 350 sites in 43 states and employs 7,000 people. Our customers rely on us to help them design and build better communities with innovative solutions that deliver structural integrity and eco-efficiency. To learn more, visit holcim.us

Holcim is a global leader in innovative and sustainable building solutions with net sales of CHF 27.0 billion in 2023. Our 63,448 employees are driven by our purpose to build progress for people and the planet across our regions to improve living standards for all. We partner with our customers to offer the broadest range of advanced solutions, from sustainable building materials ECOPact and ECOPlanet, to our circular technology ECOCycle®, all the way to Elevate’s advanced roofing and insulation systems.

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CRM in Healthcare Market to Grow by USD 11.3 Billion from 2024-2028, as Demand for Personalized Care Rises with AI Redefining the Market Landscape – Technavio

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NEW YORK, Nov. 8, 2024 /PRNewswire/ — Report with market evolution powered by AI – The global customer relationship management (CRM) in healthcare market size is estimated to grow by USD 11.3 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 11.05% during the forecast period. Growing demand for personalized healthcare services and patient engagement solutions is driving market growth, with a trend towards growing adoption of cloud-based CRM solutions. However, high implementation costs and lack of interoperability with legacy systems in health CRM poses a challenge.Key market players include Accenture Plc, ALLSCRIPTS HEALTHCARE SOLUTIONS INC., Amdocs Ltd., Anthology Inc., Freshworks Inc., Healthgrades Marketplace LLC, International Business Machines Corp., Kapture CRM, Keona Health Inc., Koch Industries Inc., Microsoft Corp., NICE Ltd., Oracle Corp., Salesforce Inc., SAP SE, Sapio Sciences LLC, Siemens AG, SugarCRM Inc., Verint Systems Inc., and Viseven Europe OU.

AI-Powered Market Evolution Insights. Our comprehensive market report ready with the latest trends, growth opportunities, and strategic analysis- View Free Sample Report PDF

Forecast period

2024-2028

Base Year

2023

Historic Data

2018 – 2022

Segment Covered

Component (Software and Services), Deployment (On premises model and Web/cloud based model), 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

Accenture Plc, ALLSCRIPTS HEALTHCARE SOLUTIONS INC., Amdocs Ltd., Anthology Inc., Freshworks Inc., Healthgrades Marketplace LLC, International Business Machines Corp., Kapture CRM, Keona Health Inc., Koch Industries Inc., Microsoft Corp., NICE Ltd., Oracle Corp., Salesforce Inc., SAP SE, Sapio Sciences LLC, Siemens AG, SugarCRM Inc., Verint Systems Inc., and Viseven Europe OU

Key Market Trends Fueling Growth

In today’s healthcare market, CRM plays a crucial role in managing patient relationships. Hippocrates once said, “The art of healing comes from nature, not from the physician.” However, in the modern healthcare environment, brands like Apple have shown that technology can enhance the patient experience. Healthcare officials and staff use CRM systems to manage patient engagement and patient management. These systems help collect and analyze patient demographics, habits, medical history, inquiries, locations, conditions, and preferences. Patient profiles include behavioral data from social profiles and medical history. CRM tools enable automated communications via emails, texts, and phone calls for appointment reminders, medication reminders, and precautions. CRM also facilitates account management, loyalty points, and rewards for patient retention. Healthcare providers and medical service providers use CRM for efficient patient care, adhering to healthcare security regulations. CRM systems store and manage patient records, medical bills, and claims data, ensuring data quality and privacy. CRM tools help healthcare organizations optimize workflows, improve compliance, and enhance communication with patients. Digital transformation and personalized care are key trends in CRM for healthcare, with e-CRM, PRM, HIT, and ICT playing significant roles. Data mining and social CRM help healthcare providers understand patient needs and preferences, leading to better care outcomes. 

The healthcare industry is witnessing a significant shift towards cloud-based Customer Relationship Management (CRM) solutions. These systems offer several advantages over traditional on-premise models, including scalability, flexibility, and cost-effectiveness. Healthcare practitioners can now manage patient relationships and access patient data from any location, at any time, using cloud-based CRM solutions. This is particularly beneficial in the context of remote and virtual patient care, which has gained popularity due to the COVID-19 pandemic. Moreover, cloud-based CRM solutions provide advanced privacy and security features to protect sensitive patient data. These features are crucial in the healthcare sector, where data security is paramount. In summary, cloud-based CRM solutions are driving growth in the healthcare market by offering accessibility, cost savings, and enhanced security. 

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Market Challenges

In the healthcare market, CRM plays a crucial role in managing patient relationships. Hippocrates may have mastered the art of medicine, but healthcare officials and staff face challenges in engaging and managing patients effectively. Brands like Apple lead the way with CRM systems, utilizing patient demographics, habits, and medical history from various sources. Patient inquiries, locations, conditions, and past diagnoses are crucial data points. CRMs help healthcare providers personalize communications, offering automated emails, SMS, and targeted campaigns. Patient preferences, language, and ailments are essential factors in account management. Brands can reward loyalty with points and rewards. CRMs can manage patient records, prescriptions, and medical bills, ensuring compliance with healthcare security regulations. Patient engagement is key to retention. CRMs can analyze behavioral data from social profiles, medical history, and lifestyle choices to offer personalized care. Healthcare organizations and systems benefit from electronic health records, claims data, and consumer data to streamline workflows and improve care outcomes. CRMs help healthcare providers offer productive, engaging, and personalized care. They ensure digital compliance, privacy, and HIPAA compliance. CRMs can also help medical centers, hospitals, and laboratories manage patient care efficiently, saving time and resources. Ultimately, CRMs help healthcare providers offer great service, improving the overall medical experience for patients.The healthcare industry’s adoption of Customer Relationship Management (CRM) systems faces two significant challenges: high implementation costs and incompatibility with legacy systems. Implementing a CRM solution requires substantial resources, time, and financial investment. Moreover, verifying CRM system compatibility with existing legacy systems is a time-consuming process. Healthcare organizations may struggle with these challenges, leading to data silos and inefficiencies. Patient data may not be easily shared between systems, making it difficult to provide a consistent view, which could impact patient treatment and outcomes.

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Segment Overview

This customer relationship management (crm) in healthcare market report extensively covers market segmentation by

Component1.1 Software1.2 ServicesDeployment2.1 On premises model2.2 Web/cloud based modelGeography3.1 North America3.2 Europe3.3 APAC3.4 South America3.5 Middle East and Africa

1.1 Software- The healthcare industry’s reliance on digital technology has significantly expanded the CRM market, particularly in healthcare. Patient data management, increased patient engagement, and improved provider communication are all facilitated by CRM software. This software’s popularity is driven by the emergence of cloud-based solutions and the increasing demand for personalized healthcare services. Effective data management and legal compliance are also necessitating software usage in the CRM sector. Moreover, the integration of AI and machine learning technologies enhances predictive analytics and decision-making capabilities. The growing adoption of mobile health apps and telemedicine services further fuels the demand for CRM software solutions. Overall, the CRM software component in healthcare presents promising growth opportunities throughout the forecast period.

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Research Analysis

In the healthcare market, CRM plays a crucial role in managing relationships with healthcare officials, staff, and patients. The CRM system in healthcare is an application of the ‘art of medicine’ in the digital age, using ICT to enhance patient engagement and management. Brands utilize e-CRM to streamline workflows, manage patient records, and analyze claims data and electronic health records for data mining and consumer insights. PRM and HIT are essential components of healthcare CRM, focusing on patient acquisition strategies and data quality. Social CRM allows for two-way communication between healthcare organizations and patients, fostering better relationships. Data security regulations are paramount in healthcare CRM, ensuring the confidentiality of medical bills and patient records. Yina, Soltani and Navimipour’s research the importance of CRM in healthcare, highlighting its potential to revolutionize patient care and improve healthcare systems.

Market Research Overview

In the healthcare market, CRM plays a crucial role in managing patient engagement and patient management. The art of medicine has evolved, with healthcare officials and staff utilizing CRM systems to gather and analyze patient data, including patient habits, activities, demographics, social profiles, behavioral data, medical history, inquiries, locations, conditions, physicians, preferences, past diagnoses, language, ailments, family members, and family medical history, among others. Brands like the iconic Apple are entering the healthcare scene with CRM solutions. Patient information is the backbone of these systems, with data mining and social CRM essential for enhancing service and engagement. Data quality is paramount, with IS, PRISMA, and other healthcare providers ensuring compliance with healthcare security regulations. Patients receive personalized communications through automated emails, SMS, and other channels, earning loyalty points and rewards. Patient inquiries, prescriptions, phone calls, precautions, reports, prior treatment, and previous doctor information are all tracked, ensuring productive and engaging care. Healthcare organizations and systems benefit from CRM by improving patient retention, digital compliance, and personalized care. Electronic health records, claims data, patient records, and consumer data are integrated into workflows, ensuring compliance with privacy regulations such as HIPAA. CRM solutions enable healthcare providers to deliver great service, enhance medical experience, and optimize patient acquisition strategies. Digital transformation is key to delivering patient-centric solutions and improving care outcomes.

Table of Contents:

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

ComponentSoftwareServicesDeploymentOn Premises ModelWeb/cloud Based ModelGeographyNorth 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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Building Information Modeling Software Market to Grow by USD 9.69 Billion from 2024-2028, as Demand for Large-Scale Project Management Rises with AI Driving Market Transformation – Technavio

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NEW YORK, Nov. 8, 2024 /PRNewswire/ — Report with the AI impact on market trends – The global building information modeling (BIM) software market size is estimated to grow by USD 9.69 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..

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Building Information Modeling (Bim) Software Market Scope

Report Coverage

Details

Base year

2023

Historic period

2018 – 2022

Forecast period

2024-2028

Growth momentum & CAGR

Accelerate at a CAGR of 22.79%

Market growth 2024-2028

USD 9689.1 million

Market structure

Fragmented

YoY growth 2022-2023 (%)

19.3

Regional analysis

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

Performing market contribution

North America at 38%

Key countries

US, China, UK, Japan, and France

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.

Market Driver

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. 

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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.

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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.

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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

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