A new report released by the market research company Prophecy Market Insights on the global market for BIM software has predicted substantial growth by a compound annual growth rate (CAGR) of 13.3% over the next decade, reaching a total valuation of $26.4 billion by 2034.
Key market players like Autodesk have been proactive in their embrace of the new revolution in technologies such as generative AI and virtual reality. A rise in the use of the software by construction contractors is another factor in the expected market expansion.
As it stands, the current valuation for BIM design software is estimated to be around $8.45 billion worldwide.
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