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Building Information Modeling Market to Touch USD 17.32 Billion by 2030 owing to Growing Demand for Sustainable Construction Practices | By SNS Insider

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Pune, May 08, 2023 (GLOBE NEWSWIRE) — According to SNS Insider, “The Building Information Modeling Market was worth USD 6.85 billion in 2022 and is projected to reach USD 17.32 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 12.3% from 2023 to 2030.

Market Report Scope

Building Information Modeling (BIM) is a digital representation of physical and functional characteristics of a building, infrastructure or facility. It is an intelligent 3D modeling process that allows architects, engineers, and construction professionals to collaborate on a project using a single, shared database of information. BIM software is used to create a comprehensive virtual model of a building, which includes everything from the structure and mechanical systems to the plumbing and electrical components. BIM enables architects and engineers to simulate and test different design scenarios before construction begins, reducing errors and improving efficiency.

Market Analysis

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With the rise of digital technology and the increasing demand for efficient building design and construction processes, the building information modeling market is expected to expand significantly in the near future. The use of BIM technology provides numerous benefits, including reduced project costs, increased efficiency, improved collaboration among stakeholders, and enhanced building performance. As the world becomes increasingly reliant on technology, BIM is becoming an essential tool for architects, engineers, and construction professionals. By utilizing BIM, these professionals can create highly accurate and detailed digital models of buildings, allowing them to test and refine designs before construction even begins. This saves time and money, reduces errors, and ensures that buildings are constructed to the highest standards of quality and safety.

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Impact of Recession

The impact of a recession on the building information modeling market will depend on a variety of factors, including the severity and length of the recession, the specific needs and priorities of construction companies, and government spending initiatives. However, BIM providers who can adapt to the changing market conditions and provide value to their customers will be better positioned to weather the impact of a recession.

Key Regional Development

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The building information modeling market is expected to see a significant increase in revenue share in North America over the projected timeframe. This growth can be attributed to the region’s early adoption of modern digital technologies, as well as the government’s mandate to use Building Information Modeling software. The implementation of such software can greatly improve the efficiency and accuracy of construction projects, leading to increased demand for BIM services. With its well-established construction industry and emphasis on technological innovation, North America is well-positioned to dominate the BIM market in the coming years.

Key Takeaway from Building Information Modeling Market Study

  • The cloud deployment segment is expected to dominate the market in the coming years. With advancements in cloud-based technology, many industries are transitioning to cloud-based solutions for their operations, including metal cutting. 
  • The market is expected to witness significant growth in the coming years, with the consultants and facility managers segment predicted to dominate the industry. The increasing demand for metal cutting tools across a wide range of industries such as automotive, aerospace, and construction is one of the major factors driving this growth.

Recent Developments Related to Building Information Modeling Market

  • DeSimone, a leading engineering firm, has announced its acquisition of Dowco’s global detailing and building information modeling business. This strategic move is expected to strengthen DeSimone’s position in the market, enhancing its ability to provide high-quality services to clients worldwide.
  • Infotech and HDR have joined forces to expand Building Information Modeling (BIM) solutions for civil infrastructure projects. This partnership brings together Infotech’s expertise in developing construction software solutions and HDR’s extensive experience in delivering engineering, architecture, and consulting services to clients across the globe.

Buy Exclusive PDF Copy of Building Information Modeling Market Along With ME Sheet: https://www.snsinsider.com/checkout/2104 

Report Attributes Details
Market Size in 2022 US$ 6.85 Bn
Market Size by 2030 US$ 17.32 Bn
CAGR  CAGR of 12.3% From 2023 to 2030
Base Year 2022
Forecast Period 2023-2030
Historical Data 2020-2021
Key Segments • BY COMPONENT (Software and solution, Services)

• BY DEPLOYMENT MODE (Cloud Deployment, On Premises Deployment)

• BY PROJECT LIFECYCLE (Construction, Operation, Preconstruction)

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• BY APPLICATION (Industrial, Buildings, Civil Infrastructure, Utilities, Oil & Gas, Others)

• BY END USER (Consultants & Facility Managers, AEC Professionals, Others)

Company Profiles Autodesk, Aveva Group, Bentley Systems, Hexagon, Nemetschek, Trimble, Asite Solutions, Beck Technology, Dassault Systems, Pentagon Solution
Key Drivers • Growing government initiatives to promote BIM use.
• Accelerating global urbanization.
• The AEC sector has recognized several benefits from BIM.

Table of Contents

1. Introduction

2. Research Methodology

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3. Market Dynamics

4. Impact Analysis

4.1 COVID-19 Impact Analysis

4.2 Impact of Ukraine- Russia war

4.3 Impact of ongoing Recession

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5. Value Chain Analysis

6. Porter’s 5 forces model

7.  PEST Analysis

8. Building Information Modeling Market Segmentation, by component

9. Building Information Modeling Market Segmentation, by deployment mode

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10. Building Information Modeling Market Segmentation, by project lifecycle

11. Building Information Modeling Market Segmentation, by application

12. Building Information Modeling Market Segmentation, by end user

13. Regional Analysis

14.Company Profiles

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15. Competitive Landscape

16. USE Cases And Best Practices

17. Conclusion

About SNS Insider

At SNS Insider, we believe that businesses should have access to the best market intelligence and insights, regardless of their size or industry. That’s why we offer a range of solutions tailored to meet the unique needs of each client, from startups to big corporations. With a passion for our work and an unwavering commitment to delivering value, we are dedicated to helping our clients achieve their full potential.

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GlobeNewswire is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.

Artificial Intelligence

ZA Tech Rebrands as Peak3, Raises US$35M Series A led by EQT

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SINGAPORE, June 19, 2024 /PRNewswire/ — ZA Tech, the next-generation insurance core system SaaS provider, has rebranded as Peak3. With the successful completion of its US$35 million Series A fundraising from EQT (lead investor) and Alpha JWC Ventures, Peak3 now accelerates its expansion in the EMEA region and investments in complementary data and AI solutions.

In a market dominated by fragmented legacy technology, Peak3 has pioneered a cloud-native, modular insurance core and distribution system that combines comprehensive capabilities for life, health, and property and casualty (P&C) insurance. Since its founding in 2018, Peak3 has become a trusted technology partner to global insurers such as AIA, Generali, Prudential, and Zurich for their digital and traditional business. It has also partnered with leading digital platforms such as Carro, Grab, Klook, and PayPay to build and scale their embedded insurance businesses.
Besides the successful fundraising, Peak3 has recently achieved key milestones underpinning the rebranding. These transformative achievements include launching its first multi-country, multi-tenant core modernisation in Europe, rolling out an integrated customer data and big data platform for scaling analytics and AI capabilities, and establishing its first technology centre in Europe. The rebranding coincides with another major milestone: Issuing over a billion insurance policies on Peak3’s systems – including the first policies issued to North American customers and the first ones to be issued in Africa.
“We have evolved from an embedded insurance pioneer in Asia to a global end-to-end technology partner for the insurance industry,” said Bill Song, Peak3 Group CEO and Co-Founder. “Our new name represents three pinnacles: scaling the heights of innovation, surpassing performance limits, and delivering superior reliability – as we help insurers reach the highest summits of their cloud, data, and AI transformation.”
Bill Song also emphasised the growth opportunity: “There is an incredible tech investment backlog in the US$7-trillion global insurance industry. Continued digitalisation and the proliferation of AI will require structural investments by insurers over the next decade to modernise their core systems. We are uniquely positioned to capture this opportunity by providing the tech core foundations and innovation use cases.” 
To accelerate its growth journey, Peak3 completed its Series A fundraising and welcomed two new investors on its cap table: EQT, a major global technology investor with a deep heritage in Europe, and Alpha JWC Ventures, a leading venture firm in Southeast Asia. With the funding, Peak3 will advance its analytics and AI capabilities toward an intelligent core insurance solution, grow its EMEA operations and establish new system integrator partnerships. Peak3 targets double-digit ARR growth this year and is on the path to reach cashflow breakeven over the coming quarters.
“Peak3 has also proven its capability to deliver greenfield digital insurance initiatives and complex multi-country core modernisation projects in APAC and EMEA. As the lead investor, EQT is committed to empowering Peak3 in its go-to-market acceleration by leveraging our global network,” stated Clara Ho, Partner at EQT.
J.P. Morgan acted as exclusive financial advisor to Peak3 for this Series A fundraising.
For media inquiries and interview requests, please contact Carling Sia, Global Head of Branding and Marketing, at [email protected].
For more information on Peak3, please visit www.peak3.com. For more information on EQT, please visit www.eqtgroup.com.For more information on Alpha JWC Ventures, please visit www.alphajwc.com.
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Artificial Intelligence

Lucinity Recognized as One of the Top 100 AI Fintech Companies Globally

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REYKJAVIK, Iceland, June 18, 2024 /PRNewswire/ — Lucinity has been featured in the AIFinTech100 list for 2024, marking its recognition as one of the top AI companies in the financial services industry. The AIFinTech100 list, curated by industry experts, highlights the most innovative fintech companies globally. Lucinity was selected from over 2,000 fintech firms for its problem-solving, market potential, innovation, and customer engagement. Earlier this year, Lucinity was also highlighted as a RegTech100 company.

 
 
This recognition comes amid rapid AI adoption in fintech. According to Fintech Global, research predicts the AI market in fintech will grow from $42.83 billion to $44.08 billion by 2024, reaching $50.87 billion by 2029. Banks alone are expected to spend $4.9 billion on AI platforms by 2024, with a 21.8% annual growth rate since 2019.
Lucinity’s inclusion in the AIFinTech100 list reflects its success in developing AI solutions that enhance efficiencies and cost savings for financial crime operations teams. Notably, Luci, the world’s first Generative AI copilot for financial crime investigations, launched in 2023, leverages Microsoft OpenAI technologies to augment human analysts’ capabilities, reducing investigation times from 3 hours to just 30 minutes. 
Lucinity also recently launched Luci as a copilot plugin at Money20/20. Financial institutions are now able to integrate Luci with any web-based enterprise application including CRM systems, Case Manager systems, and Excel, delivering immediate ROI with zero upfront integration. 
Security remains a significant challenge in AI adoption. Lucinity addresses this by partnering with Microsoft Azure develop a secure infrastructure. With a strong emphasis on compliance, Luci offers comprehensive auditability through its detailed Audit Log functionality.
Guðmundur Kristjánsson (GK), CEO of Lucinity, comments, “Being named in the AIFinTech100 showcases our impact amongst banks and fintech through advanced AI. It underscores our platform’s ability to empower compliance teams, deliver ROI, and reduce operational costs.”
Richard Sachar, Director of FinTech Global, added, “AI is revolutionizing financial services, increasing efficiencies and offering personalized products. This year’s AIFinTech100 list includes top innovators transforming the industry with AI applications.”
Lucinity’s inclusion in the AIFinTech100 list for 2024 follows several achievements, including winning the Microsoft Partner of the Year Awards for Sustainability and Social Impact and Partner of the Year – Iceland. Lucinity was also included in Chartis Research’s FinCrime and Compliance 50 Ranking for 2024 and was recognized as the best tool for Workflow Automation.
Name: Celina PabloEmail: [email protected] +354 792 4321
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CRISIL wins Model Validation Tools and Accelerators category award, other recognitions from Chartis

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Recognized among top 50 financial services firms for analytics and risk tech
MUMBAI, India, June 18, 2024 /PRNewswire/ — CRISIL, a global provider of advanced analytics and risk management solutions, has won the Solution Category award for Model Validation Tools and Accelerators as part of the latest Chartis STORM 2024 report.

Published by Chartis Research, the leading provider of research and analysis on the global market for risk technology, STORM 2024 is an annual report on quantitative technologies and the computational infrastructure supporting it.
Following an extensive evaluation process, which included a risk technology survey, product demo, customer reference checks, and third-party sources of information, CRISIL won the following recognitions:
Solution category award for Model Validation Tools and AcceleratorsRanked Top 25 (#24) in QuantTech50 2024 rankingsRanked Top 25 (#24) in BuySideRisk50 2024 rankingsRanked Top 50 (#38) in RetailFinanceAnalytics50 2024 rankingsThe recognitions reflect the unparalleled value CRISIL brings to its clients through deep domain expertise, specialized analytical and technical knowledge and our global perspective.
Says Jan Larsen, President and Head, CRISIL Global Research & Risk Solutions, “CRISIL is honored by the recognition across multiple STORM50 award categories this year, including being named first place for Model Validation Tools and Accelerators. This is a great testament to the contributions of our team in giving clients and their regulators confidence in the models they use for making critical decisions.”
The core tenets of CRISIL’s value proposition include expertise across asset classes and risk stripes, analytical excellence and regulatory experience, tailored solutions focused on client delight, continuous improvement and technological innovation. 
Says Ashish Vora, President, CRISIL Market Intelligence and Analytics, “This prestigious recognition underscores the global acceptance of our risk management solutions and highlights our unwavering commitment to excellence in the risk technology space. Our Credit+ technology solutions have been instrumental in offering AI-enabled advanced analytics and driving efficiency, and we are particularly proud of the exceptional client feedback we have received for these solutions. We are constantly exploring new ways to enhance customer value and are investing in cutting-edge technology and domain expertise to maintain our position at the forefront of the industry.”
Notable examples of CRISIL’s platforms that help demonstrate this value proposition include: 
Model Infinity: A leading platform for model inventory management and model risk management. This innovative platform empowers our client to centralize all model activities, eliminates manual processes and operational risk, and provides a full audit trail of approvals for modeling assumptions and updates. Scenario Expansion Manager (SEM): A platform for clients to expand, analyze and track all regulatory and internal scenarios used for stress testing. As a centralized repository of scenarios, SEM allows institutions to eliminate redundant internal work and even provide clients the ability to share internal scenarios with one another. Credit+ ICON: The platform enables credit decision-making through its extensive financial spreading and front-end based credit risk scorecard hosting capabilities. Powered by deep domain expertise, AI-driven analytics and extensive configurability, it serves 40+ global clients across 15 countries.Credit+ Early Warning Signals: The AI-powered solution provides banks with actionable insights to monitor their credit quality, lower loan-loss contingencies and track corrective action plan.About CRISIL Market Intelligence & Analytics
About Global Research & Risk Solutions
About CRISIL Limited
Connect with us: LINKEDIN | TWITTER | YOUTUBE | FACEBOOK 
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Disclaimer
This press release is transmitted to you for the sole purpose of dissemination through your newspaper/ magazine/ agency. The press release may be used by you in full or in part without changing the meaning or context thereof but with due credit to CRISIL. However, CRISIL alone has the sole right of distribution of its press releases for consideration or otherwise through any media including websites, portals, etc.
CRISIL has taken due care and caution in preparing this press release. Information has been obtained by CRISIL from sources which it considers reliable. However, CRISIL does not guarantee the accuracy, adequacy or completeness of information on which this press release is based and is not responsible for any errors or omissions or for the results obtained from the use of this press release. CRISIL, especially states that it has no financial liability whatsoever to the subscribers/ users/ transmitters/ distributors of this press release.
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