The Compressed Baryonic Matter (CBM) experiment is being planned at the international research center FAIR, under realization next to the GSI laboratory in Darmstadt, Germany. Its physics programme addresses the QCD phase diagram in the region of highest net baryon densities. Of particular interest are the expected first order phase transition from partonic to hadronic matter, ending in a critical point, and modifications of hadron properties in the dense medium as a signal of chiral symmetry restoration. Laid out as a fixed-target experiment at the heavy-ion synchrotrons SIS-100/300, the detector will record both proton-nucleus and nucleus-nucleus collisions at beam energies between 10 and 45A GeV. Hadronic, leptonic and photonic observables have to be measured with large acceptance. The interaction rates will reach 10 MHz to measure extremely rare probes like charm near threshold. Two versions of the experiment are being studied, optimized for either electron-hadron or muon identification, combined with silicon detector based charged-particle tracking and micro-vertex detection. The CBM physics requires the development of novel detector systems, trigger and data acquisition concepts as well as innovative real-time reconstruction techniques. Progress with feasibility studies of the CBM experiment and the development of its detector systems are reported.