Building Information Modeling Market Set to Witness Explosive Growth by 2030 – SMU Daily Mustang

2022-05-14 05:55:44 By : Mr. Lou Yanqing

Building Information Modeling Market: by Component (Software and Service), by Deployment Mode (On-premises, and Cloud), and by Application (Commercial, Residential, and Industrial), by Region – Global Industry Sizing, Growth, Trend, Opportunity, and Forecast (2021–2027)

The building information modeling market report covers a thorough analysis of the market dynamics, business models, segmental/regional analysis, and respective market shares and strategies adopted by the key market players operating in the global market. It entails an in-depth analysis of the factors influencing the global market and market statistics indicating region-wise and segment-wise market share/growth analysis. The study of the report will outlook one of the most exhaustive analyses of the market, capturing all the aspects of the building information modeling market.

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The global building information modeling market was valued at USD 5.5 billion in 2020, which is expected to reach USD 15.2 billion by 2027, registering a CAGR of 14.6% over the forecast period (2021-2027). Building information modeling (BIM) involves the generation and management of digital representation of functional and physical characteristics of places. The building information modeling is files that can be extracted, exchanged to support decision-making regarding a building. BIM is a leading designing tool in the architecture, engineering, and construction industry, helping to analyze construction’s quantitative and qualitative aspects like component procurement, cost estimation, and time requirement. It also aids in undertaking operations related to the project post-completion, including maintenance issues and project lifecycle management. Nowadays, BIM software is utilized by building, business, individual, and government authorities that plan, design, construct, operate, and maintain diverse infrastructure like bridges, roads, tunnels, electricity, ports, etc.

As per the UN, the globe’s population will rise to 8.1 billion in 2025 and reach 10 billion by 2050. To address such a large population, it is imperative for the AEC industry vertical to offer smart software to develop infrastructure for the future. As populations and economies grow, the requirement for infrastructure and housing will boost the growth of the construction sectors across the world. With a rise in construction, which will increase the need for efficient ways of working, and BIM provides architects, engineers, and construction professionals to plan, design, and manage building projects more efficiently. Thus, the 3D model-based approach of BIM in delivering construction projects is gaining popularity globally. These are major factors that drive the global building information modeling (BIM) growth over the forecast period.

Moreover, the ISO published the BIM standards in January 2019. As per the ISO, the standards will give an essential framework to aids contractors and designers from various countries to collaborate more efficiently on all phases of construction projects. After the release of such standards, various countries have made the usage of BIM mandatory. These standards are primarily utilized in infrastructure and commercial projects. These standards are anticipated to be utilized broadly for various industrial, infrastructure, and buildings over the forecast period.

However, the high initial cost associated with BIM software and requiring long duration of the training would hamper the growth of the global building information modeling (IBM) over the forecast duration. Moreover, the outbreak of the COVID19 pandemic has negatively impacted the global building information modeling (BIM) industry. The Associated General Contractors of America (AGC) reports that at least 45% of contractors are experiencing delays owing to the pandemic. These delays are owing to the shortages of materials, construction equipment, and parts.

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The report outlines the study of the building information modeling market that has been segmented into component type, deployment model, and application.

From a geographical viewpoint, the electric cars market is segmented into North America, Asia Pacific, Europe, South America, and Middle East & Africa (MEA). North America is predicted to hold the largest market share in the global building information modeling market and is anticipated to maintain its position over the forecast period. This growth is attributed to the wide adoption of BIM software by consultants, engineers, and architects, presence of key players, high adoption of advanced technologies, rise in the purchasing power, increase in the development of smart cities, and rise in the environment and energy concerns that arise from construction activities. These are major factors boosting the growth of BIM in the region.

Following North America, Asia Pacific is expected to project the highest CAGR growth rate during the forecast duration. This growth is due to the rise in construction activities across India, China, Japan, and Singapore. The increase in the development of infrastructure, rising population, and high internet penetration are some factors fueling the growth of IBM in the region. As per the Indian Brand Equity Foundation (IBEF), the Hyderabad Metro Rail Project is the world the largest Public-Private Partnership (PPP) in the metro industry, worth the project’s cost of $2.01 billion.

The leading manufacturers of Building Information Modeling in the global market include Autodesk Inc., Bentley Systems Inc., AECOM, GRAITEC, and Dassault Systemes SA.

Other Building Information Modeling manufacturers include Nemeteschek AG, Beck Technology Ltd., Tekla Corporation, Pentagon Solutions Ltd., Asite Solution, Hexagon AB, Cadsoft Corporation, Trimble Ltd., ABB Ltd, and AVEVA.

The Building Information Modeling market report provides a thorough analysis of macro-economic factors and every segment’s market attractiveness. The report will include an in-depth qualitative and quantitative assessment of the segmental/regional outlook with the market players in the respective segment and region/country. The information concluded in the report includes the inputs from industry participants and industry experts across the value chain.

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