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Building Information Modelling Market Growth, Competitive Analysis, Business Opportunities, And Regional Forecast To 2027 | COVID-19 Impact

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Animesh Rao
Building Information Modelling Market Growth, Competitive Analysis, Business Opportunities, And Regional Forecast To 2027 | COVID-19 Impact

 

Overview

The building information modelling market is anticipated to witness healthy growth from 2020 to 2027, a research report suggests. Growing at a CAGR of 14.92%, the market is projected to reach US$8,000 million by 2027. Rise of productivity in construction is expected to support the market growth along with BIM being increasingly used in infrastructure projects. As predicted by analysts, high initial costs of software will negatively affect the market’s performance from 2020 to 2027. During the forecast period, the market will be supported by advantages in planning and the changing social behaviour.

High initial costs of procurement on the other hand will challenge engineering and architecture sector based organizations functioning in the global building information modelling market. Analysts have split the market into end-user, industry, product, and project lifecycle segments based on products and services. Engineering and architecture based companies have been profiled. Deployment to employees is set to affect the global market during the forecast period 2020 to 2027. The report also provides the market’s performance forecasts till 2027. Strategies of engineering and architecture based companies are studied. The engineering and architecture sector itself is supported by speeding up construction as well as introduction of safety regulations. During the forecast period 2020 to 2027, the building information modelling market is set to witness a health growth across end-user, industry, product, and project lifecycle segments as well as regional markets.

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Market Segmentation

The engineering and architecture sector has seen growth across end-user, industry, product, and project lifecycle segments owing to development of skyscrapers and faster communication between various consultants. To study the market, analysts have further segmented end-user, industry, product, and project lifecycle into architects, engineers, and government on the basis of end-user. The market is further segmented into industry sub segment which is split into commercial, entertainment, healthcare, industrial, oil & gas industries, residential, sports, and others. Additionally, the building information modelling market on the basis of product is segmented into BIM software, training services, project management. The market is further segmented into project lifecycle sub segment which is split into pre-construction, construction and operation.

The segmental analysis presented in the report provides engineering and architecture field based organizations insights into key growth factors such as construction management as well as challenges such as training of personnel and services the market will face from 2020 to 2027. Evolution of project delivery and emergence of cloud computing and IoT are some of the key factors having an influence on engineering and architecture industry based companies, suggest analysts as per the building information modelling market report. But the report also identifies the lack of investments in R&D and the growing penetration of alternatives in the market as major threats companies in engineering and architecture will face till 2027. 

Regional Overview

Engineering and architecture market based companies in the building information modelling market are functioning across North America, Europe, Asia Pacific, the Middle East, and Africa including the rest of the world. Emphasis on retrieval of data will be a key growth driver for regional markets. However, growing concerns regarding high cost will turn out to be a threat. For the forecast period 2020 to 2027. Each of these regional markets are studied in the report. Starting from North America, the regional market and engineering and architecture vertical based companies are spread across the United States, Mexico, and Canada.

The lack of awareness will turn out to be a major challenge from 2020 to 2027. Parts of the European market covered in the report are regional markets spread across the United Kingdom, France, Italy, and Germany. The market in the region will be benefitted by concerns of saving voluminous data as well as collaborations between BIM developers, suggests the report. Similarly, the engineering and architecture sector’s segmental analysis for the Asia Pacific region covers India, Japan, China, and others. For the rest of the world, the research report for the building information modelling market covers the Middle East and Africa. The global building information modelling market forecasts based on the findings are presented for the forecast period till 2027.

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Competitive Landscape

The global building information modelling market research report brings a comprehensive study of end-user, industry, product, and project lifecycle market segments, regional analysis, and engineering and architecture vertical based company details of key players. As the forecast period 2020 to 2027 will bring new opportunities for the market owing to custom connections for new BIM software and rollout of BIM standards, the market is set to grow at a compound annual growth rate of 14.92%  and is predicted to reach a value of US$8,000 million by 2027. With SWOT analysis of engineering and architecture sector based companies and Porter’s Five Force model analysis based findings, and understanding challenges such as the lack of effective communication and dynamic policies and regulations, companies in the engineering and architecture sector can change the way business is done.

Industry News

As part of its Building Information Modelling (BIM) workflow, design firm Buttress is using 3D building models from Bluesky to produce immersive walkthroughs and Virtual Reality (VR) presentations. The models, which are made from the most up-to-date and precise aerial imagery, are used to provide background, allowing stakeholders to experience a concept in its real-world location using QR codes or virtual reality headsets. Buttress has used the Bluesky templates on a number of campaigns, including a groundbreaking renovation of Caernarfon Castle's Kings Gate and master planning for Manchester's Ancoatsneighbourhood.

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