According to the statistics by the World Bank, more than 4.2 billion people were living in urban settlements in 2019. This means 55.715% of the total global population resides in cities. It is further estimated that urbanization would grow at a rate of 1.887% every year. By 2045, the world’s urban population will increase by 1.5 times to 6 billion, and by 2050, around 7 out of 10 individuals will be living in cities.
Research Nester published a report titled “Building Information Modeling Market: Global Demand Analysis & Opportunity Outlook 2030” which delivers detailed overview of the global building information modeling market in terms of market segmentation by building type, project phase, application, end-user, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The global building information modeling market is anticipated to garner a CAGR of ~13% over the forecast period, i.e., 2022–2030. The market is segmented on the basis of project phase into pre-construction, construction and operation, out of which, the pre-construction segment is estimated to hold the largest market share over the forecast period. Pre-construction process includes visualization, conceptualization, cost planning, designing and detailing, among others. These steps are very vital for the successful construction of any building, and digitalization of these steps accelerates the construction process, removes maximum human errors, and saves cost. This is expected to drive the segment growth.
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The market is estimated to grow on the back of rapid urbanization on a global level, along with rising demand for residence for the expanding population. Housing is one of the primary human needs, and the rate at which the population is increasing has raised the demand for providing more shelters in less time. Building information modeling (BIM) accelerates the construction process, which saves both time and expense. This is one of the major factors driving the market growth. Moreover, with increasing penetration of digital technology, the construction industry is also adopting digital methods for optimizing construction, which in turn, is estimated to boost the market growth.
Regionally, the global building information modeling market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in North America region is projected to grab the largest market share over the forecast period owing to the increasing urbanization in the countries, such as, Canada and US. Moreover, adoption of advanced digital technology by the engineers and architects in the infrastructure domain is further projected to drive the market growth. In addition to this, rising construction activities is another major growth driver for the market. The residential construction industry valued at over USD 9 billion in the U.S., as of 2020.
Growing Urban Population likely to Boost the Market Growth
The increasing demand for construction of residential and commercial buildings, attributed to the growing urban population, is one of the major factors driving the growth of the market in the upcoming years. BIM is an efficient way to fast track the process of construction, which is why the market is anticipated to witness significant growth.
“The Final Report will cover the impact analysis of COVID-19 on this industry.”
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However, lack of digitally equipped workers in the construction industry is a major restraint to the growth of global building information modeling market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global building information modeling market which includes company profiling of Autodesk Inc., Hexagon AB, The ASITE Services, Trimble Inc., Bentley Systems, Incorporated, Beck Technology, Ltd., Pinnacle Infotech, Pentagon Solutions Ltd, Dassault Systemes S.E. (3DS), and NEMETSCHEK Group. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global building information modeling market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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