A comprehensive overview of the global building information modeling market is recently added by UnivDatos Market Insights to its humongous database. The report has been aggregated by collecting informative data from various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the building information modeling market globally. This report offers a detailed analysis of the latest industry developments and trending factors that are influencing market growth. Furthermore, this statistical market research repository examines and estimates the global market at regional and country levels.
Market Overview
The building information modeling market is expected to register a CAGR of around 15% over the period of 2021-2027. This is mainly due to rapid urbanization, the use of IoT in construction, and advancement in 3D technology globally. Moreover, the demand for software in the architecture and construction sector is increasing significantly and the solution helps the user to reduce the overall cost of the operations. These factors also drive governments to adopt building information modeling solutions.
Building information modeling (BIM) is a type of software used by real estate companies; construction firms; and architecture, engineering, and construction (AEC) professionals for effective project life cycle management. The key objective of building information modeling software is to enhance project performance and produce better outcomes. BIM helps construction managers to gather data and information from relevant disciplines and communicate more effectively. Enhanced data communication and coordination among various stakeholders coupled with improved construction productivity provide a leading edge to BIM users.
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COVID-19 Impact
The COVID-19 pandemic has brought radical changes to the daily lives of people, work, and the surrounding environment. According to the building information modeling market forecast, the current estimation of 2027 is projected to be higher than pre-COVID-19 estimates. The COVID-19 outbreak has a low impact on the growth of the BIM market size as the lockdown during the COVID-19 has enabled wide adoption of BIM to allow projects to continue in a virtual and digital environment even when participants were unable to meet in person.
Global building information modeling market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
By Component, the Market is Primarily bifurcated into:
· Software
· Services
Based on components, the market is bifurcated into software and services. The software segment dominated the market in 2020. The main reason for this growth is the global increase in the demand for digital products/tools in the AEC industry. The software provides various functionalities like 3D CAD drawings with more flexibility. There’s a rise in the demand for services such as consultation, virtualization, documentation, support, cost planning, etc., which is contributing to the growing share.
By Project phase, the market is primarily Segmented into:
· Pre-constructional
· Construction
· Post constructional
Based on the project phase, the market is categorized into preconstruction, construction, and post-construction. The pre-construction segment is expected to lead the market during the forecast period. Since BIM pre-construction helps in the laying of the entire operation scope, building project estimation, designing, and planning workflow.
By Application, the market is primarily bifurcated into:
· Commercial
· Residential
· Industrial
· Public Infrastructure
Based on the application, the market is segmented into commercial, residential, industrial, and public infrastructure. The commercial segment grabbed a considerable market share and dominated the market. A rise in the commercial sector globally is one of the prominent factors contributing to the growth of this segment.
By End-use, the market is primarily segmented into:
· Architects and engineers
· Facility or construction managers
· Builders and contractor
Based on the end-user, the market is segmented into architects and engineers, facility or construction managers and builders & contractors. The architects and engineers segment grabbed a considerable market share and captured XX% of the market. However, the builder and contractor segment would witness a robust CAGR during the forthcoming years.
Global Building information Modelling Market Geographical Segmentation Includes:
· North America
Ø United States
Ø Canada
Ø Rest of North America
· Europe
Ø Germany
Ø United Kingdom
Ø France
Ø Italy
Ø Spain
Ø Rest of Europe
· Asia-Pacific
Ø China
Ø Japan
Ø India
Ø Australia
Ø Rest of Asia-Pacific
· Rest of World
For a better understanding of the market adoption of the building information modeling, the market is analyzed based on its worldwide presence in the countries such as North America (US, Canada, Rest of North America); Europe (U.K, France, Germany, Spain, Italy, and Rest of Europe); Asia-Pacific (China, India, Japan, Australia, Rest of Asia-Pacific), and Rest of World. North America region grabbed the major market share and dominated the market in 2020. Moreover, the trend is expected to remain the same in the forthcoming years as well. The early adoption of advanced digital tools and the government’s mandate on implementing BIM software is likely to boost market growth. Also, this region has developed countries like the U.S. and Canada that have a larger budget for technological advancement.
However, APAC is expected to witness the highest CAGR during the forecast period on account of the growing adaptability of technology that facilitates construction. Emerging economies in the region are seeing tremendous urbanization growth and smart city projects. Thus, building information modeling technology enables the cutting-edge intelligence and flexibility necessary to help mega construction activities in the region.
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The major players targeting the market include:
· Autodesk Inc.
· Asite Solutions Limited
· AVEVA Group plc
· Beck Technology Ltd.
· Bentley Systems Inc.
· Dassault Systèmes SE
· Hexagon AB
· Nemetschek SE
· Pentagon Solutions Ltd.
· Trimble Inc.
Competitive Landscape
The degree of competition among prominent companies has been elaborated by analyzing several leading key players operating globally. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the global Building information modeling market. The major players have been analyzed by using research methodologies for getting insight views on market competition.
Key questions resolved through this analytical market research report include:
· What are the latest trends, new patterns, and technological advancements in the global building information modeling market?
· Which factors are influencing the global building information modeling market over the forecast period?
· What are the global challenges, threats, and risks in the global building information Modeling market?
· Which factors are propelling and restraining the global building information modeling market?
· What are the demanding global regions of the global building information modeling market?
· What will be the market size in the upcoming years?
· What are the crucial market acquisition strategies and policies applied by the companies?
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A new style of working has been introduced for the building industry professionals by top providers of BIM outsourcing services like The AEC Associates, a style that is faster, more efficient and less error-prone than all the existing building systems.
BIM outsourcing services team helps organizations maintain long-term client relationships by enabling them to complete projects on time and within the stipulated budget.
The system allows you to generate precise and accurate construction documents and material and cost estimations;you can thus sort out most of the challenges even before starting the actual construction process.
BIM facilitates cooperation and collaboration among various stakeholders, improving your efficiency.
Smaller organizations can work more efficiently and effectively to build credibility with the customers, helping them bag more projects and grow bigger rapidly.
Construction involves huge investments in terms of time, money and resources; clients naturally want to have complete control over a project, be it the cost, material choices, schedules or the deadlines.
BIM – BIM Information Modeling is trending digital era in construction industry. By adopting BIM approach minimizing the waste and improving the efficiency of building construction firms. It helpful to AEC industry as well as engineers, architects, contractors and building owners. BIM modeling offers the advantage of time and budget savings for building construction and infrastructure projects. Check it out here, importance & benefits of BIM.
