Building Information Modelling Market Scenario:
Building information (BIM) techniques is gaining traction as it is the most preferred collaboration process in the industry. Derived from 2D and 3D CAD systems, building information modeling systems are the most complex tools of building design.
Apart from being software or a system, it is more of a source that collaborates, generates and maintains data structures for building design. The global Building Information Modeling Market report by Market Research Future (MRFR) comprises statistical and graphical data which can prove to be insightful to end-users in the construction sector.
The global building information modeling market size can exceed a value of USD 8,000 million by 2023, according to MRFR. It can exhibit a CAGR of 14.9% from 2017 to 2022 (forecast period) due to rise in infrastructural projects of railways, flyover bridges, and high-rise buildings. Encouragement by government bodies for use of BIM to expedite the planning stage in the construction sector is likely to boost market demand over the forecast period. This is exemplified by the mandatory electronic submissions of buildings with more than 16,404.2 square feet in 2014.
Productivity and efficiency associated with BIM software which assists in pre-planning and planning stages of construction can work in favor of the market. It can disseminate information between partners rapidly and play a major role in decision making.
But high initial costs of BIM software have led to hesitation among real estate developers which can pose a challenge to the market.
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Major Key Players:
Prime players include Aveva Group Plc, Archidata Inc., Hexagon AB, Autodesk Inc., Trimble Inc., Asite Limited, Nemetschek SE, Bentley Systems, Dassault Systèmes, and RIB Software SE. Collaborations, agreements, and partnerships are major strategies witnessed in the market.
Virtual reality (VR) is the linchpin which can foster collaboration as well as translate BIM raw data with ease. In 2019, Autodesk BIM 360 and InsiteVR have agreed to collaborate for allowing users to attend and discuss details about upcoming projects with the use of VR. In addition, users can make speech-to-text comments to the model which can be considered for further improvements to building designs.
The building information modeling market is segmented by product, project lifecycle, industry, and end-user.
- By product, it segmented into BIM software, BIM training service, and project management. The BIM software segment is expected to exhibit 16.2% CAGR over the assessment period due to high demand among realty developers. The transition to automation to reduce errors from manual designing is likely to net high revenues for the segment in the coming years.
- By project lifecycle, it is segmented into pre-construction, construction, and operation. The pre-construction segment was dominating in 2016 thanks to extensive use of design-BIM. But the construction segment can experience 17.3% CAGR over the review period due to rapid rise of construction activities aided by urbanization and commercialization.
- By industry, it comprises residential, commercial, sports, healthcare, entertainment, oil & gas industries, industrial, and others. The commercial segment can exhibit 18.3% CAGR over the review period due to the establishment of shopping malls and hypermarkets in cities. The entertainment segment is touted to contribute to market revenue due to inclination of major cities for constructing sport venues for drawing crowds.
- By end-user, it caters to government, engineers, and architects. Engineers are predicted to exhibit 14.4% CAGR over the forecast period to touch a valuation of USD 2,960.9 million by 2023. Architects are the second-largest segment in the market till the end of the forecast period.
Regionally, the market covers Latin America, North America, the Middle East & Africa (MEA), Europe, and Asia Pacific (APAC).
North America is expected to dominate the global building information modeling market due to rise in construction in commercial and industrial zones. It can generate revenues at 11.2% CAGR over the assessment period.
On the flip side, APAC can display the fastest CAGR due to smart city initiatives by countries such as China and India.
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Table of Contents
1. Market Introduction
1.2 Scope of Study
1.2.1 Research objective
1.3 Market Structure:
1.3.1 Global Building Information Modelling Market: By Product
1.3.2 Global Building Information Modelling Market: By End User
1.3.3 Global Building Information Modelling Market: By Industry
1.3.5 Global Building Information Modelling Market: By Region
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