Building Information Modelling (BIM) is a kind of software generally utilized in the construction industry. BIM is adopted by construction firms, architecture engineering, and construction (AEC) professionals for effective project life cycle management. It helps gather data from various disciplines and provides a platform for effective communication. This, in turn, enhances project performances and reduces delays.
Building Information Modelling (BIM) Market Estimation
The global building information modelling market or BIM market was valued at over USD 5.0 billion in 2019. Due to the pandemic, the valuation dropped by nearly USD 0.5 billion by the end of 2020. The market is projected to grow at a compound annual growth rate of around 14% from 2021 to 2026. The valuation at the end of the forecast period is estimated to be more than USD 9.0 billion.
The research report analyses the ecosystem of the building information modelling market and categorizes it to forecast the revenues and analyze the trends in each of the following below-mentioned market segments.
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Summary of Segmentation in Building Information Modelling Market Report:
By Component Type
• Solutions
• Services
Deployment Mode
• On-premise
• Cloud
By Project Life Cycle
• Preconstruction
• Construction
• Operations
By Application
• Building
• Industrial
• Civil Infrastructure
• Oil & Gas
• Utilities
• Other
Building Information Modelling (BIM) Market Drivers
• Growing infrastructure projects
Rapid urbanization and growing population demand infrastructure and housing spaces. With an increasing demand in construction of residential and infrastructural projects, the requirement for efficient functioning and coordination will increase. This will create an upsurge in the demand for building information modelling.
• Government initiatives
Initiatives and regulations that support the use of building information modelling in public and private constructions implemented by governments across the globe is anticipated to bolster the growth of the BIM market. For instance, the use of building information modelling for commercial projects is mandatory in North America. Moreover, Germany is working towards mandating building information modelling in all infrastructure projects by the end of 2020. Policies such as these are propelling the market growth.
• Technological advancements and integration with BIM
There is a continuous evolution in the construction industry with respect to technologies that can supplement building information modelling. One such technology is that of Virtual and Augmented Reality (VR/AR). Integration of BIM with VR/AR provides better visualization for designers, engineers and others, enabling a one-to-one immersive experience. AR/VR has the potential to enhance building information modelling which, in turn, may fuel market opportunities for the building information modelling market.
Building Information Modelling (BIM) Market Restraints:
• High cost associated with BIM
Despite the benefits, purchasing the software is quite expensive. Apart from this software cost, the training and service costs are also high. These initial costs may restrict market growth.
• Low level digitization in Construction industry
The construction industry has a lower level of digitization, as compared to other industries, lagging behind in technology by almost 15 years. Even if technologies provide long-term benefits, the industry is conservative in investing in new digital technologies as well as in R&D. Therefore, despite the additional 20% efficiency that building information modelling provides, conservative spending can hamper the market.
Recent Developments
1. Dassault Systèmes and SuperMap Software Co. Ltd. partnered up to engage in in platform-driven projects to create new guidelines for information exchange in June 2019. Dassault is looking forward to advancing the use of big data and artificial intelligence for BIM in China with the help of this partnership agreement.
2. Trimble Ltd. launched a BIM software solution for advanced BIM, structural engineering, and steel fabrication management ‘Tekla 2020’ in March 2020.
3. In May 2020, Autodesk released an updated version of the Autodesk Construction Cloud software called Autodesk Construction Cloud Connect.
4. In June 2020, NoteVault was acquired by Bentley Systems. This expanded the company’s SYNCHRO digital construction environment with mobile field applications to track and manage labor, materials, and equipment.
Company Profiles and Competitive Intelligence
The key players operating in the market are:
1. Pentagon Solutions Ltd.
2. Beck Technologies Ltd.
3. Dassault Systems SA
4. Tekla Corporation
5. Synchro Software Ltd.
6. Bentley Systems Inc.
7. Autodesk Inc.
8. Nemetschek AG
9. AECOM
10. GRAITEC
11. RIB Software SE
12. Asite Solutions
13. AVEVA Group PLC
14. Hexagon AB
15. Beck Technology Ltd.
16. Trimble Ltd.