Construction & Mining

Global Building Information Modeling Market

September 17, 2021
ID: SR/CM-15
Format:Pdf
Pages:220

Global Building Information Modeling Market By Component (Solution, Services), By Deployment Mode (On-premise, Cloud-Based), By Application (Planning & Modeling, Asset Management, Construction & Design, Building System Analysis, Others) and By Region (North America, Europe, Asia Pacific, South America, and the Middle East & Africa)-Global Forecast to 2027.

Description

Building Information Modeling Market Overview

The building information modeling market size was valued at USD 4.5 Billion in 2020 and projected to reach USD 12.11 Billion by 2027, growing at a CAGR of 15.2% during the forecast period, 2020-2027.

Governments carry out policies and regulations to deploy information modeling solutions in developing private and public infrastructure across various regions. This is anticipated to divide the building information modeling market growth in the forecast period.

Moreover, enhanced data communication developed construction productivity and increased infrastructure projects, which propel the global building information modeling market in the upcoming years.

Additionally, factors such as rising awareness of building information modeling and associated benefits and growing demand for automated models in various industries such as engineering, architecture and construction are anticipated to drive the global growth of the building information modeling market.

What is Building Information Modeling?

Building information modeling (BIM) is an advanced 3D visualization of building design supported by several technologies, tools and contracts of digital representations of a building. BIM is a key designing tool in the Architecture, Engineering and Construction industry for designing and managing projects throughout their life cycle. It enhances project performance and offers better outcomes.

Growth Driver

Rapid urbanization is anticipated to boost building information modeling market growth.

The building information modeling market is likely to grow in the forecast period due to rising global urbanization. As populations and economies grow, there is an increasing demand for better infrastructures for personal and commercial requirements, which will fuel the growth of the global construction industry.

However, the major factors restraining the growth of the global building information modeling market are the high initial cost of building information modeling, lack of personals in handling advanced software and low level of digitalization in the construction sector.

Pre Covid-19 impact

Factors such as developed construction productivity and enhanced data communication drive the market growth for building information modeling. Additionally, rising global urbanization and increasing demand for better infrastructures had created several opportunities for making an information modeling market in the Pre-covid era.

Covid-19 impact

Coronavirus disease (COVID-19) is a global public health disease that has brought serious social, medical and economic challenges in every industry. The World Health Organization has declared COVID-19 a public health emergency. The spread of COVID-19 is generating an enormous disruption in the everyday activities of people. As coronavirus crises took over the world and led to curfews and lockdown, which impacted many businesses worldwide, countries across the globe are trying to prevent further contagion by adopting various measures such as social distancing, testing, quarantine, and many others.

Post Covid-19 impact

Due to the lockdown, COVID-19 has enabled vast adoption of building information modeling to allow projects to carry on in a virtual and digital environment. Since the COVID-19 virus outbreak in December 2019, they have increased the demand for building the information modeling market across several sectors. Therefore, with the explosion of the COVID-19, the market will grow at a high rate for building information modeling services across the globe, which has positively impacted the building information modeling market value in 2020 and subsequent years.

Component Segmental Analysis

Based on the component, the building information modeling market is segregated into a solution and service

The software segment is estimated to witness the highest market share in the building information modeling market for the rising demand for digital tools in the Architecture, Engineering and Construction industry. The software also offers BIM objects with more flexibility, easy visualization and operational use.

Deployment Mode Segmental Analysis

The building information modeling market is categorized into an on-premise and cloud-based deployment model.

The on-premise segment held a significant market share in 2019 for the building information modeling market. The segment’s growth focuses on the growing concerns about the security of data related to construction projects, which is highly valuable.

The cloud segment is projected to expand with a higher CAGR throughout the forecast period as it does not involve capital cost and low maintenance requirements.

Application Segmental Analysis

Based on the application, the building information modeling market is bifurcated into planning & modeling, asset management, construction & design, building system analysis and other applications.

The planning & modeling segment will dominate the penetration testing market by 2027. This is due to the growing demand in the construction industry and the increasing need to evaluate and explore a project’s constructability.

However, the asset management segment is projected to grow with a higher CAGR throughout the forecast period as it does not consider capital cost and its low maintenance requirements.

Region Segmental Analysis

The building information modeling market is divided into North America, Asia Pacific, Europe, South America, and Middle East & Africa.

North America is stated to project growth over 2020-2026. Due to the wide adoption of building information modeling by engineers, consultants and many others and the increasing adoption of cloud-based engineering software in the region.

The Asia Pacific will commence a major share in the building information modeling market by 2027, owing to increased construction activities across India, Japan, and China.

Competitor Analysis

Companies include Bentley Systems Inc., Tekla Corporation, Beck Technology Ltd., AECOM, Autodesk Inc., Nemetschek AG, Trimble, Dassault Systems, Pentagon Solutions Ltd., Synchro Software Ltd. These are the key players in the global building information modeling market.

Key Stakeholders

Market research and consulting firms
Building information modeling manufacturers
Investors
Architects and Engineers
Research organizations and consulting companies
Technology providers
Regulatory bodies

Scope of the Report

Report Attribute	Details
Market Size Value in 2020	USD 4.5 Billion
The revenue forecast in 2027	USD 12.11 Billion
Growth Rate	CAGR of 15.2% from 2020 to 2027
Historical data	2017-2019
Forecast period	2021-2027
Region covered	America, Europe, Asia-Pacific, South America, and Middle East & Africa
Key companies Profiled	Bentley Systems Inc., Tekla Corporation, Beck Technology Ltd., AECOM, Autodesk Inc., Nemetschek AG, Trimble, Dassault Systems, Pentagon Solutions Ltd., Synchro Software Ltd

Recent Development

In June 2019, Dassault Systemes and SuperMap Software Co. Ltd., a GIS software and service company, have entered an association to participate in platform-driven projects for construction, cities and territories in global markets. By joining their respective skills and making new guidelines and rules for information exchange in these domains.
In March 2020, Trimble launched the Tekla 2020 BIM software solution for advanced BIM, steel fabrication management, and structural engineering.
In May 2020, Nemetschek’s subsidiary, ALLPLAN, collaborated with Calypso, a laser scanning expert, to make point-cloud-based working accessible to a wide range of clients in a simple and reasonable form. A plug-in was created, which is available in the current ALLPLAN 2020 version.

Market Modelling

By Component

Solution
Services

By Deployment Mode

On-premise
Cloud-Based

By Application

Planning & Modeling
Asset Management
Construction & Design
Building System Analysis
Others

By Region

North America
Europe
Asia Pacific
South America
Middle East & Africa

Table Of Contents

Methodology

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Frequently Asked Questions (FAQ):

What is building information modeling?

Building information modeling (BIM) is an advanced 3D visualization of building design supported by several technologies, tools and contracts of digital representations of a building.

What is the growth rate of the building information modeling market?

The building information modeling market size was valued at USD 4.5 Billion in 2020 and projected to reach USD 12.11 Billion by 2027, growing at a CAGR of 15.2% during the forecast period, 2020-2027.

What are the drivers for the building information modeling market?

The major drivers for the building information modeling market are rapid urbanization, developed construction productivity and an increase in infrastructure projects.

Which region is expected to contain the highest share in the building information modeling market?

North America is expected to project considerable growth over 2020-2026 due to the wide adoption of building information modeling by engineers, consultants and many others and the increasing adoption of cloud-based engineering software in the region.

Who are the key players in the building information modeling market?

Bentley Systems Inc., Tekla Corporation, Beck Technology Ltd., AECOM, Autodesk Inc., Nemetschek AG, Trimble, Dassault Systems, Pentagon Solutions Ltd., Synchro Software Ltd. are the key players in the global building information modeling market.

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