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LONDON, January 5, 2022 / PRNewswire / – The global building information modeling market size in terms of revenue was $ 6.91 billion in 2021 and should reach $ 18.73 billion by 2028, with a CAGR of 15.3% from 2021 to 2028. The global BIM market size is expected to grow at a substantial growth rate owing to several factors such as increasing digitization in the construction industry, l ‘Increase in IT investments and growth in government acceptance of BIM leading to a huge need for Building Information Modeling (BIM).
The growing prospect of public infrastructure on a global scale, the growing promise of 3D modeling, and the lowering costs of 3D modeling remain important growth drivers.
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Building Information Modeling Market: An Overview
Building Information Modeling or BMI is a process of generating visual representation of buildings at the planning stage using various advanced tools. Technology is rapidly gaining ground around the world, as it not only enriches the construction process, but also provides much-needed insurance to builders, owners, or third parties such as investors, consultants, and government agencies. Technology is also gaining ground, thanks to increased sophistication of constructions. The growing demand for sustainability in constructions with regard to water, electricity, recycling projects, features such as advanced communication and special public projects such as highways, bridges and tunnels remain a driving force. promising BMI market. BMI technology began in the 1970s, but rose to prominence in 2000, when the development of industry standards and their adoption began. Even today, the IMC industry, despite its enormous end-user benefits, suffers from insufficient investment in industry-wide cross-hardware standards and software platform compatibility. . For example, in 2004, the US National Institute of Standards and Technology (NITS) released a conservative estimate, that US capital facilities lost on average $ 15.8 billion every year due to lack of standardization, the highly fragmented nature of the industry, and inconsistent adoption of technology by end stakeholders. As adoption has increased and fragmented nature improves, issues such as lack of standardization remain a challenge.
Top Companies Focusing on This Report: Building Information Modeling Market
- Nemetschek (Germany)
- Autodesk (US)
- Trimble (United States)
- Bentley Systems (US)
- RIB software (Germany)
- Dassault Systèmes (France)
- AVEVA (United Kingdom),
- ASITE (United Kingdom)
- Hexagon (Sweden)
- AECOM
- GRAITEC
- Pentagon Solutions Ltd.
- Tekla Corporation
- Beck Technology Ltd.
- Dassault Systems
The building information modeling market remains an innovative landscape, in which cost-based innovation and advanced integration both ironically promise strong growth opportunities. The balance is often precarious for end-companies, as expensive products are often difficult to sell in an industry, where limited adoption of digitization is always a challenge. On the other hand, due to the increasingly complex nature of construction and the increased demand for model-based planning, remains a promising growth engine.
Building information modeling market: impact of Covid-19
Covid-19 has had a huge impact on the global economy. This has resulted in a significant delay in investments in public projects, supply derailments and an increased threat to the safety of workers around the world. The crisis led to a massive shutdown of the construction sector across the world, and in 2021, the global economy showed early signs of recovery from the recession. Before the start of the pandemic, demand for new housing and infrastructure remained high. Trends such as mobile homes, modular homes and the increased penetration of technologies such as 3D printing have remained promising growth drivers in the construction industry. During the pandemic, this demand took a back seat as high commodity prices, in an uncertain regulatory environment, held back growth. In 2021, the construction industry is looking at promising new investment opportunities in the public space. For example, the US government has announced a trillion dollar investment in public infrastructure, similar to that of China, and the Indian government is planning to expand infrastructure. india Minister of Finances Nirmala Sitharaman announced that the country will invest the closet for $ 1,400 billion in the country during the period 2021-2025. The large-scale nature of public projects, increased awareness of IMC tools, and promising use during an uncertain time to reduce costs are expected to remain the primary drivers of IMC market growth.
On the other hand, the IMC industry has overcome several conventional challenges such as high costs and limited adoption. Today, these systems are widely accepted in the construction industry, with tools like Autodesk becoming a daily tool for architects, engineers, and others. Government agencies such as the Royal Academy of Engineering have played an important role in developing standards and systems that have enabled communication between stakeholders, thus stimulating the promise of business growth, as well as innovative advancements in the market. modeling of building information.
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Building Information Modeling Market Segmentation Analysis:
By solution:
By vertical sectors:
- Commercial
- Sports
- Industrial
- Residential
- Entertainment
- Educative
- Health care
- others
By end users:
- entrepreneurs
- engineers
- developers
- architects
- others
Building information modeling market: notable developments
RIB software signed a phase 2 agreement with Max Aicher Bau GmbH in december 2021. The agreement to share iTWO 6D BIM ESG technology promises to combine traditional quality standards with intelligent industrial processes and services for sustainable progress, the press release read. The collaboration aims to serve the end players in the real estate, leisure and tourism, education and building and construction sectors. According to Ralph Hößle, Managing Director of Max Aicher Bau, “: Digitization is now a key factor for long-term success. The main added value of the RIB iTWO end-to-end solution is to centrally manage all data and create transparency and more efficiency in all areas “
Building Information Modeling Market: Regional Analysis
The Building Information Modeling market report is segmented into key regions including North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Among these, the North America is expected to experience the strongest growth during the forecast period. the establishment of major players in the region, increasing innovation and major expansion projects, thanks to increased awareness among end users, remain the main engines of growth. Significant investments from countries around the world, including the United States, China, and India also remain a promising growth engine. The emergence of new major players in the Asia Pacific players, increased product diversification and expansion of low-cost products also remain significant growth opportunities in the global BMI market.
Europe region promises significant growth, thanks to increasing initiatives for sustainable electricity production. The region has become in 2021 the region with the highest sales of electric vehicles. The expansion of electric vehicle infrastructure with promising growth in sales and increasing regulations weighing on conventional vehicle sales remain promising engines for further growth, especially electric vehicle infrastructure and infrastructure for electric vehicles. renewable energy. Such promises also exist in emerging regions such as Asia Pacific, and North America, where demand for electric vehicles remains high.
The Special Requirements Building Information Modeling Market report is also available for the region below:
North America
Europe
- Germany, France, UK, Italy, Spain, Sweden, Netherlands, Turkey, Switzerland, Belgium, Rest of Europe
Asia Pacific
- South Korea, Japan, China, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest of the APAC,
Latin America
- Mexico, Colombia, Brazil, Argentina, Peru, Rest of Latin America
Middle East and Africa
- Saudi Arabia, United Arab Emirates, Egypt, South Africa, Rest of the MEA
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Associated reports:
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