Building Information Modelling Market Scenario:
Market Research Future (MRFR), in its latest “Building Information Modelling (BIM) Market” report, states key drivers and limitations of the market. These insights are likely to equip people in business to make better decisions that can benefit their market. MRFR study reveals that the global market of building information modelling is expected to expand at 14.9% across the forecast period (2017 to 2023). Currently, the development of mega infrastructure to meet the growing demand for both residential and industrial space expansion is expected to cause the worldwide building information modelling market 2020 to surge.
At the same time, a rise in the deployment of building information modeling in construction industry in the transportation industry to for upgradation of road and railways infrastructure are expected to promote the growth of the building information modelling market in the foreseeable future. BIM enables builders and engineers to access digital database of construction sites and modify designs as per requirement. Thus, smart technologies, such as BMI are simplifying construction and building procedures and ongoing 3D laser and cloud-based management trends are only adding momentum to the BMI market.
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Major Key Players:
Aveva Group Plc, Hexagon AB, Autodesk Inc., Dassault Systèmes, Nemetschek SE, Asite Limited, Bentley Systems, RIB Software SE, Trimble Inc, and Archidata Inc are some potential building information modelling market players that are identified by MRFR.
The BIM market’s segmental analysis is based on end-user, industry, product, and project lifecycle.
The product-based segments of the market are BIM Software, BIM Training services, and BIM Project Management. The BIM software segment is expected to generate an income that can exceed USD 1300 million by 2023. The segment is likely to thrive at 16.2 percent CAGR across the forecast period. Developers are investing hefty amount in innovations that could provide added advantages to its users. This is expected to gain considerable traction.
The project lifecycle-based segments of the market are pre-construction, construction, and operation. The pre-construction segment can thrive at CAGR of 14.9 percent and is likely to register a valuation surpassing USD 1400 by 2023. The growing need for smart building are increasing the adoption of BIM for meeting the improved pre-construction standards.
The end user-based segments of the market are government, engineers, and architects. The engineers segment is expected to generate a revenue that exceed USD 1300 million by 2023 and thrive at 14.4 percent CAGR through the evaluation period. The growing application of BIM solutions by engineers to access digital database for establishing firm constructions are expected to spur the BIM market growth.
The industry-based segments of the market are healthcare, residential, industrial, commercial, oil & gas industries, sports, entertainment, and others. The commercial segment is estimated to generate a market valuation that surpass USD 744 million by 2023 and can thrive at 18.3percent CAGR across the forecast period.
The building information modelling market in North America is expected to surpass a valuation of USD 1350 million by 2023 and thrive at 11.2 percent CAGR across the review period. In Europe, the BIM market is expected to expand at 17 percent CAGR and can generate revenue exceeding USD 1180 million by 2023.
The increase in the disposal income of people and rise in infrastructural development in these regions are expected to impel the building information modelling market in the foreseeable future. In Asia Pacific, the initiatives taken governments of the region on smart cities and the growing inclination of people towards luxurious and smart constructions are only adding momentum to the emerging APAC BIM market.
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