With 12.5% CAGR, Building Information Modeling Market Growth to Surpass USD 10.7 billion
Posted by edwardzmusso on July 28th, 2022
The building information modeling market was valued at USD 5.9 billion in 2021 and is projected to reach USD 10.7 billion by 2026. It is expected to grow at a CAGR of 12.5% during the forecast period. Rising adoption of remote working due to COVID-19, rapid rise in urbanization globally, wide-ranging benefits of BIM realized by AEC industry, and growing government initiatives for adoption of BIM are contributing to the growth of the building information modeling market. Rising trend of IoT in construction sector, increasing trend of BIM, and growing focus of organizations on introducing new standards such as ISO 19650 in BIM market act as a growth opportunity for the market players.
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The software market is expected to be dominant during the forecast period. Software solutions used for BIM exhibit features such as interoperability between applications, easy visualization, and cost-effectiveness. The BIM software suite generally encompasses solutions for various objectives, such as architecture; sustainability; structures; mechanical, electrical, and plumbing (MEP); construction; and facility management in a project life cycle. Different types of BIM software solutions available in the market are Autodesk Revit Structure, Graphisoft ArchiCAD, Nemetschek ALLPLAN Architecture, Bentley Facilities Manager, and Tekla Structures. 3D BIM is increasingly being used by several architecture, engineering, and construction (AEC) professionals. 3D visualization of a project, reduction in costs and time, and flexibility of making changes in designs are the best features of the BIM software.
Depending on the deployment type, the building information modeling market for the on-premises deployment type held a larger size in 2020 and is expected to continue this trend during the forecast period. The larger share is attributed to the rise in concerns about the security of data associated with construction projects, which is highly valuable. Larger firms in the AEC industry such as Autodesk and Nemetschek provide on-premises software for their customers in industrial, healthcare, and residential sectors.
AEC professionals are expected to continue to dominate the BIM market during the forecast period. AEC professionals use BIM to create digital simulations to manage all the information associated with the project. Thus, they hold a major share of the BIM market, by end user. Apart from them, contractors and facility managers are also expected to adopt BIM at a significant rate for the reduction of the overall operational expenditure. As BIM offers multidisciplinary collaboration in real-time, all stakeholders involved in projects can have a clear idea about the overall progress of the project, which leads to increased communication and reduction in errors.
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In terms of geographic coverage, the BIM market has been segmented into North America, Asia Pacific (APAC), Europe, and the Rest of the World (RoW).North America is one of the critical markets for BIM; it comprises the US, Canada, and Mexico. This region is the early adopter of advanced BIM technology, which is a recently developed innovative approach to design and construction. This technique has gained a foothold in the mainstream construction industry in North America. Several experts who implement BIM in their projects are based in this region. BIM is increasingly being adopted by contractors, engineers, and architects, and the count is growing considerably. They are using the BIM process for improving efficiency during the design and construction phases of a project, as well as for reducing project-related errors and gaining a high return on investments. Strong economic position and active government support have contributed to the large-scale adoption of advanced technologies in the construction segment, which further drives the BIM market growth in the region. Hence, the region is expected to continue to capture the largest share of the global BIM market.
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Joined: February 8th, 2021
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