Building Information Modelling (BIM) Market 2022: Future Demands, Industry Size and Competitive Landscape Analysis
Posted by Animesh Rao on August 2nd, 2022
Building Information Modelling (BIM) Market Analysis
According to the report projected by MRFR or Market Research Future, in the course of the assessment period from 2020 to 2030, the Building Information Modeling Market Size is assumed to expand at a rate not less than 13.63% Compound Annual Growth Rate or CAGR. Moreover, by 2030, the Building Information Modeling Market Size would achieve a size of 18.42 Billion USD according to MRFR’s current report. Building information modeling or BIM is a form of software that is used by AEC professionals, construction firms, and real estate companies for effective project life cycle management.
Various factors are propelling the building information modeling market share. According to the recent MRFR report, such factors include the demand for building information modeling in the construction industry, an increasing number of infrastructure projects, rising urbanization, growing awareness about the benefits of BIM for the AEC industry, and rising mandates by the government to adopt BIM. Additional factors adding market growth include the developing economies, growing need for infrastructure and housing development, and growing worldwide population.
On the contrary, lack of construction safety equipment, scarcity of skilled labor, and shortage of parts, construction equipment, and materials due to the COVID-19 outbreak may impede the building information modeling market growth over the forecast period.
Building Information Modelling (BIM) Market Regional Analysis
Based on the region, the global building information modeling market report covers the recent trends and growth opportunities across the Asia Pacific (APAC), North America, Europe, Latin America, & the Middle East and Africa. Of these, North America will lead the market over the forecast period. It is likely to touch USD 1350 million at an 11.2% CAGR by 2023. The growing adoption of cloud-based engineering software, coupled with a huge number of headquarters, companies, architects, construction companies, and consultants employed, are adding to the global building information modeling market growth in the region.
The building information modeling market in Europe is predicted to hold the second-largest share over the forecast period. It is likely to touch USD 1180 million at a 17% CAGR by 2023. Increased infrastructural development and high disposable income are adding to the global building information modeling market growth in the region.
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About the AuthorAnimesh Rao
Joined: June 1st, 2021
Articles Posted: 154
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