Building Information Modelling Market Prospering on Upcoming Smart Cities

Posted by Lohitha on July 12th, 2019

Global Building Information Modelling Market: Demand Analysis and Growth Forecast

Accuracy and precision is intrinsic for the development of residential complexes, commercial spaces, tunnels, elevations, waterways, and other physical infrastructures. Moreover, laying the foundation for an infrastructure is a complicated task. Evolvement in the integrated project delivery methods and construction management marked the introduction of Virtual Design Concept (VDC) including virtual building information, which exceptionally helps in forming mechanical, electrical, and plumbing (MEP) designs and blueprints for a building.

According to the Institution of Civil Engineers (ICE), the global construction market will grow by 85% to reach .5 trillion by 2030 owing to the rapid developments in the U.S., India, and China. This ecstatic market will require an in-depth planning and forethoughts which will persuade mounting profits for the Global Building Information Modelling Market. The presented data reverberates to the business findings from the IndustryARC report that suggests the global building information modelling market size was 64.8 million as of 2018. Although the market value does not humongous, but as per the analyst, the market is growing at an impressive CAGR of 10.88% during the forecast period of 2019 to 2025.

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Global Building Information Modelling Market: Leading Segments

The North American region dominated the global building information modelling demands in 2018 with 38% of the total demand share. The construction growth is expected to tilt towards the southern parts of the region, reflecting the area’s superior catch-up potential and greater population tumour. As per the Global Construction 2030, the United States construction will rise faster than China in the coming years, escalating at an average of 5% per annum.

After an acute analysis of the application segment, infrastructures is the most profitable sector for the building information modelling market, growing at an exuberant CAGR of 13% to 14% through the aforesaid forecast period. Development of infrastructure to support the globally increasing railways and road network is augmented to withdraw huge profits for the global building information modelling market.

Global Building Information Modelling Market Trends

Stringent government regulations towards real estates to use building information modelling systems and software for the development of smart cities in the developing nation is a nurturing trend in the global building information modelling market. With this initiative the Government’s aims to establish a planned, consistent, and sustainable architecture.
Most of the infrastructure construction is planned on software then its execution is initiated. The technological innovations in the software and graphical industries are paving the way for construction companies to plan their projects more efficiently and economically. The integration of cloud based software in the industry has predominantly contributed in the positive development of the building information modelling market.

Global Building Information Modelling Market: Competitive Landscape

Some of the key companies identified in the report that are currently holding majority shares in the global building information modelling market are AutodeskInc., ABM, Europe Atkins Bentley System Inc., BIM Technologies, Dassault Systemes, S.A., Deutsche, Bahn, AG Faithful+Gould, Siemens, AG, Trimble Inc., Nemetschek AG, Intergraph, and Aveva Asite Ltd.

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IndustryARC is a research and consulting firm that publishes more than 500 reports annually in various industries, such as Agriculture, Automotive, Automation & Instrumentation, Chemicals and Materials, Energy and Power, Electronics, Food & Beverages, Information Technology, Life sciences & Healthcare.

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