Building Information Modelling Market To Witness Tremendous Growth Over 2023

Pune, India, July, 2018 /press release/- Market Research Future Published a Cooked Research Report on Global Building Information Modelling Market Research Report.

Building information modelling is a procedure which is employed for managing and creating information on construction projects through a project’s lifecycle. One of the important benefits of this procedure is the building information model which is a digital description of each feature of the asset that is built. This model collects information assembled collaboratively and is updated at important stages of the project. The improved competencies of BIM software further offers an enhanced quality to the designs which is contributing greatly to the progress of the BIM market. The market is anticipated to earn revenues worth USD 8123.5 million while progressing at a CAGR of 14.9 percent during the forecast period from 2018 to 2023.

As BIM enables the creation of vector-based representation in 3D formats for construction projects such as railways, buildings, and roads, it is being greatly sought after globally which is contributing to the development of the market at a swift pace. Advantages such as improved importance to value-added tasks, better site-safety, enhanced understanding of design concepts, and reduced wastage of the raw materials needed in construction are increasing the demand for the market. BIMs additionally provide cost-effective solutions at a minimal capital investment along with low risk and high control, better quality and integration that are contributing to the development of the market significantly. The use of advanced 3D laser scanning which adapts the information of existing structures into a set of data points and can be imported to BIM software is also transforming the demand for the market. Thus, 3D laser scanning is assumed to create favorable trend in BIM market over the forecast period.

Cloud data management is considered to be the next major trend in the BIM Market. As companies in the market are collaborating BIM and VDC to increase their portfolios, the retrieval and management of data thus becomes very important. Consequently, companies are increasingly working together with cloud-based software application with BIM to augment the market’s progress over the forecast period.

Segmental Analysis

The segmental analysis of the market for BIM market is carried out on the basis of product, end-user, industry and project lifecycle. On the basis of product, the market is additional segmented into BIM Training services, BIM Software, BIM Project Management. BIM software is responsible for the majority market value of USD 1331.7 million in 2017 and is estimated to develop at a CAGR of 16.2 percent through the forecast period. By project lifecycle, the market is segmented into construction, pre-construction, and operation. Pre-construction has the largest market value in the segment of USD 1417.0 million in 2017 and is estimated to develop at a CAGR of 14.9 percent through the forecast period. The end user based segmentation of the market is segmented into engineers, government, and architects. Engineers are the largest chunk of the segment with a market value of USD 1347.6 million in 2017 and is estimated to develop at a CAGR of 14.4 percent during the forecast period. The segmentation on the basis of industry segments the market into residential, healthcare, commercial, industrial, entertainment, sports, oil & gas industries, and others. The commercial segment is responsible for the major market value of USD 744 million in 2017 and is likely to develop at a CAGR of 18.3percent for the duration of the forecast period.

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Detailed

Regional Analysis

The building information modelling has been segmented into regions such as Europe, North America, Asia Pacific (APAC), and the rest of the world. The North American region is accredited for the major market value of USD 1357.6 Million in 2017 and is anticipated to develop at a CAGR of 11.2 percent throughout the forecast period. The European region is the next major market in 2017, valued at USD 1188.9 Million and it is estimated to develop at a CAGR of 17 percent. High disposable income is creating substantial demand for residential and commercial construction which is anticipated to fuel the market for BIM in the North American region over the forecast period. Developing countries and high government interest in the construction industry of European nations is one of the foremost factors in the extensive adoption of BIM in the construction industry.

Competitive Analysis

The companies in the market are aiming to improve their global position through mergers & acquisitions, expansions, and by offering a wider product range. While international players are governing the market, the regional players with small market shares also have a substantial influence. The players with a global presence may strengthen their existence worldwide through strategic procurements during the forecast period. Hexagon AB, Autodesk Inc., Aveva Group Plc, Nemetschek SE, Dassault Systèmes, Bentley Systems, Asite Limited, Trimble Inc,  RIB Software SE, and Archidata Inc are a few of the eminent players in the market.