According to a recent report published by Allied Market Research, titled, "Building Information Modeling Market by Component, Deployment Model, Application, and End User: Global Opportunity Analysis and Industry Forecast, 2020–2027," the global building information modeling market was valued at $5.20 billion in 2019, and is projected to reach $15.06 billion by 2027, growing at a CAGR of 14.3% from 2020 to 2027.
Building information modeling (BIM) is a software that helps to maintain co-ordination among involved entities such as architects, engineers, and builders of construction projects. In addition, it provides real-time updates at every stage of the project to each entity. BIM solution providers help AEC professionals and building organizations to develop multi-dimensional and digital representation of their projects by providing effective and advanced building and design solutions. It provides benefits such as risk mitigation, remote accessibility, reduced errors, and reduced costs involved in a construction project. Moreover, enhanced data communication and coordination among various stakeholders coupled with improved construction productivity provides a leading edge to BIM users. In addition, rise in government mandates for BIM usage across the globe and rowing construction industry fuels the growth of the BIM market. However, high cost of the software and limitation of trained professionals hampers the growth of the market. Furthermore, technological advancements to manage data at remote servers and improvised inter-coordination between users using cloud-based solutions are expected to provide lucrative opportunities for the growth of the market.
By application, the global building information modeling market was led by the commercial segment in 2018 and is projected to maintain its dominance during the forecast period. The major factors that drive the adoption of building information modeling solution in the commercial sector include rise in adoption of BIM by various commercial sectors to reduce cost of projects and to deliver better communication on project sites. However, the residential segment is expected to grow at the highest rate during the forecast period, owing to rise in environmental awareness among construction companies as well as their customers.
Region wise, the building information modeling market was dominated by North America in 2019 and is expected to retain its position during the forecast period. The major factors that drive the growth of the market in this region include growing demand for BIM solutions from several developed countries and increase in government support for adoption of advance technologies on the construction site. However, Asia-Pacific is expected to witness the highest growth rate during the forecast period due to technological advancements and different government mandates for use of building information modeling solution in construction sites.
Key Findings of the Study:
- On the basis of component, the software segment led the building information modeling market, in terms of revenue in 2018.
- By deployment model, the on-premise segment accounted for the highest building information modeling market share in 2018.
- Region wise, North America generated the highest revenue in 2018.
- Depending on application, the commercial segment is anticipated to exhibit substantial growth during the forecast period.
The key players profiled in the building information modeling market analysis are Autodesk, Inc., Asite Solution, Beck Technology Ltd, Bentley Systems, Incorporated, Cadsoft Corporation, Dassault Systèmes, Hexagon AB, Nemetschek SE, Pentagon Solution Ltd, and Trimble Ltd. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.