Allied Market Research
Loading...
Cart
0

Building Information Modeling Market Expected to Reach $15.89 Billion by 2027

 

quote Asia-Pacific is expected to exhibit highest growth during the forecast period, as the adoption of BIM technologies is prominent in this region, owing to the booming construction sector. Surge in the retail sector as well as development in infrastructure in the region are expected to be the key factors facilitating the growth of the building information modeling market. Governments in various Asian countries are implementing regulations to mandate the adoption of BIM for constructions. For instance, Japan, South Korea, and Singapore have mandated the use of BIM for public buildings. Nemetschek AG signed a three-year contract with Singapore Institute of Architects (SIA) to create awareness about BIM software and improve architectural skills in Singapore. quote

Rachita Rake
Research Analyst, ICT at Allied Market Research

Get 20% Free Customization In This Report
Follow us on Social Media:       
 

According to a recent report published by Allied Market Research, titled, “Building Information Modeling Market by Component, Deployment Mode, Project Life Cycle, Building Type, and End User: Opportunity Analysis and Industry Forecast, 2020-2027,” the global building information modeling market size was valued at $5,205 million in 2019, and is projected to reach $15,892 million by 2027, registering a CAGR of 15.2% from 2020 to 2027.

The growth of the global building information modeling market is driven by the fact that the enhanced data communication and coordination among various stakeholders, coupled with improved construction productivity provides a leading edge to BIM users. In addition, rising government mandates for BIM usage across the globe and rowing construction industry fuels the growth of the market. However, high cost of the software and limitation of the 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.

In 2019, the global building information modeling market share was dominated by the solution segment and is expected to maintain this trend during the forecast period. This is attributed to increase in adoption of building information modeling solutions among the architecture, engineering, and construction (AEC) industry. Most of these organizations have started adopting these solutions to align all construction processes together such as procurement and data management, which improve the overall productivity of construction projects. However, the services segment is expected to witness highest growth, as over past few years, there has been an increase in the adoption of services among end users, as they ensure effective functioning of BIM software and platforms. Furthermore, surge in demand for cloud-based building information modeling services is expected to provide lucrative opportunities for the market growth during the forecast period.

Depending on deployment mode, the on-premise segment dominated the building information modeling market share in 2019, and is expected to continue this trend during the forecast period. The growth of the segment is attributed to rise in concerns about security of data associated with construction projects, which is highly valuable. Larger firms in the AEC industry such as Autodesk Inc. and Nemetschek AG provide on-premise software for their customers in industrial, healthcare, and residential sectors.

However, the cloud segment is expected to witness highest growth in the upcoming years, as the cloud-based building information modeling solution does not involve capital cost as well as is low in maintenance requirements, and hence can be most preferred by mid-sized institutions. Rise in adoption of cloud-based building information modeling solution among both large and mid-sized enterprises majorly drives the market growth.

By application, the global building information modeling market share was dominated by the planning & modelling segment in 2019 and is expected to maintain its dominance in the upcoming years, owing to surge in need for exploring and evaluating a constructability of project before it is built; improvement in cost reliability; visualization of construction processes through 4D simulation; and rise in demand in construction industry to better predict, manage, and communicate project outcomes drive the market growth. However, the asset management segment is expected to witness highest growth during the forecast period, as the BIM is helping to enhance the ability of infrastructure owners and their suppliers to implement and develop tools, processes, and collaborative working practices that optimize infrastructure asset costs and performance over the entire life cycle of assets.

Post COVID-19, the BIM market size is estimated to grow from $5,916 million in 2020, and will reach $15,892 million by 2027, registering a CAGR of 15.2% from 2020 to 2027. The current estimation of 2027 is projected to be higher than pre-COVID-19 estimates according to the building information modeling market forecast. The COVID-19 outbreak has low impact on the growth of the building information modeling market as the lockdown during the COVID-19 has enabled wide adoption of BIM to allow projects to continue in a virtual and digital environment even when participants were unable to meet in person. The pandemic has forced to find safer and smarter ways for building offices and homes. This global public health crisis has confirmed the significant demand for new ways of building offices and homes, using smart construction to tackle design problems, outdated techniques, inefficiency, and environmental challenges. For instance, when the lockdown measures were announced in response to the virus outbreak, Cox Architecture, one of the largest architectural practices in Australia, quickly enabled its staff to work from home by providing VPN access to its Autodesk AEC collections. In addition, it increased its investment in BIM360 design for cloud-enabled Revit work sharing.

Key Findings Of The Study

  • By component, in 2019 the solution segment dominated the building information modeling market. However, the services segment is expected to exhibit significant growth during the forecast period.
  • On the basis of deployment mode, the on-premise segment accounted for the highest revenue in 2019, however, the cloud segment is expected to witness highest growth rate in the near future.
  • Depending on project life cycle, the preconstruction generated the highest revenue in 2019. However, the construction segment is expected to exhibit highest growth rate in the near future.
  • By building type, the commercial segment was the largest revenue contributor to the BIM market size in 2019, however, the residential segment is expected to register the highest CAGR.
  • As per application, the planning & modelling segment garnered maximum revenue of BIM market in 2019, however, the asset management segment is expected to witness highest growth rate by 2027.
  • According to end user, the architects/engineers segment accounted for the highest revenue in 2019, however, the contractors segment is expected to witness highest growth rate in the forecasted period.
  • Region wise, the BIM market was dominated by North America. However, Asia-Pacific is expected to witness significant growth in the upcoming years. 

Some of the key building information modeling market industry players profiled in the report include Autodesk, Inc., Asite Solution, Beck Technology Ltd, Bentley Systems, Incorporated, AVEVA Group plc, Dassault Systèmes, Hexagon AB, Nemetschek SE, Pentagon Solution Ltd, and Trimble Ltd. This study includes market trends, building information modeling market analysis, and future estimations to determine the imminent investment pockets.

Need More Information

pr-det-talk Talk to David (Europe)

pr-det-talk Talk to Sona Padman (Americas)

5933 NE Win Sivers Drive #205,
Portland, OR 97220 United States

pr-det-phone Toll Free: +1-800-792-5285

pr-det-phone UK: +44-845-528-1300

pr-det-phone Hong Kong: +852-301-84916

pr-det-phone India (Pune): +91 2066346060

pr-det-phone Fax: +1(855) 550-5975

pr-det-phone help@alliedmarketresearch.com

 

For Media Inquiries, Please Contact

Ram D
Communications Officer
Allied Market Research
Contact Toll Free: +1-800-792-5285
Drop us an email at
media@alliedmarketresearch.com

 
 

First time buyer?
Check offers and discount on this report
To get this report

 
Click Here
 
 

quote Building Information Modeling Market By Component (Solution and Services) Deployment Mode (On-premise and Cloud), Project Life Cycle (Preconstruction, Construction, and Operations), Building Type (Commercial, Residential, and Industrial), Application (Planning & Modelling, Construction & Design, Asset Management, Building System Analysis & Maintenance Scheduling, and Others), and End User (Architects/Engineers, Contractors, and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027 quote

View Report
 
 
Avenue Video Loading...

Avenue: Entire Library membership of Allied Market Research Reports at your disposal

  • Avenue is an innovative subscription-based online report database.
  • Avail an online access to the entire library of syndicated reports on more than 2,000 niche industries and company profiles on more than 12,000 firms across 11 domains.
  • A cost-effective model tailored for entrepreneurs, investors, and students & researchers at universities.
  • Request customizations, suggest new reports, and avail analyst support as per your requirements.
  • Get an access to the library of reports at any time from any device and anywhere.

 
 

Why Allied Market Research?

Infallible Methodology

To ensure high-level data integrity, accurate analysis, and impeccable forecasts

Analyst Support

For complete satisfaction

Customization

On-demand customization of scope of the report to exactly meet your needs

Targeted Market View

Targeted market view to provide pertinent information and save time of readers

 

Featured Readings

 
 

Get Fresh content delivered

Get insights on topics that matter to your business. Stay updated on the area that interests you.

 
Get Industry Data Alerts
 

Buy Full Version
"Building Information Modeling Market"
Purchase Enquiry