Building Information Modeling Market worth $10.7 billion by 2026 - Exclusive Report by MarketsandMarkets
October 20, 2021 at 09:00 AM EDT
Chicago, Illinois--(Newsfile Corp. - October 20, 2021) - According to a research report "Building Information Modeling Market with COVID-19 impact analysis by Deployment Type (On Premises, Cloud), Offering Type, Project Lifecycle (Preconstruction, Construction, Operation), Application, End user, & Region - Global Forecast to 2026" published by MarketsandMarkets, the building information modeling market was valued at USD 5.4 billion in 2020 and is projected to reach USD 10.7 billion by 2026. It is expected to grow at a CAGR of 12.5% during the forecast period. Rising adoption of remote working due to COVID-19, rapid rise in urbanization globally, wide-ranging benefits of BIM realized by AEC industry, and growing government initiatives for adoption of BIM are contributing to the growth of the building information modeling market. Rising trend of IoT in construction sector, increasing trend of BIM, and growing focus of organizations on introducing new standards such as ISO 19650 in BIM market act as a growth opportunity for the market players.
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Software segment to account for a larger share of the building information modeling market
Software solutions used for BIM exhibit features such as interoperability between applications, easy visualization, and cost-effectiveness. The BIM software suite generally encompasses solutions for various objectives, such as architecture; sustainability; structures; mechanical, electrical, and plumbing (MEP); construction; and facility management in a project life cycle. Different types of BIM software solutions available in the market are Autodesk Revit Structure, Graphisoft ArchiCAD, Nemetschek ALLPLAN Architecture, Bentley Facilities Manager, and Tekla Structures. 3D BIM is increasingly being used by several architecture, engineering, and construction (AEC) professionals. 3D visualization of a project, reduction in costs and time, and flexibility of making changes in designs are the best features of the BIM software.
Building application to account for the largest share of the building information modeling market
BIM is gaining popularity in the construction industry. The buildings applications mainly include commercial, residential, and retail buildings. These applications focus on the adoption of BIM by firms that are primarily responsible for working on the construction (i.e., new work, additions, alterations, maintenance, and repairs) of commercial and retail buildings. BIM is mostly used for designing buildings during the preconstruction phase in which 3D modeling of a building is prepared, and the flow of the entire building project is decided. Building applications account for the largest share of the BIM market because of the increasing number of buildings or construction projects, along with business centers, shopping centers, and retail shops.
The preconstruction phase accounted for the largest share of the building information modeling market in 2020
BIM is adopted in the pre-construction (design), construction, and operation phases of a building project. It inculcates all the aspects of a building project into one package. Users working in different phases can refer to the data from a particular project if a problem arises; this prevents cost overrun. For example, BIM is used for maintenance purposes and helps plumbers and electricians locate pipes and wires to prevent unnecessary damage to walls, floors, or/and ceilings. As most of the BIM work is done in the preconstruction phase, this phase is likely to hold the largest market share in 2025.
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North America to account for the largest share of the building information modeling market by 2026
North America is one of the critical markets for BIM; it comprises the US, Canada, and Mexico. This region is the early adopter of advanced BIM technology, which is a recently developed innovative approach to design and construction. This technique has gained a foothold in the mainstream construction industry in North America. Several experts who implement BIM in their projects are based in this region. BIM is increasingly being adopted by contractors, engineers, and architects, and the count is growing considerably. They are using the BIM process for improving efficiency during the design and construction phases of a project, as well as for reducing project-related errors and gaining a high return on investments. Strong economic position and active government support have contributed to the large-scale adoption of advanced technologies in the construction segment, which further drives the BIM market growth in the region. Hence, the region is expected to continue to capture the largest share of the global BIM market.
A few of the key players in the building information modeling market are Autodesk (US), Nemetschek (Germany), Bentley Systems (US), Trimble (US), Dassault Systèmes (France), RIB Software (Germany), ASITE (UK), AVEVA (UK), and Hexagon (Sweden).
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