Building Information Modelling (BIM) is a kind of software generally utilized in the construction industry. BIM is adopted by construction firms, architecture engineering, and construction (AEC) professionals for effective project life cycle management. It helps gather data from various disciplines and provides a platform for effective communication. This, in turn, enhances project performances and reduces delays.
Building Information Modelling (BIM) Market Estimation
The global building information modelling market or BIM market was valued at over USD 5.0 billion in 2019. Due to the pandemic, the valuation dropped by nearly USD 0.5 billion by the end of 2020. The market is projected to grow at a compound annual growth rate of around 14% from 2021 to 2026. The valuation at the end of the forecast period is estimated to be more than USD 9.0 billion.
The research report analyses the ecosystem of the building information modelling market and categorizes it to forecast the revenues and analyze the trends in each of the following below-mentioned market segments.
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Rapid urbanization and growing population demand infrastructure and housing spaces. With an increasing demand in construction of residential and infrastructural projects, the requirement for efficient functioning and coordination will increase. This will create an upsurge in the demand for building information modelling.
Initiatives and regulations that support the use of building information modelling in public and private constructions implemented by governments across the globe is anticipated to bolster the growth of the BIM market. For instance, the use of building information modelling for commercial projects is mandatory in North America. Moreover, Germany is working towards mandating building information modelling in all infrastructure projects by the end of 2020. Policies such as these are propelling the market growth.
There is a continuous evolution in the construction industry with respect to technologies that can supplement building information modelling. One such technology is that of Virtual and Augmented Reality (VR/AR). Integration of BIM with VR/AR provides better visualization for designers, engineers and others, enabling a one-to-one immersive experience. AR/VR has the potential to enhance building information modelling which, in turn, may fuel market opportunities for the building information modelling market.
Despite the benefits, purchasing the software is quite expensive. Apart from this software cost, the training and service costs are also high. These initial costs may restrict market growth.
The construction industry has a lower level of digitization, as compared to other industries, lagging behind in technology by almost 15 years. Even if technologies provide long-term benefits, the industry is conservative in investing in new digital technologies as well as in R&D. Therefore, despite the additional 20% efficiency that building information modelling provides, conservative spending can hamper the market.
The key players operating in the market are: