Building Information Modelling Market is projected to reach USD 1,382.3 by 2027
Rapid population growth along with favourable government policies for the adoption of BIM technology are prominent factors driving the growth of the Global Building Information Modelling Market.
The Global Building Information Modelling Industry was estimated at USD 4.40 billion in the year 2020, and is expected to reach USD 13.38 billion by 2027. The market is growing with a CAGR of 12.1%, in the forecast period (2017-2027).
The major factor driving the global building information modelling market is the rapidly increasing population along with growing urbanization. According to a data released by United Nation in 2019, world population is expected to reach 9.7 billion in 2050. The rapidly increasing population has resulted in a higher need for housing and infrastructure development and thus creating a significant growth in the construction industry. Poor constructional procedures combined with internal failure due to the lack of flexibility, analysis and re-designing has catered a way for Building Information Modelling (BIM) penetration in the construction projects. BIM offers several benefits to the construction professionals including visualization, collaboration, synchronization of design and conflict detection. These benefits have enabled them to design, plan and manage building projects more efficiently. In addition, the use of BIM facilitates offer several advantages over other existing tools, like CAD systems and paper-based design and modelling. Therefore, the growth in the construction industry is projected to bloom the global building information modelling market across the globe.
Moreover, favorable government policies for the adoption of BIM is also majorly impacting the growth of global building information modelling market. Several countries have mandated the use of BIM which is responsible for increasing the demand of BIM across the globe. For instance, in 2016, UK government mandated the deployment of at least BIM level 2 for all state-funded projects. Germany, since 2017, has also mandated the use of BIM for all construction projects accounting to more than €100 million. In addition, on 31st December 2020, BIM became mandatory for all public contracts relating to the building of federal infrastructure. Further, in 2018, France government launched the BIM Plan 2022 to encourage construction participants to integrate BIM into their workflows. Thus, strong government support for the adoption of BIM is expected to influence the market across the globe.
Despite such strong growth factors, various factors such as high initial costs, lack of technical expertise and a requirement of frequent maintenance of BIM are posing challenges in the growth of global building information modelling. However, increasing adoption of advanced technologies such as internet of things (IoT) along with integration of augmented reality (AR) and virtual reality (VR) in BIM have helped in improving data management process at remote servers, thus providing lucrative growth opportunities in the building information modelling market. In addition, shifting focus of organizations to introduce new standards like ISO 19650 in BIM market is also offering growth opportunity in the global building information modelling market.
Global Building Information Modelling Market by Region Outlook (Revenue, USD Billion, 2017-2027)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Based on region, the North America held the largest share in the global building information modelling market in the year 2020. This share is mainly attributed to the supportive government policies, rising environment awareness, and growth in the real estate sector in the region. The growth is also attributed to the key upcoming and ongoing construction projects in the region such as Wexner Medical Center's new inpatient hospital that involves an investment of US$ 1.79 billion, new construction and renovation project in Harborview Medical Center that involving an investment accounting to US$1.74 billion among many others. In addition, in 2016, the government of Canada launched its ‘Investing in Canada Plan’ project. This project involves an investment amounting to more than $180 billion for building infrastructure in the country. Thus, with the growth in real estate in healthcare, retail, industrial and entertainment sectors, these businesses are finding difficulties in integrating multiple services in the process of designing, planning and construction. Therefore, these projects are immensely realizing the need for BIM and positively driving the building information modelling industry.
The Global Building Information Modelling Industry Segmentation:
Global Building Information Modelling Market Component Type Outlook (Revenue, USD Billion, 2017-2027)
Global Building Information Modelling Market Deployment Mode Outlook (Revenue, USD Billion, 2017-2027)
Global Building Information Modelling Market Product Life Cycle Outlook (Revenue, USD Billion, 2017-2027)
Global Building Information Modelling Market Application Outlook (Revenue, USD Billion, 2017-2027)
- Civil Infrastructure
- Oil & Gas
- Based on component type, solution segment has dominated the building information modelling market and is expected to hold similar position during the forecast period.
- Based on deployment model, the on-premise segment held the largest share in the global building information modelling market.
- Based on application, building segment is projected attain the fastest growth in building information modelling industry during the forecast period.
- Based on region, the North America held the largest share in the in the global building information modelling industry in the year 2020.
Company Profiles and Competitive Intelligence
The key players operating in the building information modelling market are:
- Pentagon Solutions Ltd.
- Dassault Systems SA
- Beck Technologies Ltd.
- Tekla Corporation
- Bentley Systems Inc.
- Synchro Software Ltd.
- Autodesk Inc.
- Nemetschek AG
- RIB Software SE
- Asite Solutions
- AVEVA Group PLC
- Hexagon AB
- Beck Technology Ltd.
- Trimble Ltd.
- Other notable players.