The global building information modelling market value can reach USD 3,605.5 million by 2023, according to the latest report by Market Research Future (MRFR). Building information modelling (BIM) is a software used by architects and developers in the real estate industry for developing plans for buildings. The report contains effects of the COVID-19 pandemic, region-wise valuation, and prospects of the software for the forecast period.Building Information Modeling Market Size is assumed to expand at a rate not less than 13.63% Compound Annual Growth Rate or CAGR. Moreover, by 2030.
Market Scope
The global building information modelling market is driven by demand for increased productivity by developers in the construction industry. Deadlines faced by construction companies and adherence to bids of government contracts can drive market growth effectively. New safety regulations as well as tools for development of skyscrapers, flyovers, bridges, and tunnels will drive the demand significantly.
The BIM market can pounce on opportunities brought by cloud and IoT. Collaborations can be done remotely with the help of in-house chats and new standards aimed to assist designers and contractors. But high costs of software can hamper market growth.
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COVID-19 Impact
The COVID-19 pandemic has disrupted the supply chain of raw materials and dampened the market prospects of the building information modelling (BIM) market. But adoption of digital twins, virtualization, and IoT devices to leverage on insights and curb the spread of COVID-19 among laborers can augur favorably for the market.
Segmentation
BIM Software to Dominate Product Segment
The BIM software is set to display 16.2% CAGR during the forecast period. This is attributed to convenience of tools to develop blueprints and presence of readymade templates to expedite building construction. Solutions for architects and engineers looking to enhance structures and adhere to latest building codes can bode well for the market.
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Construction Stage to Gain Biggest Share in Project Lifecycle
The construction stage is expected to gain the biggest share of the BIM market owing to rise consumption of data and surge in infrastructural activities.
Engineers to be Largest Market End-user
Engineers are expected to be the biggest end-user of BIM software owing to initiatives by governments to use the software for fast-tracking work. Civil engineers can use it to control time and expenses incurred to property developers amid changing industry dynamics.
Commercial Sector to Capture Major Market Share
The commercial sector is set to register 18.3 % CAGR during the forecast period due to development of malls and commercial complexes. The boom in IT and robotics is likely to provide new opportunities to the sector. Sustainability schemes and demand for green buildings can pave the way for the building information modelling market. Incentives given to local businesses and developers of commercial complexes can drive market growth.
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Regional Analysis
APAC to Dominate Global Market
APAC is anticipated to exhibit a strong growth rate for the BIM market owing to rapid pace of industrialization and investments in infrastructural projects. Implementation of BIM software for faster launches of projects and making use of land banking for executing new projects can bode well for the market.
Competitive Analysis
Nemetschek SE, Trimble Inc, Hexagon AB, Archidata Inc., Asite Limited, Autodesk Inc., Dassault Systèmes, RIB Software SE, Aveva Group Plc, and Bentley Systems are key players in the global building information modelling market. Mergers, expansions, and acquisitions are employed by companies to sustain their stronghold in the market.
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