Building Information Modelling Market Analysis
The Building Information Modelling Market size will touch
USD 8000 million at a whopping 14.9% CAGR between 2018- 2023, as per the
current Market Research Future (MRFR) analysis. Building information Modelling
or BIM is a form of software that is used by AEC professionals, construction
firms, and real estate companies for effective project life cycle management.
Various factors are
propelling the global building information Modelling market share. According to
the recent MRFR report, such factors include the demand for building
information Modelling in the construction industry, an increasing number of
infrastructure projects, rising urbanization, growing awareness about the
benefits of BIM for the AEC industry, and rising mandates by the government to
adopt BIM. Additional factors adding market growth include the developing
economies, growing need for infrastructure and housing development, and growing
worldwide population.
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On the contrary, lack of
construction safety equipment, scarcity of skilled labor, and shortage of
parts, construction equipment, and materials due to the COVID-19 outbreak may
impede the global building information Modelling market growth over the
forecast period.
Market Segmentation
The MRFR report highlights
an inclusive segmental analysis of the global building information Modelling
market based on the project lifecycle, product, industry, and end user.
By product, the global
building information Modelling market is segmented into BIM training services,
BIM software, and BIM project management. Of these, the BIM software segment
will lead the market over the forecast period. It is predicted to touch USD
1300 million and at a 16.2% CAGR by 2023.
By project lifecycle, the
global building information Modelling market is segmented into pre-construction,
operation, and construction. Of these, the pre-construction segment will
dominate the market over the forecast period. It is predicted to touch USD 1400
million at a 14.9% CAGR by 2023.
By end user, the global
building information Modelling market is segmented into engineers, government,
and architects. Of these, the engineers segment will have a major share in the
market over the forecast period. It is likely to touch USD 1300 million at a
14.4% CAGR by 2023.
By industry, the global
building information Modelling market is segmented into commercial, residential
sports, entertainment, oil and gas industries, healthcare, industrial, and
others. Of these, the commercial segment will command the largest share in the
market over the forecast period. It is predicted to touch USD 744 million at an
18.3% CAGR by 2023.
Regional Analysis
Based on the region, the
global building information Modelling market report covers the recent trends
and growth opportunities across the Asia Pacific (APAC), North America, Europe,
Latin America, & the Middle East and Africa. Of these, North America will
lead the market over the forecast period. It is likely to touch USD 1350
million at an 11.2% CAGR by 2023. The growing adoption of cloud-based
engineering software, coupled with a huge number of headquarters, companies,
architects, construction companies, and consultants employed, are adding to the
global building information Modelling market growth in the region.
The building information Modelling
market in Europe is predicted to hold the second-largest share over the
forecast period. It is likely to touch USD 1180 million at a 17% CAGR by 2023.
Increased infrastructural development and high disposable income are adding to
the global building information Modelling market growth in the region.
The building information Modelling
market in the APAC region is predicted to grow at a fast pace over the forecast
period. Increasing smart cities, coupled with the rise in construction
activities across Singapore, China, and Japan is adding to the global building
information Modelling market in the region.
The building information Modelling
market in the LAMEA is predicted to have sound growth over the forecast period.
Key Players
Key contenders profiled in
the global BIM market report include Archidata Inc, RIB Software SE, Bentley
Systems, Trimble Inc, Asite Limited, Nemetschek SE, Hexagon AB, Aveva Group
Plc, Dassault Systèmes, and Autodesk Inc.
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