Building Information Modeling (BIM) Market Size to Reach USD
BANGALORE, India, June 2, 2020 /PRNewswire/ -- Building Information Modeling (BIM) is an intelligent digital 3D model-based process that gives architecture, engineering, and construction (AEC) professionals the insight and tools to more efficiently plan, design, construct, and manage buildings and infrastructure.
The Global BIM Market size will rise from USD 7.01164 Billion in 2019 to USD 16.35032 Billion by 2025, at a 15.15 percent CAGR.
This report covers a chapter on COVID-19 impacts in the BIM Market.
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TRENDS INFLUENCING THE BIM MARKET SIZE
- The cycle of architecture, engineering, and construction (AEC) cooperation contribute to the completion of a project. BIM is one of the AEC segment's most exciting inventions, and it adopts numerous emerging technologies that will further transform the AEC segment. BIM is currently coupled with powerful design and simulation tools that facilitate greater collaboration among project teams. BIM allows AEC end-users to communicate with the overall construction process from the pre-construction phase. This utilization of BIM by the AEC segment is expected to increase the BIM market size.
- Technological developments in data storage on remote servers and spontaneous user-to-user inter coordination using cloud-based applications are expected to provide lucrative opportunities for the growth of BIM market size during the forecast period.
- Rising government mandates for BIM use across the regions and construction industries are fuelling the market growth. However, high software costs and limits of trained professionals are hampering the growth of BIM market size. Since BIM is a vital device, minor miscalculations in the design can cause significant workplace mishaps. Thus, the lack of technical expertise is one of the major factors that inhibit BIM market development.
- BIM is gaining prominence in the construction industry due to growing developments in digitization across industries. Buildings are built primarily during the pre-construction process, with the aid of BIM, in which the 3D modelling of the structure is planned, and the flow of the entire building project is determined. These buildings are often constructed on a customized basis. BIM is commonly used in application construction to reduce cost and time overrun. These features are expected to increase the BIM market size during the forecast period.
- The implementation of stringent building safety laws is likely to help the adoption of BIM during the forecast period.
BIM MARKET SHARE ANALYSIS
- Based on the region, North America holds the largest BIM market share. This dominance of the region can be attributed to the advanced construction management system and the high adoption of BIM.
- APAC is projected to grow at the highest CAGR during the forecast period. Countries like Japan, South Korea, Australia, and Singapore have set some mandates for building information modeling, while countries like China and India are expected to adopt building information modeling in the coming years. Furthermore, The APAC market is expected to rise at the fastest pace due to the use of BIM in large-scale infrastructure and construction projects.
On the basis of Geography, the Building Information Modeling Market is studied across
- Middle East & Africa.
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BIM Market Segmentations
On the basis of Project Phase, the BIM Market is studied across
On the basis of End-User, the BIM Market is studied across
- Builders & Contractors
- Construction Managers
- Engineers & Architects.
On the basis of Deployment, the BIM Market is studied across
BIM Market Key Players:
- Archidata Inc
- Asite Ltd
- Autodesk, Inc
- Beck Technology, Ltd
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