Building Information Modeling Market Set to Grow at the Fastest Rate- Time to Grow your Revenue
The building information modeling market is projected to reach USD 10.7 billion by 2026, It is expected to grow at a CAGR of 12.5% during the forecast period.
Rising adoption of remote working due to COVID-19, rapid
rise in urbanization globally, wide-ranging benefits of BIM realized by AEC
industry, and growing government initiatives for adoption of BIM are
contributing to the growth of the building information modeling market. Rising
trend of IoT in construction sector, increasing trend of BIM, and growing focus
of organizations on introducing new standards in BIM market act as a growth
opportunity for the market players.
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Services segment is expected to grow with highest CAGR
during forecast period
The services segment is expected to witness a faster rate as
BIM services are adopted at a higher rate by building owners, design teams,
contractors, and facility managers to achieve the detailed engineering of a
project, which helps in improving the quality of buildings and reducing designing
and maintaining costs. The software segment holds a larger share of the BIM
market and is mainly dominated by architectural and structural software.
BIM market for On-premises deployment type is expected to
hold largest market share during forecast period
Depending on deployment type, the building information
modeling market for the on-premises deployment type held a larger size in 2020
and is expected to continue this trend during the forecast period. The larger
share is attributed to the rise in concerns about the security of data
associated with construction projects, which is highly valuable. Larger firms
in the AEC industry such as Autodesk. and Nemetschek provide on-premises
software for their customers in industrial, healthcare, and residential sectors.
North America to account for the largest share of the
building information modeling market by 2026
North America is one of the critical markets for BIM; it
comprises the US, Canada, and Mexico. This region is the early adopter of
advanced BIM technology, which is a recently developed innovative approach to
design and construction. This technique has gained a foothold in the mainstream
construction industry in North America. Several experts who implement BIM in
their projects are based in this region. BIM is increasingly being adopted by
contractors, engineers, and architects, and the count is growing considerably.
They are using the BIM process for improving efficiency during the design and
construction phases of a project, as well as for reducing project-related
errors and gaining a high return on investments. Strong economic position and
active government support have contributed to the large-scale adoption of
advanced technologies in the construction segment, which further drives the BIM
market growth in the region. Hence, the region is expected to continue to
capture the largest share of the global BIM market.
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A few of the key players in the building information
modeling market are Autodesk (US), Nemetschek (Germany), Bentley Systems (US),
Trimble (US), Dassault Systèmes (France), RIB Software (Germany), ASITE (UK),
AVEVA (UK), and Hexagon (Sweden).
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