The global building information modeling market is expected to witness significant growth over the forecast period. Building information modeling (BIM) is a process involving the generation and management of digital representations of physical and functional characteristics of places. The BIMs are files that can be extracted, exchanged, or networked to support decision-making regarding a building or the other built asset.
Current BIM software is used by individuals, businesses, buildings, and government agencies that plan, design, construct, operate, and maintain diverse physical infrastructures, such as water, refuse, electricity, gas, communication utilities, roads, bridges, ports, tunnels, etc.
Building information modeling is used in the construction industry for designing and managing projects throughout their life cycle. The overall value chain of the building information modeling market is closely interlinked with the traditional construction processes. They have been expanding rapidly and shaping into a strong, well-connected chain over the past few years.
Several new product developments and software models are witnessed owing to the application of building information modeling in various verticals. The market is led by construction in the commercial sector such as retail and office buildings.
High electricity usage in commercial buildings and the rise in energy costs have been driving the usage of buildings information modeling in construction for efficient power and improved electrical system design for reducing costs, decreasing wastage, and in the overall retrofit improvements.
The rapidly increasing number of construction projects, globally rising awareness of BIM and associated benefits, and the increasing demand for automated models in architecture, engineering, and construction (ACE) industry have been facilitating its adaptation in the construction industry, especially for commercial and infrastructure projects. Moreover, government mandates regarding usage of BIM in building constructions would boost it in adoption worldwide.
BIM Market By End-Users: construction manager/general contractor, architect, engineer, owner, and others
Based on the types, the market is segmented into software and services. Based on the verticals, the market is segmented into commercial, residential, educational, healthcare, entertainment, industrial, sports, and others.
Building information modeling market By Geographical Region include North America (U.S., Canada, and Mexico), Europe (England, Germany, France, Italy, and Spain), and Asia Pacific (China, South Korea, Japan, and Singapore), and Rest of the World (Middle East, Africa, and others).
The building information modeling market is expected to show steady growth in regions boasting easy access to the latest technologies and high strategic planning in the field of data management. Countries such as Australia, Canada, New Zeeland, France, Japan, South Korea, Brazil, and England exhibit a high uptake of the BIM software.
Most of the countries have started adopting BIM solutions to boost infrastructural development. While the high initial cost incurred on these solutions emerges as a major drawback, with the advent of cloud-based software, the BIM market is forecast to witness widespread deployment.
North America and Asia Pacific have exhibited surging demand for BIM solutions. North America dominated the market in 2014. The increased adoption of cloud-based engineering software will boost demand for the BIM software in North America; thus, sealing its position as the dominant regional market through the forecast period.
The Key Players include Pentagon Solutions Ltd, Beck Technologies Ltd, Dassault Systems SA, Tekla Corporation, Synchro Software Ltd, Bentley Systems Inc, Autodesk Inc, Nemetschek AG, AECOM, and GRAITEC.
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In contrast to its related industries like consumer electronics and semiconductors, the data center and communications infrastructure industry is expected to be more buoyant with continued strategic investments made to support the increased network traffic and data usage for remote working during the lockdown phase. From school closures necessitating students to use virtual offerings (Google Classroom ) to the governments using business analytics services (Power BI) for communicating virus updates, the demand for communication services and related infrastructure has witnessed an unprecedented rise amidst the global pandemic. Digital services including telemedicine are expected to remain popular even after the pandemic is contained, thereby ensuring strong growth in the communication infrastructure industry. The report will account for Covid19 as a key market contributor.