Pune, India, May 27, 2021 (GLOBE NEWSWIRE) -- Market Analysis
The Building Information Modeling Market is lucrative and is predicted to witness significant growth at a healthy 14.08% CAGR over the forecast period (2019- 2026), reveals the Market Research Future’s (MRFR) BIM software market forecast report. Building information modeling or BIM software is software used for visualization of building design in 3D that incorporates plan, section, and elevation of a building. In the AEC, this is regarded as a prominent designing tool that helps in the analysis of the qualitative & quantitative facets of the construction like component procurement, time requirement, and cost estimation. BIM furthermore will also help to undertake operations associated with the project after completion, such as project lifecycle management and maintenance issues.
Fascinating Features that Propel Market Growth
As per the MRFR report, there are numerous factors that are propelling the BIM software market size. These include rising infrastructure projects and urbanization, increasing benefits offered for the AEC industry, rising mandates by the government for BIM adoption, growth in diversified construction activities such as government complexes, commercial spaces, housing apartments, and large buildings, construction SMEs growing at a high pace, and government regulatory bodies taking construction activities mandated specific laws for construction companies for implementing BIM for public sector buildings exclusively.
On the contrary, high initial cost, lack of technical expertise, and the need for frequent maintenance may impede the global BIM software market share over the forecast period.
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COVID-19 Impact on the Global BIM Software Market
The COVID-19 outbreak has cast its spell on different industries, with the BIM software market being no exception. This crisis has led to supply chain disruptions of equipment and raw materials and impacted the expansion plans severely of the global BIM software market. Shortage of equipment and skilled labor has deteriorated the market demand further. Besides, contractors experienced disruptions and delays too. Some construction projects were also delayed or put on halt owing to asymptomatic workers. All these had an adverse effect on the overall BIM software market demand.
Yet on the brighter side, technologies like digital twin technologies, cloud, and IoT to manage, analyze, and monitor data like worker activities can augur favorably for the market growth. The setting up of surveillance systems at construction sites to adhere to safety protocols and prioritize the worker's safety can boost the market growth. ACCA software, for instance, has created BIM collaboration software to connect workers through the medium of mobile applications. The outdoor localization that monitors particular routes in the construction site can be utilized to monitor site construction rate and worker productivity.
Market Segmentation
The Market Research Future report offers an inclusive analysis of the BIM software market based on end user, applications, and software model.
By software model, the BIM software market is segmented into 5D, 4D, 3D, and others. Of these, the 3D segment will lead the market over the forecast period.
By application, the BIM software market is segmented into industrial, public infrastructure, building, and others. Of these, the building segment will dominate the market over the forecast period.
By end user, the BIM software market is segmented into engineers, contractors, architects, and others. Of these, the architects segment will spearhead the market over the forecast period.
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Regional Analysis
North America to Spearhead BIM Software Market
By region, the global BIM software market covers growth opportunities and the latest trends across Europe, the Asia Pacific (APAC), North America, South America, and the Middle East and Africa (MEA). Of these, North America will spearhead the market over the forecast period. The presence of top industry players, rising investments to develop advanced infrastructure facilities, and increased adoption of cloud-based engineering are adding to the BIM software market growth in the region.
In Europe, the BIM software market is predicted to have the second-largest share over the forecast period. The growing construction sector, high demand for BIM software by building owners, architects, and contractors, the presence of the largest construction industry in France, and increasing use in Austria to construct large building projects is adding to the BIM software market growth in the region. The UK has the utmost market share.
In the APAC region, the BIM software market is predicted to grow at a fast pace over the forecast period. High focus on digitalization, growing investments by real-estate sector and government to develop advanced infrastructure for commercial, industrial, and residential sectors, growing adoption of cloud platforms, the presence of highly matured and experienced construction market in Japan, high growth rate, the rapid development of the construction industry in India, and increasing adoption of advanced technologies to enhance the competitive edge of the design and construction industry in China are adding to the BIM software market growth in the region. China holds the utmost market share.
In South America, the BIM software market is predicted to have notable progress over the forecast period. High adoption of BIM software, noticeable advances, and favorable initiatives undertaken in Brazil and Argentina are adding to the BIM software market growth in the region.
In the MEA, the BIM software market is predicted to have sound growth over the forecast period as most AEC organizations are in the process of adopting BIM software or are already using it.
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Competitive Landscape
The global BIM Software Market is highly competitive and fragmented, with the presence of several well-established domestic and international key players. They have adopted several strategies to stay at the forefront, such as mergers and acquisitions, geographic expansions, partnerships, and others to stay at the forefront.
Notable Players of The Global BIM Software Market Are:
- Oracle Corporation (US)
- Dassault Systemes SA (France)
- Bentley Systems (US)
- Nemetschek SE (Germany)
- Siemens AG (Germany)
- Rib Software Se (Germany)
- Aveva Group Plc (UK)
- Cadsoft Corporation (Canada)
- Beck Technology Ltd (US)
- Innovaya, LLC. (China)
- Beijing Hongye Tongxing Technology Co., Ltd (China)
- Shanghai Luban Software Co., Ltd (China)
- Glodon Company Limited (China)
- Integrated Environmental Solutions Limited (IES LTD.) (UK)
- PKPM (Beijing Jianli Technology Co., Ltd) (China)
- Autodesk Inc. (US)
- Trimble Inc. (US)
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Industry News
February 2021- Powersoft, Italian technology, and amplifier specialist will soon release BIM for its rack mount platforms. This can be inserted into BIM software to inform specialists associated with the project of every product’s characteristics.
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