New York, US, July 19, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “BIM Market Analysis by Product (BIM Software, Training services, Project Management), Project Lifecycle (Pre-Construction, Construction and Operation), End-user (Architects) and By Industry — Forecast till 2030” valuation is poised to reach USD 18.42 Billion by 2030, registering an 13.63% CAGR throughout the forecast period (2020–2030).
BIM Market Overview
Building Information Modeling (BIM) refers to a specific software used in various stages of implementation and design of several infrastructural projects. The BIM market provides construction consultants, architects, and engineers extra funds and tools for building theme-based buildings based on abstract design. The need for blueprints for medical, electrical, and plumbing designs combined with the regulations to implement building information modelling market. Furthermore, flexible uses can boost the growth of the BIM market over the coming years.
Building Information Modelling (BIM) Market Report Scope:
| Report Metric | Details |
| Market Size in 2030 | USD 18.42 Billion |
| CAGR (2030 to 2030) | 13.63% |
| Base Year | 2019 |
| Forecast Period | 2020-2030 |
| Historical Data | 2018 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product, Project Lifecycle and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Vendors | TRIMBLE LTD., AUTODESK INC., PENTAGON SOLUTION LTD., ASITE SOLUTIONS, NEMETSCHEK SE, AVEVA GROUP PLC, HEXAGON AB, BECK TECHNOLOGY LTD., DASSAULT SYSTÈMES, BENTLEY SYSTEMS INCORPORATED |
| Key Market Opportunities | Emergence of Information technology and cloud computing. |
| Key Market Drivers | The construction companies experience a deadline and the governments are taking initiatives in this field. |
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BIM Market Drivers
The global market for building information modeling has recorded a massive rise in the growth rate in the last few years. The significant aspect causing an upsurge in the market's growth is the rapid expansion of the construction sector across the globe. In addition, the governments across various are taking initiatives to encourage organizations to adopt the BIM market to manage resources efficiently over the assessment era is another major parameter supporting the market growth. In addition, the architects and engineers can draw up modified projects by varying some patterns of the existing templates. Also, the tools needed for designing and developing the projected may also boost the market's growth over the assessment timeframe. Moreover, the constant technological evolution will likely offer lucrative opportunities to the players across the market over the review timeframe.
BIM Market Restraints
Mass capital investment is the primary aspect restricting the growth of the building information modelling market.
BIM Market Segments
Among all the components, the solution segment is anticipated to account for the highest revenue share across the global market for building information modeling over the assessment era. The segment's growth is mainly credited to the growing adoption of BIM solutions in the AEC industry. Most of these companies are implementing these solutions to support all construction processes like data management and procurement. On the other hand, the services segment is projected to register the highest CAGR over the review timeframe. The segment's growth is credited to the factors such as an increase in the adoption of services among end users and growth in demand for cloud-based building information modeling services.
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Based on the deployment model, the on-premise segment is anticipated to account for the largest revenue share across the global market for building information modeling over the assessment timeframe. The segment's growth is credited to the increase in concerns about data security. On the other hand, the cloud segment is projected to record the highest CAGR over the forecasted era.
BIM Industry Regional Analysis
The global market for building information modeling is analyzed across five major regions: North America, Latin America, Europe, Asia-Pacific, and the Middle East & Africa.
According to the analysis reports by MRFR, the Asia-Pacific region is anticipated to register the highest CAGR across the global market for building information modeling over the forecasted era. The growth of the regional market is credited mainly to the rapid growth of the revitalization of the real estate and finance sector across the region. In addition, rapid industrialization is another crucial parameter anticipated to boost the regional market's growth over the assessment timeframe. Furthermore, the launch of the smart city initiative by the regional governments may boost the market's growth over the coming years. These initiatives primarily focus on the vast planning of these smart cities.
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The North American regional market for building information modeling is anticipated to grow substantially over the forecasted timeframe. The constant technological revolutions are the primary aspect causing an upsurge in the regional market's growth. Furthermore, the factors such as a rise in the rate of real estate in retail, increasing environmental awareness, and supportive government policies are also projected to catalyze the growth of the regional market over the coming years.
COVID-19 Impact
The global COVID-19 pandemic has had a significant impact on the majority of the market sectors across the globe. Several governments across the globe implemented partial or complete lockdowns to curb the spread of the disease. The travel restrictions and lockdowns imposed across the globe disrupted the supply chain networks for the market sectors. Building the information modeling market is no different than others. The players across the global market faced several unexpected challenges. Due to the shortage of skilled labor and equipment, the pandemic has further caused a significant deterioration of the demand for this market. On the other hand, several digital technologies such as management, observing, and examining information like worker activities to monitor data spread had favorable effects on the BIM market revenues. The foundation of effective surveillance systems at the construction sites for the observance of security policies and focusing on the security of the workers was another crucial aspect driving the growth of the BIM market share.
Several software has signed for BIM collaboration software to cater to the motto of connecting several employees through mobile applications. In addition, the outdoor localization monitoring specific routes present in the construction location can be used to monitor the site's construction rate and business productivity.
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BIM Market Competitive Analysis
Dominant Key Players on BIM Market Covered are:
- TRIMBLE LTD.
- AUTODESK INC.
- PENTAGON SOLUTION LTD.
- ASITE SOLUTIONS
- NEMETSCHEK SE
- AVEVA GROUP PLC
- HEXAGON AB
- BECK TECHNOLOGY LTD.
- DASSAULT SYSTÈMES
- BENTLEY SYSTEMS INCORPORATED
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