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Building Information Modelling (BIM) Market to Surpass USD 8000 Mn by 2023 at 14.9% CAGR: Market Research Future(August 08, 2018)
Global Building Information Modelling Market Research Report — By Product (BIM Software, Training services, Project Management), Project Lifecycle (Pre-Construction, Construction, and Operation), End-user (Architects), and By Industry — Forecast till 2023
Pune, India, Aug. 08, 2018 (GLOBE NEWSWIRE) -- Market Research Future’s in-depth market study on the global BIM market has revealed that the market is expected to register a CAGR of 14.9% (2018 - 2023). In 2017, the market was valued to be above USD 3000 Mn, and by MRFRs projections, the global market is likely to exceed USD 8000 Mn. Building Information Modelling (BIM) has found increasing applications in large infrastructure projects. The rapid growth of the construction industry has directly impacted the demand for BIM technology.
Building Information Modelling (BIM) Industry Overview
Building Information Modelling (BIM) has found increasing applications in large infrastructure projects such as roads, railways, residential complexes and others. The swift growth of the construction industry has directly impacted the demand for BIM technology. Market Research Future has performed an in-depth market study on the global BIM market and has divulged that the market is set to witness a progressive and above average CAGR of 14.9% over the forecast period of 2018 to 2023. In 2017, the market was valued to be above USD 3000 Mn, and by MRFRs projections, the global market is poised to exceed USD 8000 Mn by 2023.
BIM technology is increasingly being used to create a vector-based representation of construction projects in 3D formats. Building Information Modelling (BIM) is highly effective for use in project planning & decision-making support, management support, and information sharing among other applications. BIM solutions offer cost-effective management with optimized for time and reduced waste which is often associated with large construction projects. Moreover, governments across the globe are highly encouraging of the use of BIM in construction projects and have deployed various supportive initiatives and BIM implementation strategies toward increasing the adoption of BIM in the AEC industry.
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The use of this technology is still in its nascent stages; a lack of skilled professionals and the high initial investment for BIM implementation have been recognized as market challenges. Meanwhile, the need to improve integration, efficiency combined with the emergence of cloud computing and IoT is expected to lead to numerous expansion opportunities for the market.
MRFR's report provides a comprehensive analysis of the BIM markets various segments which have been determined based on factors which include product, project lifecycle, end-user, industry, and region. By product, the market is segmented into BIM software, BIM training services, and BIM project management. The market study reflects that BIM software is the largest segment and is expected to witness the highest CAGR of 16.2% during the assessment period. Rapid commercialization and industrialization of the real estate sector have resulted in an increased demand for implementation of BIM software. Moreover, the use of cloud computing is expected to augment this segments growth.
By project lifecycle, the market is segmented into pre-construction, construction, and operation. The pre-construction segment accounts for the largest share of the market owing to the extensive use of BIM in the design stage of a construction project. Construction, which is the second largest segment is projected to grow at the highest CAGR of 17.3% due to the demand for BIM solutions for data management, resource optimization, and time efficiency during ongoing construction projects.
By end-user, the market is segmented into government, engineers, and architects. Engineers constitute the largest segment with a recorded value of USD 1347.6 Mn in 2017 and anticipated revenue of USD 2960.9 by the end of 2023. Meanwhile, the architect segment is set to grow at the most rapid pace.
By industry, the Building Information Modelling Market is segmented into residential, commercial, healthcare, entertainment, sports, industrial, oil & gas industries, and others. The commercial segment accounts for the leading segment with the fastest market growth at the highest CAGR of 18.3% during the assessment period. The high demand for green buildings is key in cementing the segments leading position. The entertainment segment is the second most significant segment and was valued at USD 574.2 Mn in 2017.
Increased Smart City Initiatives Facilitate High Demand for BIM in APAC
The Asia-Pacific (APAC) is experiencing rapid market growth owing to the wide scope of smart city initiatives which have been taken on in emerging economies such as India, China, and others. Global market players recognize the potential for opportunities that the region offers and in order to leverage the same have invested heavily in strengthening their market positions. For instance, Dassault Systems has a considerable presence in the Asia Pacific and the Middle East due to the growing demand for BIM solutions. Additionally, The presence of consultants and service providers in the region which offer training and installation services is expected to provide the market with traction that portrays a highly optimistic future for emerging regions.
Meanwhile, North America leads market growth and was valued USD 1357.6 Mn in 2017. Robust demand for commercial and residential construction is expected to facilitate growth for the region. Moreover, the region has a high affinity for the adoption of technological advancements which have been key in catapulting the regional market to a leadership position.
MRFR extensively covers the competitive landscape to offer relevant insights into market strategies employed by leading players which include business expansion, investments, and development of ancillary markets. Prominent market players include Hexagon AB, Autodesk Inc., Aveva Group Plc, Bentley Systems, Trimble Inc, Nemetschek SE, RIB Software SE, Asite Limited and Dassault Systemes.
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VisualLive has released MobiLive, which provides the ability to place scalable BIM models on site co-ordinates to allow visualization of the construction project in various phases in a real-world backdrop. MobiLive also allows the import of BIM models to a tablet or phone, which provides increased accessibility.
Construction camera company, TrueLook has recently announced its integration with Autodesk BIM 360 which allows Autodesk users to save, view and share project site photographs. In other Autodesk news, the company recently acquired Assemble Systems in an effort to strengthen its BIM portfolio.
Global AI in Construction Market Research Report — By Stage (Pre-Construction, Construction Stage, Post-Construction), Component (Solutions & Services), Technology (Machine & Deep learning, NLP, Neural Networks), and by Application - Forecast till 2023. The global AI in construction market is expected to reach approximately USD 2,011.4 million by 2023 growing with a 35% CAGR over the forecast period 2017-2023
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