PUBLISHER: The Business Research Company | PRODUCT CODE: 1270460
PUBLISHER: The Business Research Company | PRODUCT CODE: 1270460
“Building Information Modeling Global Market Report 2023 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on building information modeling market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for building information modeling? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The building information modeling market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.
Major players in the building information modeling market are Autodesk, Nemetschek, Bentley Systems, Trimble, Pentagon Solutions, ASITE, AVEVA Group plc, Hexagon AB, ACCA Software Inc., Vector Networks Inc., Revit Modelling India, Pinnacle Infotech, Planon Group, LOD Planner Inc., Cadsoft Corp., Archidata Inc., and Tekla Corporation.
The global building information modeling market is expected to grow from $ 6.89 billion in 2022 to $8.12 billion in 2023 at a compound annual growth rate (CAGR) of 17.9%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The building information modeling market is expected to reach $14.89 billion in 2027 at a CAGR of 16.3%.
The building information modelling (BIM) market includes revenues earned by entities by providing services related to geographic BIM, structural BIM, concrete BIM and architectural BIM software. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
Building Information Modelling (BIM) is a method of creating and handling data about a construction project across its entire life cycle. It integrates data from multiple fields to create elaborate digital renderings that can be managed in real time in an open cloud environment.
North America was the largest region in the building information modeling market in 2022. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the building information modelling (BIM) report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main deployment types of building information modeling solutions are on premises deployment and cloud deployment. The on premises building information modeling refers to the deployment of software on construction company premise. On-premise building information modeling software is deployed on the project site to increase data security associated with construction projects. The project lifecycle includes preconstruction, construction and operation. The major component types of building information modeling include software and services that are used in applications such as planning and modelling, construction and design, asset management, building system analysis and maintenance scheduling and others. It is used by architects/engineers, contractors and others.
The rapid rise in construction is expected to propel the modular construction market going forward. The construction industry is the industrial branch of trade and manufacturing concerned with constructing, repairing, renovating, and maintaining infrastructures. The construction activities create a demand for building information modelling to achieve higher productivity and shorter project lifecycles through increased communication and coordination. This enables the construction business to speed up the entire project by significantly reducing work and time. For instance, in June 2021, according to a report published by Canada's national statistical agency, the investment in building construction increased from $14294 million in April 2019 to $19273 million in 2020. Furthermore, in the 2022 U.S. Construction Cost Trends report, in the U.S., there is a rise in residential construction which will continue to drive up demand for materials and labor, escalating competition and cost pressures. In the U.S., total construction spending has increased by 16% since the pandemic's onset. Therefore, a rapid rise in construction is expected to drive the growth of building information modeling (BIM) market.
The rising trend of IoT (Internet of Things) in construction is gaining popularity in the building information modeling (BIM) market. IoT in construction can streamline the ordering and modeling processes, lowering the time necessary for ordering. Major players in the building information modeling sector are focused on developing IoT-based solutions to strengthen their position in the market. For instance, in March 2022, SIMLAB, a Poland-based technology company, incorporated BIM and IoT smart building technologies into Matterport Digital Twins. The technology enables construction project management stakeholders to better track and view several crucial points during the architectural design stage and to examine construction sites without requiring to be present onsite.
In March 2022, Autodesk, a US-based software Corporation, acquired Graitec for an undisclosed amount. The acquisition is expected to help Autodesk expand its service to serve its clients' needs better. Graitec is a France-based developer of BIM software.
The countries covered in the building information modelling (BIM) market report are: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The building information modeling market research report is one of a series of new reports from The Business Research Company that provides building information modeling market statistics, including building information modeling industry global market size, regional shares, competitors with an building information modeling market share, detailed building information modeling market segments, market trends and opportunities, and any further data you may need to thrive in the building information modeling industry. This building information modeling market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.