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New study: Building information modelling market to grow USD 14.033 billion by 2023

IT Market Research

Global Building Information Modelling Market - Segmented by Solution Type (Software, Service), Application (Commercial, Residential, Industrial), End-User and Geography - Growth, Trends and Forecasts (2018 - 2023)

The Global Building Information Modelling (BIM) market was estimated to be worth USD 5.265 billion in 2017, and is projected to reach USD 14.033 billion by 2023, registering a CAGR of 17.5% over the forecast period of 2018-2023.

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The scope of the report is limited to solutions offered by major players, including the providers of software and services. The regions considered in the scope of the report include North America, Europe, and others.

The study also emphasizes on how the deployment of BIM tools for a building helps various people involved in planning and constructing a building.

In the recent years, owing to its benefits over the existing solutions, such as paper-based design and modeling, and CAD systems, BIM has recorded an increasing adoption. The emergence of BIM has created a paradigm shift within the architecture, engineering, construction, and operations (AECO) industry, by changing the way construction activities are planned, designed, built, and managed.

These tools facilitate money saving, time saving, and simplifying the construction processes, thereby driving the building information modelling software market. Moreover, companies are trying to develop a standardized BIM model that can be used to integrate the different types of modeling systems.

In addition, government norms in various countries are promoting the usage of BIM software in key international markets. Similarly, through its various modules, BIM enhances project performance and productivity.

However, cost- and implementation-related issues can act as challenges for the widespread adoption of BIM software.

Governmental Mandates Promoting the Usage of BIM in Key International Markets

The introduction of governmental regulations in major markets, such as the United Kingdom, the United States, and Singapore, has considerably aided the adoption rate of BIM software. With growing population, there has been a rise in the demand for the residential sector, and various governments are providing incentives for the growth of this sector.

For instance, the UK government aims to make Level 2 BIM mandatory for all publicly-funded projects from 2016 onwards, which is expected to subsequently help Europe account for the largest market share in the near future. In addition, the adoption of these solutions in several states, universities, and private organizations of the United States are supporting the adoption of higher BIM standards.

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Commercial Applications to Account for Highest Market Share

These solutions are witnessing an increased adoption in the commercial segment, because they offer a competitive advantage over high-end commercial contractors, as they become more aware of their competencies and capabilities. Developing these buildings requires a new and sophisticated approach toward design, thus emphasizing the need for BIM technology.

Moreover, in sectors, such as retail, for large retailers, BIM can support complex planning applications, particularly where engagement with local stakeholders is required to overcome potential objections.

Asia Pacific to Witness the Highest Growth Rate

In the Asia-Pacific region, the growth in the market is augmented by the growth of the construction industry in countries, such as China and India. Government-aided schemes such as Smart Cities in India, which plan to develop 100 cities with revamped infrastructure in the country, is further expected to drive the demand for BIM solutions.

Moreover, China is undertaking various new infrastructural projects. Over the next decade, China plans on moving approximately 250 million people into the country’s rapidly growing megacities, thus increasing the demand for residential and commercial infrastructure.

In addition, the growth of the smart homes market in the region is expected to augment the demand for such solutions.

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Key Developments in the Market

  • Oct 2017 - AutoDesk invested in Project Frog, a component building company, to create a cloud-based data platform that connects the manufacturing and project delivery with the architectural design process. Project Frog’s developers are expected to benefit from Autodesk cloud technology, for the creation of tools and workflows that meet market demands, as industrialized construction and manufacturing become a more integral part of project workflows.
  • Oct 2017 - Nemetschek acquired RISA, a US-based software provider, to enhance its structural analysis portfolio and expand its solution portfolio in the AEC market, after cementing its position in European structural analysis and design market, through its brand SCIA. The acquisition of RISA further establishes its commitment to delivering complete engineering workflows in the US market.
  • Jul 2017 - ClearEdge3D acquired Pericept, a construction verification software firm. With this acquisition, ClearEdge 3D plans to integrate the BIMtrace algorithms and features in the future versions of Verity. In addition, the company plans to offer the construction community a powerful and versatile new QA/QC tool, by bringing these two technologies into a single platform.


Reasons to Access this Report

  • How the government do mandates regarding the use of BIM in various countries influence the market scenario?
  • Analyze various perspectives of the market, with the help of Porter’s five forces analysis.
  • Which solution type and application are expected to dominate the market?
  • Which regions are expected to witness the fastest growth during the forecast period?
  • Identify the latest developments, market shares, and strategies employed by the major market players.
  • 3 months analyst support along with the Market Estimate sheet (in excel)

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