Building Information Modeling Market Overview:
According to the Institution of Civil Engineers (ICE), the global construction market will grow by 85% to reach $15.5 trillion by 2030 owing to the rapid developments in the U.S., India, and China. Skyscrapers are accomplishing new height records, gigantic tunnels are paving way to new transportation networks, and titanic bridges are covering greater distances in an unprecedented form. Globally, gigantic engineering and infrastructure projects are paramount participant of modern industrialization and civilization. Some of the incredible utmost intricate projects are Gotthard Base Tunnel-Switzerland, Port Mann Bridge-Vancouver, Three Gorges Dam-China, Marmaray Tunnel-Turkey, and Shanghai Tower-China. Crafting such complex structure compels efficient and economical planning and vision, owing to such principles building information modeling market is shaping itself as an inevitable asset of the modern era construction sector. BIM is a rational digital representation that gives architecture, engineering, and construction (AEC) specialists the vision and tools to more proficiently strategize, design, construct, and manage buildings and infrastructure. Due to deliverance of much needed data accuracy and precision, and a cloud based network supplementing exchange and interpretation of data, the global building information modelling market is flourishing, reflecting worth around $3,864.8 million as of 2018.
Building Information Modeling Market Outlook:
Evolution in the project deliverance techniques and construction management marked the introduction of Virtual Design Concept (VDC) including virtual building information modeling, which outstandingly helped in forming mechanical, electrical, and plumbing (MEP) designs and blueprints for a building. Due to such aids and application it delivers, building information modeling market is progressing at a global CAGR of 10.88% during the forecast period 2019-2025.
North America being the most technologically sound hemisphere with an existing advance construction management infrastructure compatible for BIM adoption is the dominant regional building information modeling market. The intense projects pertaining to public and private spaces in the U.S cities such as Chicago and New York has led the North America to grasp a substantial 38% of the global market demand. As per an online release on March 14, 2019, by Council on Tall Buildings and Urban Habitat, Chicago’s City Council has approved multiple new projects that are determined to change the face of the skyline. A classic example is the One Chicago Square, a 76-story skyscraper that has managed to manage an influx of investment worth $850 million. This Goettsch Partners and Hartshorne Plunkard Architecture designed high-rise will comprise of 795 apartments and 75 condominiums, a grocery store and a fitness center. With approval of such complex projects worldwide, building information market is poised for exponential growth.
After an acute analysis of the application segment, infrastructure is reckoned as the most profitable sector for the building information modelling market, growing at a CAGR of 13% to 14% going through 2025. Development of infrastructure to support the globally increasing railways and road network lodging mounting population, is determined to divert huge revenue from the flourishing construction arcade towards global building information modelling market. A recent example can be derived from the Indian economy in the APAC. According to IBEF (India Brand Equity Foundation), the Hyderabad Metro Rail Project is globally the biggest Public Private Partnership Project (PPP) in the metro sector. The network will cover a total distance of around 72 Km and is estimated to o carry 2.2 million passengers per day by 2024. The cost of this project is declared to be $ 2.01 billion.
Building Information Modeling Market Growth Drivers and Trends:
Government regulations and positive stance towards the adoption of building information modeling is a major trend disrupting the market.
- The Government of Hong Kong mandates the use of BIM for all government projects over HK$30M since 1 January 2018.
- Several organizations support BIM adoption and implementation in Canada. For example- the Canada BIM Council, the Institute for BIM in Canada, and building SMART Canada.
Abundant recognition from federal bodies has promoted intensive R&D activities in the building information modeling market. This technology amalgamated with 3D supplementing the three principal dimensions (width, height and depth), with time as the fourth dimension (4D) and cost as the fifth (5D) is altering the vision behind construction of an infrastructure existing from initial formation to demolition. References to a sixth dimension (6D) representing building environmental and sustainability analysis, and a seventh dimension (7D) for life-cycle facility management aspect is also surfacing as the trend.
Building Information Modeling Market Players Perspective:
Some of the key players operating in the building information modeling market profiled in this report are Autodesk Inc., ABM Europe, Atkins Bentley System, Inc, BIM Technologies, Dassault Systemes S.A., Deutsche Bahn, AG Faithful+Gould, Siemens AG, Trimble Inc., Nemetschek AG, and Intergraph Aveva Asite Ltd.
Autodesk Inc. is an American multinational firm, providing software services for services for the architecture, engineering, construction. Some of its software are Autocad, Revit and Maya. Autodesk Inc. recorded a total annualized recurring revenue of $2.05 billion in 2018, an increase of 25% from fiscal 2017.
Building Information Modeling Market Research Scope:
The base year of the study is 2018, with forecast done up to 2025. The study presents a thorough analysis of the competitive landscape, taking into account the market shares of the leading companies. It also provides information on unit shipments. These provide the key market participants with the necessary business intelligence and help them understand the future of the Building Information Modeling Market. The assessment includes the forecast, an overview of the competitive structure, the market shares of the competitors, as well as the market trends, market demands, market drivers, market challenges, and product analysis. The market drivers and restraints have been assessed to fathom their impact over the forecast period. This report further identifies the key opportunities for growth while also detailing the key challenges and possible threats. The key areas of focus include the various software in Building Information Modeling Market, and their specific uses.
Building Information Modeling Market Report: Industry Coverage
By Type: (Software, Service)
By Vertical: (Commercial, Residential, Public Infrastructure, Healthcare, and Other)
By End-User: (Owner, Architects, Engineers, and Other)
By Region: (North America, Europe, APAC, and RoW)
The Building Information Modeling Market report also analyzes the major geographic regions for the market as well as the major countries for the market in these regions. The regions and countries covered in the study include:
- North America: The U.S., Canada, Mexico
- South America: Brazil, Venezuela, Argentina, Ecuador, Peru, Colombia, Costa Rica
- Europe: The U.K., Germany, Italy, France, The Netherlands, Belgium, Spain, Denmark
- APAC: China, Japan, Australia, South Korea, India, Taiwan, Malaysia, Hong Kong
- Middle East and Africa: Israel, South Africa, Saudi Arabia
Key Questions Addressed in the Building Information Modeling Market Report
1. Is the market for the BIM growing? How long will it continue to grow and at what rate?
2. Which type of systems presents the major growth opportunities?
3. Is there a possibility for change in the market structure over time?
4. Are additional developments needed for the existing product or services offerings or do the existing products meet the customer demands?
5. Do the key vendors look for partnerships to expand their businesses with respect to geography or product?
6. What are the short-term, long-term, and medium-term growth drivers for the market?
7. What are the short-term, medium-term, and long-term challenges for the market?
8. What are the short-term, medium-term, and long-term opportunities for the market
9. Who are the top players/companies of the market?
10. What are the recent innovations in the market?
11. How many patents have been filed by the leading players?
12. What are the types of patents filed by the leading players?
13. What is our Vision 2030 for Building Information Modeling Market?
A few focus points of this Research are given below:
Give a deep-dive analysis of the key operational strategies with focus on the corporate structure, R&D strategies, localization strategies, production capabilities, and sales performance of various companies
Provide an overview of the product portfolio, including product planning, development, and positioning
Discuss the role of technology companies in partnerships
Explore the regional sales activities
Analyze the market size and giving the forecast for current and future BIM during the forecast 2018–2023
Analyze the competitive factors, competitors’ market shares, product capabilities, and supply chain structures