LONDON, January 5, 2022 /PRNewswire/ — The World Building Information Modeling Market the size in terms of income was worth $6.91 billion in 2021 and is expected to reach $18.73 billion by 2028, growing at a CAGR of 15.3% from 2021 to 2028. The global BIM market size is expected to grow at a substantial growth rate owing to several driving factors such as increasing digitalization in the industry building industry, increasing IT investments and growing government acceptance of BIM, resulting in a huge need for Building Information Modeling (BIM).
The growing prospect of public infrastructure globally, the growing promise of 3D modeling and the reduction in the cost of 3D modeling remain important growth drivers.
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Building Information Modeling Market: An Overview
Building Information Modeling or BMI is a process of generating visual representation of buildings at the planning stage using various advanced tools. The technology is rapidly gaining ground globally, as it not only enriches the construction process, but also provides much-needed assurance to builders, owners or third parties such as investors, consultants and government agencies. Technology is also gaining ground, thanks to the increased sophistication of constructions. Growing demand for sustainability in constructions with regards to water, electricity, recycling projects, features such as advanced communication and special public projects such as highways, bridges and tunnels remain a driving force. promising of the BMI market. BMI technology originated in the 1970s, but gained prominence in 2000 when the development of industry standards and their adoption began. Even today, the BMI industry, despite its enormous benefits to the end user, suffers from insufficient investment in cross-industry-wide hardware standards and software platform compatibility. For example, in 2004 the U.S. National Institute of Standards and Technology (NITS) released a conservative estimate that U.S. fixed assets lost on average $15.8 billion every year due to lack of standardization, highly fragmented nature of the industry, and inconsistent adoption of technology by end stakeholders. Although adoption has increased and fragmented nature is improving, issues such as lack of standardization continue to be a challenge.
Key companies focusing in this report: Building Information Modeling Market
- Nemetschek (Germany)
- Autodesk (US)
- Trimble (US)
- Bentley Systems (USA)
- RIB Software (Germany)
- Dassault Systemes (France)
- AVEVA (UK),
- ASITE (United Kingdom)
- Hexagon (Sweden)
- Pentagon Solutions Ltd.
- Tekla Corporation
- Beck Technology Ltd.
- Dassault Systems
The building information modeling market remains an innovative landscape, in which cost-based innovation and advanced integration ironically promise strong growth opportunities. The balance is often precarious for end businesses, as high-cost products are often hard to sell in an industry, where limited adoption of digitalization still poses a challenge. On the other hand, due to the growing complexity of the nature of construction and the growing demand for model-based planning, remains a promising growth driver.
Building Information Modeling Market: Impact of Covid-19
Covid-19 has had a huge impact on the global economy. This has led to huge delays in investments in public projects, derailment of supply and an increased threat to the safety of workers around the world. The crisis has led to a huge shutdown of the construction sector across the world, and in 2021 the global economy has shown early signs of recovery from the downturn. Prior to the onset of the pandemic, demand for new housing and infrastructure remained high. Trends such as mobile homes, modular homes and the increased penetration of technologies like 3D printing remain promising growth drivers in the construction sector. During the pandemic, this demand took a back seat as high commodity prices, in an increasingly uncertain regulatory environment, held back growth. In 2021, the construction industry is looking for promising new investment opportunities in public space. For example, the US government announced a trillion dollar investment in public infrastructure, similar to Chinese and Indian government plans to expand infrastructure. india Minister of Finances Nirmala Sitharaman announced that the country would invest as closely as possible $1.4 trillion in the country during the period 2021-2025. The large-scale nature of public projects, increased awareness of BMI tools, and their promising use during an uncertain period to reduce costs are expected to remain key growth drivers for the BMI market.
On the other hand, the BMI industry has overcome several conventional challenges such as high costs and limited adoption. Today, these systems are widely accepted in the construction industry, with tools like Autodesk becoming a daily tool for architects, engineers, and others. Government agencies such as the Royal Academy of Engineering have played an important role in developing standards and systems that have enabled communication between stakeholders, driving the promise of business growth, as well as innovative advances in the engineering market. building information modeling.
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Building Information Modeling Market Segmentation Analysis:
By vertical sectors:
- Health care
By end users:
Building Information Modeling Market: Notable Developments
RIB software signed a phase 2 agreement with Max Aicher Bau GmbH in December 2021. The agreement to share iTWO 6D BIM ESG technology promises to combine traditional quality standards with smart industrial processes and services for sustainable progress, read the press release. The collaboration aims to serve end-players in the real estate, leisure and tourism, education, and building and construction sectors. According to Ralph Hößle, managing director of Max Aicher Bau“: Digitization is today a key factor for long-term success. The main added value of the RIB iTWO end-to-end solution is to centrally manage all data and create transparency and more efficiency In all areas”
Building Information Modeling Market: Regional Analysis
The Building Information Modeling Market report is segmented into key regions including North America, Europe, Asia Pacific, Latin Americaand Middle East & Africa. Among these, the North America is expected to witness the highest growth during the forecast period. the establishment of major players in the region, increasing innovation and major expansion projects, thanks to increased awareness among end users, remain key growth drivers. Significant investments from countries around the world, including the United States, Chinaand India also remain promising sources of growth. The emergence of new major players in the Asia Pacific players, increased product diversification and expansion of low-cost products also remain significant growth opportunities in the global BMI market.
Europe The region promises major growth, thanks to growing initiatives for sustainable power generation. The region has become in 2021 the region with the largest sales of electric vehicles. Expanding electric vehicle infrastructure with promising growing sales and increasing regulations weighing on conventional vehicle sales remain promising drivers for further growth, including electric vehicle infrastructure and infrastructure renewable energies. Such promises also exist in emerging regions such as Asia Pacificand North Americawhere demand for electric vehicles remains high.
The Special Requirements Building Information Modeling Market report is also available for the region below:
- Germany, FranceUK, Italy, Spain, SwedenNetherlands, Turkey, Switzerland, BelgiumRest of Europe
- South Korea, Japan, China, India, Australia, Philippines, Singapore, Malaysia, Thailand, IndonesiaRest of APAC,
- Mexico, Colombia, Brazil, Argentina, PeruRest of Latin America
Middle East and Africa
- Saudi ArabiaWATER, Egypt, South AfricaRest of MEA
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