ROCKVILLE Md., March 08, 2022 (GLOBE NEWSWIRE) -- According to a recently published Fact.MR report, the global Building Information Modeling market is projected to grow at a compound annual rate (CAGR) of 12% between 2022 and 2032. The market is expected to reach US$ 19.97 Bn by the end of 2032.
The demand for Building Information Modeling is expected to rise over the forecast period and the market is projected to gain a global market size worth of US$ 6.43 Bn by the end of 2022.
From 2017 to 2021, the market flourished at an 11% CAGR. During the peak of the coronavirus pandemic, growth prospects became restrained, as a global dip in the construction industry amid enforcement of lockdowns was experienced. However, since 2021, prospects have gradually widened, with the flattening of infection curves and fast-tracking of vaccination campaigns.
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Construction is seeing unprecedented increase in terms of project complexity, as seen by the Port Mann Bridge in Vancouver, the Gotthard Base Tunnel in Switzerland, the Three Gorges Dam in China, the Shanghai Tower in China, and the Gotthard Base Tunnel in Switzerland. The creation of such complex buildings needs efficient and cost-effective planning and vision. Based on this assumption, the building information modelling industry will become an inescapable resource in the modern construction business.
Rapid Urbanization to drive the Expansion of the Building Information Modeling Industry
Because of expanding worldwide urbanization, the building information modelling market is expected to develop throughout the projected period. As populations and economies increase, there is a greater need for improved infrastructure for personal and commercial needs, which will drive the global construction sector forward.
The worldwide building information modelling market is expanding due to the fact that improved data transmission and coordination among numerous stakeholders, along with increased construction productivity, gives BIM users a competitive advantage.
Furthermore, the rise in government regulations for BIM usage throughout the world, as well as the expansion of the construction sector, drive market growth. Moreover, technical developments in data management at remote servers and improved inter-user coordination via cloud-based solutions are likely to give attractive potential for market expansion during the forecast period.
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Key Segments Covered in the Building Information Modeling Industry Survey
By Type
- Software
- Services
By Application
- Building
- Oil & Gas
- Civil Infrastructure
- Industrial
By End User
- AEC
- Contractors
- Facility Managers
Competitive Landscape
The market for building information modelling is extremely fragmented, with a significant number of players holding dominant positions. Furthermore, the numerous mergers and acquisitions by market participants have contributed to the development of the building information modelling sector.
- Trimble released the Tekla 2020 BIM software system for advanced BIM, steel fabrication management, and structural engineering in March 2020.
- ALLPLAN, a Nemetschek company, worked with Calypso, a laser scanning expert, in May 2020 to make point-cloud-based working available to a wide variety of clients in a simple and fair manner. A plug-in was developed and is now included in the latest ALLPLAN 2020 edition.
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Key players in the Building Information Modeling Market
- Aecom
- Asite Solutions Limited
- Beck Technology Ltd
- Nemetschek AG
- Synchro Software Ltd
- Pentagon Solutions Ltd
- Bentley Systems Inc.
Key Takeaways from the Market Study
- Global market for building information modeling to reach US$ 6.43 Bn in 2022
- By end user, AEC to account for 60% of building information modeling deployment
- North America to account for 1/10th of building information modeling applications
- China to emerge as the fastest expanding market, registering a CAGR of 11% through 2032
- Global building information modeling industry to expand 3x from 2022 to 2032
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