WASHINGTON, July 27, 2022 (GLOBE NEWSWIRE) -- Growing adoption of working from home owing to COVID-19 and the recent rise in urbanization globally along with wide-ranging benefits of Building Information Modeling (BIM) Market realized by the AEC industry is contributing to the growth of the Building Information Modeling (BIM) Market. The increasing trend of IoT in the manufacturing and construction sector also with the increasing trend of BIM in organization standards to adopt ISO 19650 in the market act as a growth opportunity for the market players.
The market size stood at USD 5,721.4 Million in 2021. The Global Building Information Modeling (BIM) Market size is expected to reach USD 1,1172.5 Million by 2028, exhibiting a Compound Annual Growth Rate (CAGR) of 11.8% during the forecast period. states Vantage Market Research, in a report, titled “Building Information Modeling (BIM) Market Size, Share & Trends Analysis Report by Deployment Type (On Premises Deployment, Cloud Deployment), by Offering Type (Software, Services), by Project Lifecycle (Pre-Construction, Construction, Operation), by Application (Buildings, Industrial, Civil Infrastructure, Oil & Gas), by End User (AEC Professionals, Consultants & Facility Managers, Other End Users), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”
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Key Insights & Findings from the Report:
- According to our primary respondents’ research, the Building Information Modeling (BIM) market is predicted to grow at a CAGR of roughly 11.8% during the forecast period.
- The Building Information Modeling (BIM) market was estimated to be worth roughly USD 5,721.4 Million in 2021 and is expected to reach USD 1,1172.5 Million by 2028; based on primary research.
- On the basis of region, Asia Pacific is projected to dominate the worldwide Building Information Modeling (BIM) market.
Market Dynamics:
Driver:
Increasing urbanization across the globe
In recent years lots of new technology has been invented that helps them in various ways. Urbanization and industrialization in several countries across the globe are increasing worldwide. Building Information Modeling (BIM) Market software is a new way to design construction projects. This software has several benefits for various professionals, including architects, engineers, construction workers, etc., as demand for houses increases, which will positively affect this market. This software allows the architect to recognize the construction problem earlier. This ability of the software will benefit the construction sector as it prevents future costly adjustments in the project design, and any changes in the project data are visible to all the workers.
Restrain:
High cost of BIM
Building Information Modeling (BIM) Market software is typically priced on a user-based subscription model. A popular SaaS solution can charge between $35 and $300 per month. Most BIM software solutions also require some form of training that can cost up to $2,000 on top of what you're already paying, and the price of the Revit subscription is A$450 monthly, A$3,580 annually, or A$10,205 for three years. If some of your users only occasionally use Revit, consider buying tokens to access it for 24 hours at a time. Although this software prevents future high-cost construction adjustments, Because of the high initial cost, it may hinder the market growth.
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Segmentation of the Global Building Information Modeling (BIM) Market:
- Deployment Type
- On-Premises Deployment
- Cloud Deployment
- Offering Type
- Software
- Services
- Project Lifecycle
- Pre-Construction
- Construction
- Operation
- Application
- Buildings
- Industrial
- Civil Infrastructure
- Oil & Gas
- Utilities
- Other Applications
- End User
- AEC Professionals
- Consultants & Facility Managers
- Other End Users
- Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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COVID-19 Impact Analysis:
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the manufacturing industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020.
Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
- Impact Assessment of COVID-19 Pandemic
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
- Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
- Key Strategies Undertaken by Companies to Tackle COVID-19
- Long Term Dynamics
- Short Term Dynamics
The report on Building Information Modeling (BIM) Market highlights:
- Assessment of the market
- Premium Insights
- Competitive Landscape
- COVID Impact Analysis
- Historical Data, Estimates and Forecast
- Company Profiles
- Global and Regional Dynamics
Browse market data Tables and Figures spread through 143 Pages and in-depth TOC on "Building Information Modeling (BIM) Market Size, Share & Trends Analysis Report by Deployment Type (On Premises Deployment, Cloud Deployment), by Offering Type (Software, Services), by Project Lifecycle (Pre-Construction, Construction, Operation), by Application (Buildings, Industrial, Civil Infrastructure, Oil & Gas), by End User (AEC Professionals, Consultants & Facility Managers, Other End Users), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)".
Regional Analysis:
is expected to dominate the growth of the Building Information Modeling (BIM) Market in 2021. Rising urbanization and technological adoption in the construction industry are expected to support market expansion. is the earlier adopter of advanced Building Information Modeling (BIM) Market technology, which is a lately designed innovative approach to design and construction. Contractors, engineers, and architects are increasingly adopting BIM, and the count is growing considerably. They are using the Building Information Modeling (BIM) Market process to improve efficiency during a project's design and construction phases, reduce project-related errors, and gain a high return on investments.
List of Prominent Players in the Building Information Modeling (BIM) Market:
- Autodesk
- Nemetschek
- Bentley Systems
- Trimble
- Dassault Systems
- Rib Software
- Asite
- Aveva
- Hexagon
- Archidata
Recent Developments:
In July 2021, Graphisoft, the leading Building Information Modeling (BIM) Market software solution developer for architecture, announced significant enhancements to BIMx and BIM cloud to boost security, storage space, and visualization and collaboration capabilities. In addition, the new 3D BIMx engine is available for Android users as well.
In May 2021, ALLPLAN, a global provider of Building Information Modeling (BIM) Market solutions for the AEC industry, presented an update of its cloud-based data management and collaboration platform, Bimplus. The latest release offers a wide range of new and improved functions for handling Building Information Modeling (BIM) Market models, clear document management, and the integration of guest viewers, which provides a truly digital environment for model collaboration.
In May 2020, Autodesk launched the upgraded version of the Autodesk Construction Cloud software with the release of a new platform called Autodesk Construction Cloud Connect. The upgraded version has several new application programming interfaces (APIs), enabling custom connections for BIM 360 and PlanGrid, as well as 15 new native integrations. Thus, the total number of directly integrated platforms in the Autodesk Construction Cloud ecosystem is more than 140.
In June 2021, The Nemetschek Group announced that its brands Allplan and SDS2 will join forces to create a strong and customer-focused product portfolio of BIM solutions for the entire structural workflow. With the merger, Allplan—a global provider of BIM design software solutions headquartered in Germany—is completing its offering with engineering detailing software for steel.
In October 2020, Autodesk, Inc. completed the acquisition of Pype and its portfolio of cloud-based software solutions for the construction industry.
In October 2020, POWERCHINA Huadong Engineering uses Building Information Modeling (BIM) Market capabilities of Bentley Systems to provide the foundation of a Digital Twin and transform the ancient Chinese city of Shaoxing.
Key questions answered in the report:
- Which regional market will show the highest and rapid growth?
- Which are the top five players of the Building Information Modeling (BIM) Market?
- How will the Building Information Modeling (BIM) Market change in the upcoming six years?
- Which application and product will take a lion’s share of the Building Information Modeling (BIM) Market?
- What is the Building Information Modeling (BIM) market drivers and restrictions?
- What will be the CAGR and size of the Building Information Modeling (BIM) Market throughout the forecast period?
This market titled “Building Information Modeling (BIM) Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
| Parameter | Details |
| Market Size Provided for Years | 2016-2028 |
| Base Year | 2021 |
| Historic Years | 2016-2020 |
| Forecast Years | 2022-2028 |
| Segments Covered |
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| Region & Counties Covered |
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| Companies Covered |
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| Report Coverage | Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis |
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