CHICAGO, July 28, 2022 /PRNewswire/ -- Building Information Modeling Market is projected to reach USD 10.7 billion by 2026 from USD 5.4 billion in 2020; it is expected to grow at a CAGR of 12.5%, according to a new report by MarketsandMarkets. Rising adoption of remote working due to COVID-19, rapid rise in urbanization globally, wide-ranging benefits of BIM realized by AEC industry, and growing government initiatives for adoption of BIM are some of the key drivers contributing to the growth of the building information modeling market.
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APAC accounts for the fastest growth rate of the building information modeling market during forecast period
The market in APAC is expected to grow at the fastest rate due to the use of BIM for large-scale infrastructure and building projects. Additionally, government initiatives are expected to act as a significant factor driving the BIM market in APAC. Governments in the region have started imposing new regulations regarding building construction permits. For example, Japan, China, and South Korea have already made BIM documents mandatory, especially for public buildings, along with green certification-related documents.
Software segment to account for a larger share of the building information modeling market
Software solutions used for BIM exhibit features such as interoperability between applications, easy visualization, and cost-effectiveness. The BIM software suite generally encompasses solutions for various objectives, such as architecture; sustainability; structures; mechanical, electrical, and plumbing (MEP); construction; and facility management in a project life cycle. Different types of BIM software solutions available in the market are Autodesk Revit Structure, Graphisoft ArchiCAD, Nemetschek ALLPLAN Architecture, Bentley Facilities Manager, and Tekla Structures. 3D BIM is increasingly being used by several architecture, engineering, and construction (AEC) professionals. 3D visualization of a project, reduction in costs and time, and flexibility of making changes in designs are the best features of the BIM software.
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Building application to account for the largest share of the building information modeling market
BIM is gaining popularity in the construction industry. The buildings applications mainly include commercial, residential, and retail buildings. These applications focus on the adoption of BIM by firms that are primarily responsible for working on the construction (i.e., new work, additions, alterations, maintenance, and repairs) of commercial and retail buildings. BIM is mostly used for designing buildings during the preconstruction phase in which 3D modeling of a building is prepared, and the flow of the entire building project is decided. Building applications account for the largest share of the BIM market because of the increasing number of buildings or construction projects, along with business centers, shopping centers, and retail shops.
Key Market Players
- Autodesk (US),
- Nemetschek (Germany),
- Bentley Systems (US),
- Trimble (US),
- Dassault Systèmes (France),
- RIB Software (Germany),
- ASITE (UK),
- AVEVA (UK), and
- Hexagon (Sweden) are among the major players in the building information modeling market.
The preconstruction phase accounted for the largest share of the building information modeling market in 2020
BIM is adopted in the pre-construction (design), construction, and operation phases of a building project. It inculcates all the aspects of a building project into one package. Users working in different phases can refer to the data from a particular project if a problem arises; this prevents cost overrun. For example, BIM is used for maintenance purposes and helps plumbers and electricians locate pipes and wires to prevent unnecessary damage to walls, floors, or/and ceilings. As most of the BIM work is done in the preconstruction phase, this phase is likely to hold the largest market share in 2025.
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