Building Information Modeling Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2020–2030
Global Building Information Modeling Market: Snapshot
The latest corporate intelligence report indicates that the global building information modelling market will record a brilliant growth rate of 12.5 % over the forecast years i.e. 2021 to 2026. The research report places the initial evaluation of the global building information modelling market at US$ 5.4 billion at the base year of 2020.
It also elaborates that the global building information modelling market is anticipated to cross the industry evaluation of US$ 10.7 billion by the end of the forecast period i.e. 2021 to 2026.
The increasing adoption of remote working business models owing to the COVID-19 pandemic is one of the stark and most influential drivers for the growth and development within the global building information modelling market.
Some other significant drivers motivating substantial growth in the global building information modelling market include the rising number of initiatives by governments across the world for seamless adoption of building information modelling systems as well as the increasing usage of emerging internet of things or IoT in construction sector.
Some other drivers and factors that majorly influence the development of the global building information modelling market include the fast paced increase in the trend of globalization as well as urbanization, rising focus of the enterprises and corporate entities of introduction of new standards, for example, ISO 19650 in global building information modelling market.
The developers and players in the global building information modelling market offer various types of unique software tools and modalities that attract the most demand within the industry.
Furthermore, the global growth within the worldwide construction and infrastructure sectors is also motivating the rapid adoption of novel solutions within the global building information modelling market.
Manufacturers and players in the global building information modelling market are focusing on new product launches as well as strategic partnerships and collaborations in order to attract a larger customer base.
Global Building Information Modeling Market: Overview
Building information modeling (BIM) technology is being increasingly adopted by major companies from the AEC industry owing to increased awareness about the benefits of this technology. This factor is expected to fuel the expansion opportunities in the global building information modeling market during the forecast period of 2020 to 2030.
An upcoming report by TMRR provides comprehensive assessment of major factors driving or restraining the growth of the global building information modeling market. Moreover, the study gives in-depth insights on present and historical trends, growth opportunities, and challenges in the market. Therefore, the assessment document works as a trustworthy guide to gain exhaustive insights on the building information modeling market for the forecast period of 2020 to 2030.
The assessment on the global building information modeling market is presented in the form of different segments, which are decided based on many parameters such as offering type, deployment type, application, end user, project lifecycle, and region. Based on offering type, the market is bifurcated into software and services.
Global Building Information Modeling Market: Growth Dynamics
BIM refers to a procedure that produces a 3D model of infrastructures, buildings, and others for AEC experts in order to design, plan, manage, and construct their projects efficiently. The BIM technology is gaining traction as it helps in generation as well as management of digital representations of functional and physical characteristics of places. Moreover, the technology is useful in performing the representation of data using objects in designs form.
The global building information modeling market is expected to expand on the back of many factors such as surge in global urbanization, increased awareness across AEC industry about advantages of BIM. Moving forward, a surge in various government initiatives for acceptance of BIM is projected to help in the expansion of the building information modeling market.
Surge in the trend of BIM and IoT in construction sector and rise in concentration of companies toward the launch of latest standards such as ISO 19650 are some of the factors fueling the growth avenues in the building information modeling market.
Due to onset of the COVID-19 pandemic, there is surge in the adoption of remote work culture by major enterprises from varied industrial verticals. This factor is expected to result into growth of the building information modeling market in the years to come.
Global Building Information Modeling Market: Competition Analysis
The nature of building information modeling market seems to be fragmented. Presence of many active players makes the competitive landscape of the market building information modeling highly intense. To sustain in this competition, players are executing various strategies such as mergers, acquisitions, joint ventures, and new product launches.
Several companies operating in the global building information modeling market are investing in R&D activities. The prime motive of this strategy is to advance the quality of products they provide. Moreover, numerous players are concentrated on expansion of their businesses in new regions.
The list of important players in the global building information modeling market includes:
Global Building Information Modeling Market: Regional Assessment
The global building information modeling market is divided into many geographical regions such as Europe, North America, APAC, and rest of the world. Among all key regions, North America seems to be one of the dominant regions for companies operating in the market for building information modeling.
One of the key factors boosting growth of the North America building information modeling market includes early adoption of advanced BIM technology by engineers, architects, and contractors in the region.
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5-Point Growth Formula
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The 5-point growth formula includes the following points:
Current and Future Threats
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Accurate Trend Analysis
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The reports offer answers to the top 7 questions that revolve around the growth of the market
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