Allied Market Research: Building Information Modelling Market to Reach $15.89 Bn Globally by 2027 at 15.2% CAGR
Allied Market Research published a report, titled, "Building Information Modeling Market by Component (Solution and Services) Deployment Mode (On-premise and Cloud), Project Life Cycle (Preconstruction, Construction, and Operations), Building Type (Commercial, Residential, and Industrial), Application (Planning & Modelling, Construction & Design, Asset Management, Building System Analysis & Maintenance Scheduling, and Others), and End User (Architects/Engineers, Contractors, and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027. According to the report, the global building information modelling industry was estimated at $5.20 billion in 2019, and is expected to hit $15.89 billion by 2027, registering a CAGR of 15.2% from 2020 to 2027.
Drivers, restraints, and opportunities
Enhanced productivity through interoperability, government mandates for BIM usage, and developments in the construction industry fuel the growth of the global building information modelling market. On the other hand, high implementation cost and lack of skilled workforce impede the growth to some extent. However, rise in environmental & energy concerns and emergence of virtual reality (VR) and augmented reality (AR) technologies and its integration with BIM are expected to pave the way for lucrative opportunities in the industry.
- The outbreak of the pandemic led to wide adoption of BIM technology to let projects continue in a virtual and digital method.
- Covid-19 has certainly accelerated the demand for new ways of building offices and homes using smart construction, thereby driving the global market for building information modeling technology to a significant extent.
The solution segment to dominate by 2027
Based on component, the solution segment accounted for nearly two-third of the global building information modeling market share in 2019, and is expected to rule the roost by 2027, owing to increase in adoption of building information modeling solutions in the AEC industry. The services segment, on the other hand, would garner the fastest CAGR of 17.1% during the forecast period. Growth in demand for cloud-based building information modeling services is expected to drive the segment growth.
The on-premise segment to lead the trail
Based on deployment model, the on-premise segment contributed to nearly three-fifths of the global building information modeling market revenue in 2019, and is anticipated to maintain the lion's share by the end of 2027. Growing concerns about security of data associated with construction projects, which is highly valuable, encourages construction companies to adopt on-premise solutions. This factor drives the segment growth. At the same time, the cloud segment would manifest the fastest CAGR of 17.2% throughout the forecast period. Rise in adoption of cloud-based building information modeling solution among both large and mid-sized enterprises majorly boosts the growth of the segment.
North America garnered the highest share in 2019
Based on geography, North America garnered the highest share in 2019, generating nearly two-fifths of the global building information modeling market. The market in the region is expected to be driven by ongoing technological advancements in products offered by the key players operating in the continent, supportive government policies, increasing environment awareness, and growing real estate industry. Simultaneously, Asia-Pacific would grow at the fastest CAGR of 19.2% from 2020 to 2027. The growth of BIM technologies is prominent in this region, owing to the booming construction sector. This factor propels the market growth in this province.
Frontrunners in the industry:
- Autodesk, Inc.
- Asite Solution
- Beck Technology Ltd
- Bentley Systems
- AVEVA Group plc
- Dassault Systèmes
- Hexagon AB
- Nemetschek SE
- Pentagon Solution Ltd.
- Trimble Ltd.
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SOURCE: Allied Market Research (AMR)