Mar 25, 2020
Building Information Modeling, to Be a Catalyst for Fundamental Change in the Construction Industry
by Team Fact.MR
Providing the much-needed data reliability and consistency, the global building information modeling market is booming. The market was pegged at US$ 4.7 Bn in 2019. According to the Institution of Civil Engineers (ICE), the global construction market will grow by 85 per cent to reach US$ 15.5 Trillion by 2030 due to rapid developments in US, India and China. Skyscrapers are touching new height records, gigantic tunnels are paving the way for new transport networks, and bridges are covering more distances in an unprecedented way which is propelling the building information modeling market.
Construction is witnessing unprecedented growth in terms of project complexity; case in point, Port Mann Bridge-Vancouver, Gotthard Base Tunnel-Switzerland, Three Gorges Dam-China, Shanghai Tower-China and Gotthard Base Tunnel-Switzerland. The development of such complex structures entails efficient and economical planning and vision. On this premise, the building information modeling market, will become an unavoidable resource within the modern-day construction sector.
Key Takeaways from the Building Information Modeling Market
- MR reports that demand for building information modeling software segment will increase at a striking CAGR of 11% through 2027.
- The major factors driving the growth of the building information modeling market is the rapid development of construction activities around the world.
- Government regulatory organizations are also taking measures to increase the adoption of building information modeling in their respective countries and to heighten the demand for building information modeling.
- The biggest market presently for building information modeling is North America, which is the most technically sound hemisphere with an integrated and sophisticated construction management system
- Intense public and private space projects in U.S. cities such as Chicago and New York have driven North America to meet a significant 10% of the global market demand.
“Thanks to the implementation of building information modeling in various verticals, many new product developments and computer models have been introduced. Development in the commercial sector, such as retail and office buildings, is leading the building information modeling market,” says the Fact.MR analyst
New Competitors Leveraging Innovation to Gain Hegemony
The building information modeling market is highly fragmented with a large number of competitors with holding top shares. In addition, the numerous mergers and acquisitions by market players is also responsible for the development of the building information modeling industry. In 2018, Bentley Systems announced the acquisition of Plaxis, a primary provider of geotechnical software based in Netherlands, with an agreement to acquire SoilVision, a soil engineering software provider based in Saskatchewan, Canada.
Find More Valuable Insights on the Building Information Modeling Market
Fact.MR, in its new offering, provides an unbiased analysis of the global market for building information modeling, with historical data on demand (2013-2018) and expected projections for the period 2019-2027. The report discloses compelling insights into the demand for building information modeling software based on type (software, services), application (building, oil & gas, civil infrastructure, industrial), and end user (AEC, Contractors, Facility Managers) across several major regions.
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About the ICT Division at Fact.MR
Expert analysis, actionable knowledge and tactical advice – The ICT team at Fact.MR helps customers from around the world with their unique business intelligence needs. While mobile and smart technologies tend to be nearly everywhere, the ICT field provides exciting potential for innovation. With a portfolio of more than 1,000 articles and 1 million plus data points, the group has been lucidly analyzing the ICT market in more than 50 countries for over a decade. The team provides end-to-end analysis and consulting services. Reach out and discuss how we can help you.