30 March 2021
Visiongain has published a new report on Building Information Modelling Market Report to 2031: Forecasts By Offering (Software, Services), By Project Life Cycle (Pre-Construction, Construction, Operation), By Application (Residential, Commercial, Public Infrastructure, Industrial, Others), By End-User (Consultants and Facility Managers, AEC (Architecture, Engineering and Construction) Professionals, Others). PLUS, Profiles of Building Information Modelling Companies and Regional and Leading National Market Analysis. PLUS COVID-19 Recovery Scenarios.
Global Building Information Modelling (BIM) market was valued at US$ XX billion in 2019 and is projected to reach a market value of US$ XX billion by 2031.
Building Information Modelling (BIM) is an intelligent 3D model-based process. It provides insights and tools to the architecture, engineering, and construction (AEC) professionals for efficient planning, designing, constructing, and managing buildings and infrastructure. Government mandates supporting the adoption of BIM, rise in construction activities, and high focus on boosting the productivity and operational performance are the factors driving the growth of building information modelling market. The market seeks growth opportunities from Growing demand for green building and digitalization in the construction industry. However, high cost of implementation and lack of skilled workforce are some of the factors hampering the market growth during the forecast period.
COVID-19 Impact on Building Information Modelling Market
The outspread of coronavirus in the past few months has affected the businesses and livelihood of the people at an unprecedented rate. The sudden spread of COVID-19 is expected to have a negative impact on the market. Following the guidelines set by the World Health Organization (WHO), the governments of almost all the countries across the globe have imposed nationwide lockdown to minimize the further spread of the virus which has resulted in disruption in the supply chain. The Associated General Contractors of America (AGC) reports that 45% of contractors are experiencing delays or disruptions due to the shortages of materials, parts, and construction equipment. Moreover, due to the lockdown, all the construction projects have been halted, which is expected to have a negative impact on the market. Also, the economic downturn followed by the pandemic has forced the enterprises to cut down on IT spending, which is further expected to have a negative impact on market growth.
Government Mandates Supporting Adoption of BIM
Governments of various countries across the globe are focus on adopting digitalization strategy. As part of the digitalization strategy, they started initiatives supporting the adoption of BIM for automating the AEC activities. This initiative has been highly supported in countries such as the UK, Singapore, the US, France, Germany, Denmark, the Netherlands, China, Japan, UAE, India, and Brazil among many others which are driving the market growth. In 2016, the UK government mandated BIM in every construction project, which is funded by the central government. The governments move for BIM has accelerated the rate of adoption in the UK and other countries across the globe.
High Focus on Boosting the Productivity and Operational Performance
BIM is one of the significant technologies used in the construction industry. The software offers greater control and precision over the project operations and resources, which helps to manage cost, quality and time efficiently. Moreover, the software allows easy data sharing, analysis of proposals or simulations, and management & control over the entire project lifecycle. Thus, these benefits help in boosting productivity and operational performance significantly, thereby driving the demand for BIM software.
Digitalization in the Construction Industry
The construction industry is slowly and steadily entering the digital age and reshaping itself. BIM is expected to be the central pillar of adopting the digital strategy. Adoption of BIM is expected to provide significant opportunities in terms of direct costs, quality, project delays, and security across the entire value chain. The BIM software helps industry key players to meet the evolving client expectations and help in offering them innovative solutions. Thus, the digital transformation of the construction industry is expected to drive the growth of the global BIM market.
Growing Demand for Green Building
The demand for green building or sustainable building has been witnessing a rise. The sustainable building requires exhaustive designing efforts in the early development stages. BIM offers a digital representation of the information which helps in understanding the project scope, schedule, and cost information throughout the phase. The designs and information provided through BIM software help in making efficient, sustainable design strategies. Thus, the growing demand for green building is expected to create growth opportunities for BIM software during the forecast period.
The Building Information Modelling market is highly competitive. The key market players are focused on innovating its product portfolio with advanced capabilities. They are also involved in mergers & acquisitions strategies to broaden their offerings, customer base, and market share. Some of the companies profiled in the report include Trimble Inc., Autodesk Inc., Hexagon AB, Aveva Group Plc., Dassault Systèmes, Nemetschek SE, Bentley Systems, Pentagon Solutions Ltd, Asite Limited, and RIB Software SE.
July 2020, Autodesk Inc. acquired Pype, a cloud-based construction project management company. The acquisition aimed at providing value to the end-users by automating the critical construction workflows over the Autodesk Construction Cloud, which minimizes the project risks and increases productivity.
March 2019, Trimble Inc. released the new version of its Tekla Structures, a structural BIM software solution for the construction industry. This new version offers CIP framework tools, improved geometry, and automated tools, which helps enables the AEC professionals to achieve smoother workflows, precise control and enhanced productivity.
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