Building Information Modelling Market Size, Share Analysis 2020-2023 | COVID-19 Pandemic Impact, Top Players, Future Trends, Challenges and Regional Forecast

Building Information Modelling Market Analysis

The Building Information Modelling Market size will touch USD 8000 million at a whopping 14.9% CAGR between 2018- 2023, as per the current Market Research Future (MRFR) analysis. Building information Modelling or BIM is a form of software that is used by AEC professionals, construction firms, and real estate companies for effective project life cycle management.

Various factors are propelling the global building information Modelling market share. According to the recent MRFR report, such factors include the demand for building information Modelling in the construction industry, an increasing number of infrastructure projects, rising urbanization, growing awareness about the benefits of BIM for the AEC industry, and rising mandates by the government to adopt BIM. Additional factors adding market growth include the developing economies, growing need for infrastructure and housing development, and growing worldwide population.

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On the contrary, lack of construction safety equipment, scarcity of skilled labor, and shortage of parts, construction equipment, and materials due to the COVID-19 outbreak may impede the global building information Modelling market growth over the forecast period.

Market Segmentation

The MRFR report highlights an inclusive segmental analysis of the global building information Modelling market based on the project lifecycle, product, industry, and end user.

By product, the global building information Modelling market is segmented into BIM training services, BIM software, and BIM project management. Of these, the BIM software segment will lead the market over the forecast period. It is predicted to touch USD 1300 million and at a 16.2% CAGR by 2023.

By project lifecycle, the global building information Modelling market is segmented into pre-construction, operation, and construction. Of these, the pre-construction segment will dominate the market over the forecast period. It is predicted to touch USD 1400 million at a 14.9% CAGR by 2023.

By end user, the global building information Modelling market is segmented into engineers, government, and architects. Of these, the engineers segment will have a major share in the market over the forecast period. It is likely to touch USD 1300 million at a 14.4% CAGR by 2023.

By industry, the global building information Modelling market is segmented into commercial, residential sports, entertainment, oil and gas industries, healthcare, industrial, and others. Of these, the commercial segment will command the largest share in the market over the forecast period. It is predicted to touch USD 744 million at an 18.3% CAGR by 2023.

Regional Analysis

Based on the region, the global building information Modelling market report covers the recent trends and growth opportunities across the Asia Pacific (APAC), North America, Europe, Latin America, & the Middle East and Africa. Of these, North America will lead the market over the forecast period. It is likely to touch USD 1350 million at an 11.2% CAGR by 2023. The growing adoption of cloud-based engineering software, coupled with a huge number of headquarters, companies, architects, construction companies, and consultants employed, are adding to the global building information Modelling market growth in the region.

The building information Modelling market in Europe is predicted to hold the second-largest share over the forecast period. It is likely to touch USD 1180 million at a 17% CAGR by 2023. Increased infrastructural development and high disposable income are adding to the global building information Modelling market growth in the region.

The building information Modelling market in the APAC region is predicted to grow at a fast pace over the forecast period. Increasing smart cities, coupled with the rise in construction activities across Singapore, China, and Japan is adding to the global building information Modelling market in the region.

The building information Modelling market in the LAMEA is predicted to have sound growth over the forecast period.

Key Players

Key contenders profiled in the global BIM market report include Archidata Inc, RIB Software SE, Bentley Systems, Trimble Inc, Asite Limited, Nemetschek SE, Hexagon AB, Aveva Group Plc, Dassault Systèmes, and Autodesk Inc.

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