Impact of COVID-19 on Building Information Modeling (BIM) Market

Rise in awareness of benefits of information modelling for buildings, especially across construction sector, has seen significant traction in demand for BIM software solutions and services. Favorable changes, such as policy updated by UK government for time bound transition to Level 2 BIM and subsequently Level 3 BIM, has seen larger construction companies implementing the same as part of their business strategy, with penetration reaching close to 70%. Likewise, countries such as Peru, Chile, Italy, Brazil, Canada, and Qatar have BIM mandates in place or are planning to adopt the same in near term, all supporting the market growth.

According to a new market report published by Transparency Market Research “Building Information Modeling (BIM) Market (Solution – Software, Consultancy Service; Software Solutions – On-premise Software, Cloud-based Software; End-user – Architects, Contractors, Engineers, Developers) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2020 – 2027,” the global BIM market was close to US$ 5 Bn in 2019 and is forecast to reach US$ 15.5 Bn by 2027, expanding at a CAGR of 14.7% from 2020 to 2027. North America & Europe are the largest market for BIM in 2019 and collectively accounted for more than 50% revenue share. Growth in these regions is expected to be driven by increases in construction activities and the penetration of cloud-based services for BIM software.

View exclusive Global strategic Business report – https://www.transparencymarketresearch.com/building-information-modeling-market.html

Building information modeling (BIM) is considered to be beneficial and technically advanced tool in the architecture, engineering, and construction (AEC) industry. BIM is a designing tool used to visualize the design aspects of buildings in 3D. Apart from 3D visualization, BIM also helps in attaining estimates of various other factors, such as cost implementation, time requirement, labor requirement, raw material provision, and other key prerequisites in the construction industry. Management of the entire construction lifecycle can be simulated by BIM efficiently.

With a rise in construction activities around the globe, the market for BIM has expanded greatly. Major factors driving the growth of BIM market are desires for increased efficiency, long-term estimation of the project, and augmented workflow. Furthermore, government regulatory bodies undertaking construction activities are taking initiatives to raise the adoption of BIM in their respective countries. A large number of AEC small and medium enterprises (SMEs) have started adopting BIM, which has indirectly boosted the BIM consultancy service segment. The BIM market is facing certain challenges owing to the high cost of software and frequent requirement for software upgrades. Moreover, the lack of trained expertise in the field is a major restraint for the BIM market. Because it is an expensive tool, the adoption rate of BIM is quite low among the AEC SME s.

The BIM market is segmented on the basis of solution types, end-users, end-use industry, and geography. Segmentation based on solution type includes software and consultancy services. BIM software market is further segmented, by deployment type, into on-premise and cloud-based software types. The adoption of BIM is expected to expand over the forecast period due to a rise in the number of cloud-based services. Cloud-based software is the fastest-growing segment in the BIM software market; this growth is attributed to the high cost of on-premise software deployment and large-scale adoption of BIM by AEC SMEs. Architects, engineers, contractors, and developers are among the major end-users and contributors toward BIM revenue generation. The adoption of BIM in 2020 was dominated by the architects, followed by engineers. However, contractors are expected to be the major users of BIM over the forecast period, with their presence expanding at a CAGR of higher than global average during the forecast period.

Request for covid19 Impact Analysis – https://www.transparencymarketresearch.com/sample/sample.php?flag=covid19&rep_id=3667

Number of end use industries are making use of BIM solutions in their infrastructural development. These include water and waste water; bridges, roads, and highways; rail transit and aviation; energy generation facilities, houses and apartments; education institutes and commercial spaces; government buildings; factories and warehouses; dams; and others. The rail transit and aviation sector and educational institutes and commercial spaces segment are analyzed to emerge as most lucrative segments, accounting for highest opportunity share.

The global BIM market, based on geography, is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. Geographically, North America and Europe are the largest market for BIM and expected to maintain their dominant position throughout the forecast period. However, Asia Pacific is expected to witness the fastest growth during the forecast period. China, India, Japan, Australia, and South Korea are among the major markets for BIM in this region. The global BIM market, in the current situation, shows the presence of key players including Autodesk Inc., Bentley Systems Inc., AECOM, Trimble Inc., GRAITEC, Dassault Systemes SA, Nemetschek AG (Vectorworks, Inc), Tekla Corporation, Synchro Software Ltd., Pentagon Solutions Ltd., and Beck Technology Ltd.

The global BIM market is segmented as follows:

BIM Market Analysis, by Solution type