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.
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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.
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Key Trends 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.
Key takeaways from the presented Building Information Modeling Market analysis:
- In-depth understanding of the innovations in the market space
- Region-wise assessment of the different factors expected to influence market growth in each region
- Influence of technological advances on the market
- A thorough assessment of growth opportunities for market players in different regions
- Analysis of the supply-demand ratio in different end-use industries
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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.
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