The global building information modelling market is anticipated to expand between 2022 and 2032 at a compound annual growth rate (CAGR) of 12%, according to a report recently released by Fact.MR. By the end of 2032, the market is anticipated to reach US$ 19.97 billion.
Building information modelling is anticipated to see an increase in demand over the course of the forecast period, with a projected US$6.43 billion global market by the end of 2022.
With an 11% CAGR, the market grew from 2017 to 2021. Growth prospects were constrained at the height of the coronavirus pandemic due to a global decline in the construction sector brought on by the imposition of lockdowns.
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The Port Mann Bridge in Vancouver, the Gotthard Base Tunnel in Switzerland, the Three Gorges Dam in China, the Shanghai Tower in China, and the Gotthard Base Tunnel in Switzerland are just a few examples of the unprecedented rise in project complexity in the construction industry. Such intricate structures require efficient and economical planning as well as vision. On the basis of this supposition, the building information modelling sector will inevitably become a resource in the contemporary construction industry.
Building information modelling will grow as a result of rapid urbanisation.
Building information modelling is anticipated to grow during the anticipated period due to rising global urbanisation. The global construction industry will advance as populations and economies grow and as there is a greater need for better infrastructure for residential and commercial needs.
Building information modelling (BIM) users have a competitive advantage thanks to improved data transmission and coordination among numerous stakeholders, as well as increased construction productivity.
The expansion of the construction industry and the rise in BIM usage regulations at the national and international levels also contribute to the market's expansion. Additionally, during the forecast period, technological advancements in data management at remote servers and improved inter-user coordination via cloud-based solutions are likely to offer enticing potential for market expansion.
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A sizable number of players hold dominant positions in the highly fragmented building information modelling market. The growth of the building information modelling industry has also been aided by the numerous mergers and acquisitions by market participants.
· For advanced BIM, steel fabrication management, and structural engineering, Trimble released the Tekla 2020 BIM software system in March 2020.
· In May 2020, ALLPLAN, a Nemetschek company, collaborated with Calypso, a laser scanning expert, to make point-cloud-based working easily and fairly accessible to a variety of clients. A plug-in was created and is now part of the most recent ALLPLAN 2020 version.
Key players in the Building Information Modeling Market
- Asite Solutions Limited
- Beck Technology Ltd
- Nemetschek AG
- Synchro Software Ltd
- Pentagon Solutions Ltd
- Bentley Systems Inc.
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Key Segments Covered
- By Type
- By Application
- Oil & Gas
- Civil Infrastructure
- By End User
- Facility Managers
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