According to a newly updated Fact.MR analysis on the building information market, the sector is predicted to reach US$ 19.97 Bn by 2032, expanding at a CAGR of 12% over that time. The Institution of Civil Engineers (ICE) estimates that the global construction sector would grow by 85% to surpass US$15.5 trillion by 2030 as a result of rapid growth in the United States, India, and China. As a result, interest in monitoring options for these structures is growing quickly.
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. However, with the flattening of infection curves and the acceleration of vaccination campaigns starting in 2021, chances have gradually improved.
10% of the overall market revenue for building information modelling is anticipated to come from North America. A major revolution is looming as the GIS industry switches to 3D modelling. The progression shows the transition from 2D to 3D BIM in the design and construction sector, pointing to the rise of GIS and BIM integration into a single holistic environment that is expected to drive the market.
The creation of sustainable buildings and related systems is another area where the BIM solution is anticipated to be helpful. BIM’s ability to collect and handle massive volumes of data related to the built environment is anticipated to be a useful tool for the construction industry as sustainable building designs become more prevalent.
Important conclusions from the market study
- Building information modelling will have a $6.43 billion global industry by 2022.
- AEC will deploy 60% of building information modelling by end user.
- Ten percent of submissions for building information modelling will come from North America.
- China will become the market with the quickest rate of growth, with a CAGR of 11% through 2032.
- From 2022 to 2032, the global building information modelling market is expected to triple.
Competitive Environment
The global BIM market is highly fragmented, with only a handful of significant players providing specialised application modules. The following are a few of the most important changes to the market:
- In November 2020, Autodesk announced the launch of a brand-new AEC platform that would be cloud-based and allow for BIM 360 integration.
- Hexagon AB, a leader in digital technologies and announcing the acquisition of Bricsys, a rapidly expanding CAD (computer-aided design) software firm, in October 2018. The acquisition is intended to provide building technology solutions.