Global Building Information Modeling Market Highlights over 2022-2030
The global building information modeling market is estimated to garner a significant revenue by growing at ~13% CAGR over the forecast period, i.e., 2022–2030. The growth of the market can be attributed to the increasing construction activities, backed by growing population and rising urbanization in the developing countries. According to the data by the World Bank, 55.715% of the total global population was living in urban settlements in 2019, which accounts to around 4.2 billion people. By 2050, 7 out of every 10 individuals are estimated to live in cities. There is an expanding requirement of houses, offices, and other infrastructures to support this increasing urban population, which has resulted in massive growth in the construction industry, and this is expected to continue in the future. The construction industry valued more than USD 10 trillion in 2019, which is expected to further increase post the COVID-19 pandemic. The escalating penetration of digitalization in the construction industry is another major growth driver for the global building information modeling market.
The global building information modeling market is segmented by building type into residential, public infrastructure, commercial, and others, out of which, the residential segment is anticipated to hold a notable share in the market during the forecast period on account of increasing need to provide housing for the growing population, as it is a primary need for livelihood. The global population crossed the mark of 7.674 billion in 2019, according to the census report by the World Bank. This is expected to drive the segment growth. On the basis of application, the market is segmented into planning & modelling, construction designing, asset management, interior analysis, and others, out of which, the construction designing segment is anticipated to hold a substantial share by the end of 2030, as designing is a major part of construction, that needs to be accurate. Digitalization of this process can result in quicker and more accurate construction designs, which can fast track the construction process. This is estimated to boost the segment growth.CLICK TO DOWNLOAD SAMPLE REPORT
Major Macro-Economic Indicators Impacting the Market Growth
The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.
Global Building Information Modeling Market Regional Synopsis
Regionally, the global building information modeling market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in North America region is estimated to garner largest share over the forecast period on the back of introduction of advanced digital technology in the infrastructure domain. Over USD 9 billion is spent on public residential construction in the U.S., as of 2020. The engineers and architects in the countries, such as, Canada and US are increasingly adopting building information modelling, which is further projected to drive the market growth.
The market in the Asia Pacific region is estimated to witness highest CAGR over the forecast period, owing to the increasing construction activities in the developing nations, including, India, China, Singapore, Indonesia, and Vietnam. Infrastructural development of the tier 2 cities is another major growth driver for the APAC market.
The global building information modeling market is further classified on the basis of region as follows:
Our in-depth analysis of the global building information modeling market includes the following segments:
By Building Type
By Project Phase
Top Featured Companies Dominating the Market
FREQUENTLY ASKED QUESTIONS
Growing urbanization worldwide and increasing implementation of digital technology in construction sector are the key factors driving market growth.
The market is anticipated to attain a ~13% CAGR over the forecast period, i.e., 2022-2030.
High investment in the market is estimated to hamper market growth.
The market in Asia Pacific region will provide ample growth opportunities owing to the growing urbanization of tier 1 and 2 cities in countries, such as, India and China.
The major players dominating the market are The ASITE Services, Trimble Inc., Bentley Systems, Incorporated, Beck Technology, Ltd., Pinnacle Infotech, Pentagon Solutions Ltd, Dassault Systemes S.E. (3DS), NEMETSCHEK Group and others.
The company profiles are selected on the basis of revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by building type, project phase, application, end-user, and region.
The construction designing segment is expected to grow at the highest CAGR during the forecast period owing to the growing need for accurate and fast designs and eliminating human errors in the process.
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