Building Information Modeling Market

Building Information Modeling Market Segmentation by Building Type (Residential, Public Infrastructure, Commercial, and Others); by Project Phase (Pre-Construction, Construction, and Operation); by Application (Planning & Modelling, Construction Designing, Asset Management, Interior Analysis, and Others); by End-User (Architects, Engineers, Builders & Contractors, Construction Managers, and Others) – Global Demand Analysis & Opportunity Outlook 2030

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Report ID: 3219 | Published On: Nov 24, 2022

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Despite Inflation & Recession News, Businesses Across the Globe Expected to Do Better in 2023

In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.

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Key Questions Answered in the Report

1) What are the major factors driving the growth of the building information modeling market?

Ans: Growing urbanization worldwide and increasing implementation of digital technology in construction sector are the key factors driving market growth.

2) What would be the CAGR of building information modeling market over the forecast period?

Ans: The market is anticipated to attain a ~13% CAGR over the forecast period, i.e., 2022-2030.

3) What are the challenges affecting the building information modeling market growth?

Ans: High investment in the market is estimated to hamper market growth.

4) Which region will provide more business opportunities for growth of building information modeling market in future?

Ans: 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.

5) Who are the major players dominating the building information modeling market?

Ans: 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.

6) How are the company profiles selected?

Ans: 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.

7) What are the segments in the building information modeling market?

Ans: The market is segmented by building type, project phase, application, end-user, and region.

8) Which segment under the application segment captures the largest market size in the building information modeling market?

Ans: 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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