BIM in Construction Market Company Profiles and Outlook | A $7,536.0 Million Opportunity by 2027
The global BIM in construction market is growing at a CAGR of 15.0% forecast by 2027
PORTLAND, OREGON, UNITED STATES, October 17, 2023 /EINPresswire.com/ — The global BIM in construction market size is expected to reach $7,536.0 million in 2027, from $2,514.5 million in 2019, growing at a CAGR of 15.0% from 2020 to 2027
The BIM in Construction Market has revolutionized the construction market. BIM is a digital representation of a building’s characteristics, offering 3D visualization and enabling collaboration among stakeholders. It enhances efficiency, reduces errors, and cuts costs by identifying clashes early in the project. It integrates all aspects of a construction project, including architectural, structural, mechanical, and electrical components into a single, coherent model. This 3D model serves as a central repository of information, ensuring collaboration, coordination, and communication among various stakeholders throughout the project’s lifecycle.
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Top Leading Companies: Autodesk Inc., AVEVA Group, Bentley Systems, Hexagon AB, NEMETSCHEK, Oracle Corporation, Procore Technologies, Inc., Trimble, Inc., Vectorworks, Inc., and Vizerra SA.
Use of Building Information Modeling (BIM) has created new opportunities for the construction industry to overcome the drawbacks caused by mismanagement and inadequate planning of projects. BIM has gained major importance in the execution of large-scale projects. Further, BIM also offers data transparency within planners, executioners, stakeholders, and project managers to inspect over the construction projects for any short comings and risks. Use of BIM not only optimizes project duration but also manages the resources utilized for the project, which saves over-costing and wastage of resources
Moreover, North America is the highest contributor in the BIM in construction market, owing to the developed construction techniques in the U.S. and Canada. However, China BIM in construction market is expected to grow significantly mainly due to high adoption rate of smart technologies in the country. The Chinese government has developed policies to enhance the growth of 5G connectivity technology. 5G network is highly efficient in interacting with building platforms and analyze data collection & processing in construction activities.
The BIM in construction market is segmented on the basis of phase of work, end user, deployment model, and region. Based on phase of work, the market is fragmented into construction and operation. Depending on the end user, the global market is categorized into engineers and contractors. By deployment model, the market is classified into cloud-based and on-premises. By application, the market is classified into residential and non-residential.
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Rising government mandates for BIM usage across the globe and the growing construction industry fuels the growth of the market. However, high cost of the software and limitation of the trained professionals hampers the growth of the market. Furthermore, Technological advancements to manage data at remote servers and improvised inter-coordination between users using cloud-based solutions are expected to provide lucrative opportunities for the growth of the market.
BIM software can identify clashes and conflicts in design early in the project, minimizing costly on-site adjustments and delays. By optimizing construction processes and reducing rework, BIM can lead to significant cost savings. Projects are completed faster, and materials are used more efficiently. BIM enables the analysis of energy efficiency, water usage, and other sustainability factors. This empowers stakeholders to make environmentally friendly choices during construction. BIM’s utility extends beyond construction. It provides valuable data for facility management and maintenance, optimizing a building’s operational efficiency.
BIM is transforming the construction market by improving collaboration, visualization, and project efficiency. Although there are challenges to adoption, its benefits far outweigh the drawbacks. As technology advances, BIM’s role in construction is set to expand, and it will continue to be a driving force behind innovation in the industry. Embracing BIM is not just an option but a necessity for staying competitive in the evolving construction market.
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David Correa
Allied Analytics LLP
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