MarketsandMarkets estimates the global building information modeling market to be worth USD 5.4 billion in 2020 and USD 10.7 billion by 2026, based on COVID-19 impact analysis.
FREMONT, CA: The building information modeling (BIM) market was valued at USD 5.4 billion in 2020 and is expected to reach USD 10.7 billion by 2026, according to a report published by MarketsandMarkets. A CAGR of 12.5 percent is predicted during the projection period. As a result of COVID-19, urbanization worldwide, BIM's wide range of advantages to the AEC industry, and expanding government initiatives, BIM is experiencing a significant spike in popularity. IoT in construction, BIM, and new standards like ISO 19650 present a development opportunity for market players.
The software category is expected to capture a higher part of the market for BIM.
BIM software solutions demonstrate characteristics such as application interoperability, ease of visualization, and cost-effectiveness. The BIM software package generally comprises solutions for various project life cycle objectives, including architectural, sustainability, structures, mechanical, electrical, and plumbing (MEP), construction, and facility management. Autodesk Revit Structure, Graphisoft ArchiCAD, Nemetschek ALLPLAN Architecture, Bentley Facilities Manager, and Tekla Structures are some of the BIM software solutions available on the market. Numerous architecture, engineering, and construction (AEC) experts are increasingly utilizing 3D BIM. The best advantages of BIM software are 3D visualization of a project, cost and time savings, and making design adjustments.
Building applications are expected to account for the lion's share of the market for BIM.
In the construction business, BIM is gaining traction. Commercial, residential, and retail structures are the most common applications. These applications focus on adopting BIM by enterprises primarily responsible for constructing commercial and retail structures (i.e., new work, additions, modifications, maintenance, and repairs). BIM is used chiefly to design buildings during the preconstruction phase when 3D models are created and the project's flow is determined. Building applications, together with business centers, shopping complexes, and retail stores, account for the most significant portion of the BIM market due to the growing number of structures or construction projects.
In 2020, the preconstruction phase accounted for the lion's share of the market for BIM.
BIM is used throughout a building's preconstruction (design), construction, and operation phases. It incorporates all facets of a construction job into a single package. Users working on separate phases of a project can resort to the data from that project in the event of an issue; this avoids cost overruns. For instance, BIM is used in maintenance to assist plumbers and electricians in locating pipes and wires to avoid causing unnecessary damage to walls, floors, or/and ceilings. Since most BIM work occurs during the preconstruction phase, this phase is expected to have the most significant market share in 2025.