Building Information Modelling Market Forecast & Business Opportunities 2017-2024
Building Information Modelling Market size is projected to witness a substantial growth in market share during the forecast timespan owing to the optimization of project performance and the increased productivity offered by these tools. It combines aerial imagery, laser scanning and other tools with 3D imaging to increase the productivity of the project. The technology allows for early identification of errors, real-time performance management and reduction of the risk of rework, thereby enhancing the building information modelling market growth.
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Building information modelling market are increasingly adopted into diverse industries due to the wide range of benefits that it offers and is highly focused in the engineering and construction sector. It is faster as compared to traditional 2D processes and each object is connected to a database that is updated as the project model evolves. The construction industry is expected to experience high growth and will increase the demand for the process. Administration measures to raise awareness of the benefits of these processes is also predicted to aid building information modelling market growth.
In addition, governments in across the globe such as U.A.E and U.S are mandating the usage of this technology. For instance, in May 2011, the government construction strategy report published by the U.S cabinet announced their intention to require 3-D building information modelling in all its projects by 2016 as they offer availability of reliable and appropriate information about assets assists in the decision making and activity planning. Building information modelling market provides a structured framework for the creation and exchange of information about the assets which is influencing the industry demand.
Green buildings are gaining prominence across various countries. The rising awareness of energy consumption and the environmental consequences of the business operations has led companies to focus on adopting strategies to take up corrective measures. Construction and engineering activities contribute extensively to the emissions and energy consumption across the world. The application of building information modelling market during building energy simulations can massively improve the energy analysis process by aiding stakeholders in the critical design decisions. The introduction of this concept into has given rise to green buildings. The ROI of the building information modelling market is anticipated to be high and can further streamline the industry growth.
Rising penetration of the technology requires a highly-specialized skillset, which tend to hamper building information modelling market growth Application of the technology requires training & costs and time allocated to the training of labor is high. The perceived cost of implementing building information modelling technology is very high and as a result many businesses are hesitant to adopt it into their business operations despite its benefits. Additionally, the development of such technology requires highly specialized labor that can hinder the growth of the building information modelling market.
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Building information modelling market can be segmented on verticals include commercial, industrial, institutional, residential and infrastructure. The commercial and industrial segments are predicted to witness significant demand during the forecast timespan. It is attributed to the rising government regulations mandating the use of the software. Additionally, digital prototyping analysis and simulation aid in shortening the time required to complete the designing and construction of the project while boosting the productivity and lowering the risk associated with it.
Project life cycle segmentation of the building information modelling market comprises of pre-construction, construction and operation segments. The pre-construction segment is anticipated to dominate the industry since usage of these software during this stage boost efficiency and reduce the threat of making a critical error.
U.S is anticipated to dominate the building information modelling market owing to the government regulations and rising awareness of its benefits among the contractors and constructors of commercial buildings. Rapid industrialization in emerging economies, for instance China and India, is expected to increase the building information modelling market growth in the Asia Pacific region.
Companies in the building information modelling market include Beck Technology Ltd., Nemetschek Group, Autodesk Inc., Trimble Navigation Ltd, Asite Solutions Ltd, AECOM, Bentley Systems, Dassault Systems SA, and Pentagon Solutions Ltd. Players operating in the global marketplace need to adopt business strategies such as mergers, acquisitions and partnerships to capture market share and strengthen their foothold. In December 2016, Software provider Nemetschek SE had announced its acquisition of dRofus. This was done to strengthen Nemetschek Group’s international hold which focuses on innovations such as Open building information modelling.
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