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Understanding Building Information Modelling Market Future Growth, Size and Share

09-04-2019 03:24 PM CET | Industry, Real Estate & Construction

Press release from: Coherent Market Insights (CMI)

Building Information Modelling Market

Building Information Modelling Market

Building Information Modelling (BIM) is an intelligent and model-based process that provides insights for creating and managing construction projects at a fast pace, economically, and in a highly sustainable. All the data are collected during the design, construction, management, and maintenance phases are incorporated into digital models that can be used by all construction partners. BIM helps in building a virtual project at the initial state of construction and it is known as virtual construction.

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Increasing demand for improving productivity and competitiveness in the architecture, engineering, and construction industries is a key factor driving adoption of building information modeling

Building Information Modelling (BIM) technology helps in increasing productivity by minimizing costs and time. Moreover, due to various advanced features such as minimizing the duration of project management, reduce rework, and improve quality have increased demand for BIM in construction industry.

Also, increasing government support for the implementation of BIM in various projects have further driven market growth. For instance, the U.K. government projects that BIM would help in 20–30 percent reduction in the lifecycle cost of its public-sector assets built after 2016.

Resistance to Change is the major hindering factor in the growth of the market

Complexity in operation and lack of trained professionals to operate the software with the required proficiency, and the possibility of mishandling that may lead to loss of time and cost are among the other substantial factors that will continue to hinder the industry growth prospects. Furthermore, lack of BIM standards and low consumer awareness are also negatively impacting growth of the market.

Global Building Information Modelling (BIM) Market: Taxonomy

On the basis of offering, the global building information modeling market is segmented into:
-Software
-Service

On the basis of the project type, the global building information modeling market is segmented into:
-Pre-Construction
-Construction
-Other

On the basis of vertical, the global building information modeling market is segmented into:
-Commercial
-Residential
-Infrastructure
-Institutional
-Industrial
-Others

Global building information modeling - Regional Insight
On the basis of geography, the global business information modeling market is segmented into North America, Europe, Asia Pacific, Latin America, Middle East, and Africa. The US held a dominant position in the market and is projected to retain its dominance throughout the forecast period.

Supportive government initiatives in the country creates a highly conducive environment for growth of the BIM market in the region. For instance, United States General Services Administration (GSA) formulated the National BIM Program in 2003. According to this program certain policies are mandated for the BIM adoption in all Public Buildings Service projects.

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Europe is expected to be the second largest market during the forecast period. The increasing construction industry become one of the major driver for the growth of the market in this region. For instance, the number of new buildings construction had been increased by 7.5 percent to US$ 87.4 billion (Euro 70.9 billion) 2016 as compared to previous year.

Key Companies in global building information modelling Market

Major players operating in the global building information modelling market include Autodesk Inc., Nementschek SE, Trimble Navigation Ltd., Bentley System, Inc., Asite Ltd, AVEA,RIB Software AG, Dassault Systems, Archidata, Inc., Intergraph Corporation, Beck Technology Ltd., Computer & Structure, Inc., Robert Mcheel & Associates, and Cadsoft

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About Coherent Market Insights:
Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.

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