DUBLIN--(BUSINESS WIRE)--The "BIM in Construction Market by Phase of Work, End User, Application and Deployment Model: Global Opportunity Analysis and Industry Forecast, 2020-2027" report has been added to ResearchAndMarkets.com's offering.
The global BIM in construction market 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.
Building Information Modeling (BIM) is often termed as a process or software, which allows architects, engineers, and construction (AEC) professionals to design, plan, and construct a building or a structure using 3D models. The use of BIM in construction enhances the project performance and helps in achieving better outcomes while reducing the risks and delays, which generally occur in construction projects. Utilization of BIM in construction can offer better assistance in maintaining construction techniques, scheduling materials & resources, quality, costs, and sequencing construction processes to gain maximum productivity.
Construction projects are prone to excessive costing, owing to the risky nature of the project. Projects often get delayed due to the occurrence of unpredictable hindrances, which are mainly caused by inadequate planning and execution. BIM can be used in all phases of the construction project, including pre-construction, actual construction, and post-construction. BIM offers transparency among the personnel involved in the project by creating informative virtual models, which can offer proper inspection over the work. These virtual models can also be used to derive accurate quantity of materials and determine the time required for conducting various activities.
This can save significant amount of time and costs when compared to manual inspection and estimations. Therefore, reduction in construction costs due to the use of BIM drives the growth of the BIM in construction market. Furthermore, BIM offers various benefits for modular and prefabricated construction applications. It assists in production, development, and execution activities of modular construction, thereby optimizing time and costs on manufacturing of prefabricated components. Modular or prefabricated construction refers to manufacturing of building units away from the job site and assembling them on-site, which is expected to witness high growth, owing to the increasing demand for affordable housing. Therefore, the growth in modular construction is anticipated to drive the growth of the BIM in construction market.
However, rise in concern regarding cyber security is hindering the penetration of BIM in the construction industry. Confidentiality and data integrity are an important part of construction projects, and centralized data collection possesses risks of data theft and monetary damages to not only construction companies but also customers. Therefore, security threats posed by the use of cloud-based information modeling in BIM are expected to hinder the growth of the BIM in construction market.
On the contrary, increasing awareness regarding the benefits of BIM in construction processes is anticipated to boost the growth of the BIM in construction market during the forecast period.
The global 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 BIM in construction market is fragmented into construction and operation. According to end user, the global BIM in construction market is categorized into engineers and contractors. According to application, the global BIM in construction market is categorized into residential and non-residential. By deployment model, the market is classified into cloud-based and on-premise.
Key Benefits
- The report provides an extensive analysis of the current and emerging global BIM in construction market trends and dynamics.
- In-depth analysis of the market is conducted by constructing market estimations for the KEY SEGMENTS between 2019 and 2027.
- Extensive analysis of the global BIM in construction market is conducted by following key product positioning and monitoring of the top competitors within the market framework.
- A comprehensive analysis of market opportunities of all the countries is also provided in the report.
- The global BIM in construction market forecast analysis from 2020 to 2027 is included in the report.
- The key players within the global BIM in construction market are profiled in this report and their strategies are analyzed thoroughly, which help understand the competitive outlook of the industry..
Market Dynamics
Drivers
- Increased Efficiency and Productivity on Construction Sites
- Government Policies for Promotion of BIM in Construction
- Utilization in Modular or Prefabricated Construction
Restraint
- Rise in Concern Regarding Cyber Security
- Lack of Skilled Technicians
Opportunity
- Increasing Awareness Regarding Benefits of BIM
Key Players
- Autodesk Inc.
- AVEVA Group
- Bentley Systems
- Hexagon AB
- NEMETSCHEK
- Oracle Corporation
- Procore Technologies, Inc.
- Trimble, Inc.
- Vectorworks, Inc.
- Vizerra SA
For more information about this report visit https://www.researchandmarkets.com/r/c7xav2
