According to the building information management market analysis carried out by Future Market Insights (FMI), the demand registered in the market will increase at a noteworthy CAGR of around 13.2% from 2022-2032.
The report states that the building information management market is expected to reach a valuation of ~US$ 6,819.2 Mn by end of 2022. As per Future Market Insights, growing construction activities in the residential and commercial sectors are expected to boost the demand for BIM solutions. In addition to this, with government support across various countries, public and private builders have been implementing the software to drive operational efficiency.
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Technical improvements that enable data administration at remote servers and inter-user coordination are bolstering the adoption of building information management solution and software. Apart from this, there is a surge in BIM usage due to its various advantages over contemporary tools of same category such as paper-based design, modelling and computer-aided design (CAD) systems.
Factors such as the growing trend of the internet of things (IoT), rigorous government rules regarding the use of BIM software, and improved construction productivity are also fueling the market expansion.
However, the market is facing a fall in BIM software sales as a result of the increasing number of COVID-19 cases, the resulting stop in building projects globally, and lockdowns enacted by several nations. The market is projected to increase if normalcy is restored.
Key Takeaways: Building Information Management Market
- By solution, the BIM software segment is predicted to lead the worldwide demand for building information management, exhibiting a CAGR of 13.7% during the forecast period, followed by the services segment.
- By end user, the architects and consultants’ category is dominating, registering a CAGR of nearly 14.8% between 2022 and 2032.
- By application, the demand for BIM systems is expected to rise rapidly in the commercial sector than in the residential sector throughout the projected period.
- By geography, North America presently has the largest market share of roughly 30.3% in the BIM industry in 2021, however the South Asia & Pacific region has the highest growth rate of around 15.4% through the period of 2022-2032.
Rise in Prefabrication to Fuel the Demand
Buildings or building components are built offsite by construction teams and then transported to the construction site once completed. Prefab is considered to be more efficient and faster than onsite construction.
BIM software facilitates prefabrication by detailing the materials and design of a building and its components making it easier to plan the resources as well as schedule assembly. Building information management creates highly detailed models in a fabrication-level 3D file format that may be directly triggered by Computer-Aided Manufacturing (CAM) equipment.
The components are then created by these machines with great precision, accuracy, and quality. These factors are expected to majorly contribute towards the growth of building information management market in the coming years.
Optimizing the Processes Interaction through Systematic Digitalization to Help BIM Market Create Strong Footprint
Digitalization in the construction sector remains weak. Catchup effects and increasing investment in industry specific software solutions that control processes more efficiently and reduce costs and time expenditure are creating demand for BIM solutions.
By decreasing building time, increasing quality, and cutting costs, optimizing the interaction of all processes will provide the industry a more than 20% gain in efficiency.
Thanks to the world’s leading building information management approach, many aspects of this change may already be accomplished efficiently utilizing current technology. These factors are projected to further accelerate the market growth in the near future.
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More Valuable Insights on Building Information Management Market
Future Market Insight’s report on the building information management industry research is segmented into four major sections – solution (building information management software, and services – structural design & modelling services, project consulting, and support & maintenance), end user (civil engineers, architects & consultants, construction supervisors, and building contractors), application (residential, commercial, industrial, and government), and region (North America, Latin America, Europe, East Asia, South Asia & Pacific, and the Middle East & Africa), to help readers understand and evaluate lucrative opportunities in the building information management solution demand outlook.
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.