Building information modelling is used in the construction industry for designing and managing projects throughout their life cycle. The overall value chain of the building information modelling market is closely interlinked with the traditional construction processes’ value chain and has been expanding rapidly and shaping into a strong, well-connected chain over the past few years. Several new product developments and software models have come up owing to the application of building information modelling in various vertical. The building information modelling market is expected to reach USD 7,946.5 Million by 2020, at a CAGR of 13% from 2015 to 2020.
This report segments the building information modelling market on the basis of type (software, services), end user (construction managers/general contractors, architects, owners, engineers, and others) and vertical (commercial, residential, educational, healthcare, industrial, entertainment, sports and others). Further, it contains market size projections, and analyses of trends in the market. The geographic analysis contains an in-depth market analysis for the Americas, Europe, and APAC along with their major countries. The Middle-East and Africa have been classified under RoW. Each of these regions has been further split into major countries to analyse the regional market.
This report describes drivers, restraints, opportunities, and challenges for the growth of the building information modelling market. Factors which are driving the market include government mandates for the usage of building information modelling in various developed countries and the need for enhanced communication and coordination throughout asset lifecycle management process. The restraining factors affecting the market include long training periods required for employees which can decrease the overall productivity. Increasing building information modelling usage in the architecture, engineering, and construction (AEC) industry, is a key growth opportunity for this market.
The building information modelling market is led by the construction in the commercial sector such as retail and office buildings. High electricity usage in commercial buildings and the rise in energy costs have been driving the usage of building information modelling in construction for efficient power and improved electrical system design for reducing costs, decreasing wastage, and in the overall retrofit improvements.
Source : Markets and Markets