According to the recent report by IMARC Group, titled “Building Information Modeling Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” the global building information modeling market size reached US$ 6.0 Billion in 2020. Building information modeling (BIM) refers to a 3D model-based software that provides critical insights and tools to architecture, engineering, and construction (AEC) professionals. It helps to efficiently plan, design, construct and manage buildings. This software enables AECs to make a digital representation of the functional and physical aspects of the premises and exchange data between respective project parties. BIM aids in efficient decision-making regarding cost estimations, component procurement, and required time. It also helps in completing operations after project completion, such as project lifecycle management and maintenance issues.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Building Information Modeling Market Trends:
The global BIM market growth can be attributed to rapid urbanization and the growing population, which have led to an increase in construction projects across the globe. Additionally, BIM offers numerous advantages, such as paper-based design and modeling and CAD systems, which are contributing to the market growth. Various technological advancements enabling inter-coordination between users and data management at remote locations are propelling the market growth further. The emerging trend of the Internet of Things (IoT) and stringent building codes are driving the market toward growth significantly. Other factors, such as an increasing number of infrastructural projects across both developed and developing economies, are creating a positive outlook for the market further. Looking forward, the market is expected to reach US$ 13.6 Billion by 2026, growing at a CAGR of 14.5% during 2021-2026.
Market Summary:
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