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Building Information Modelling Market in commercial segment is predicted to witness significant growth up to 2024

Author : Ronak Bora | Published Date : 2019-03-14 

Building information modelling market can be segmented on verticals include commercial, industrial, institutional, residential and infrastructure. The commercial and industrial segments are predicted to witness significant demand during the forecast timespan. It is attributed to the rising government regulations mandating the use of the software. Additionally, digital prototyping analysis and simulation aid in shortening the time required to complete the designing and construction of the project while boosting the productivity and lowering the risk associated with it.

The building information modelling market segmentation by type is divided into solutions and services. The services segment includes tools for 3D modeling, clash management, visualization, scheduling, layout, production control, change management, and others. Segmentation of the building information modelling market by deployment type is bifurcated into cloud-based and on premise solutions. Adoption of cloud based solutions among SMEs is expected to experience a high growth owing to the cost effectiveness and ease of access. On premise solutions offer security and privacy of project data but is comparatively more expensive and requires frequent software upgrades.

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Green buildings are gaining prominence across various countries. The rising awareness of energy consumption and the environmental consequences of the business operations has led companies to focus on adopting strategies to take up corrective measures. Construction and engineering activities contribute extensively to the emissions and energy consumption across the world. The application of building information modelling market during building energy simulations can massively improve the energy analysis process by aiding stakeholders in the critical design decisions. The introduction of this concept into has given rise to green buildings. The ROI of the building information modelling market is anticipated to be high and can further streamline the industry growth.

Project life cycle segmentation of the building information modelling market comprises of pre-construction, construction and operation segments. The pre-construction segment is anticipated to dominate the industry since usage of these software during this stage boost efficiency and reduce the threat of making a critical error.

Rising penetration of the technology requires a highly-specialized skillset, which tend to hamper building information modelling market growth Application of the technology requires training &   costs and time allocated to the training of labor is high. The perceived cost of implementing building information modelling technology is very high and as a result many businesses are hesitant to adopt it into their business operations despite its benefits. Additionally, the development of such technology requires highly specialized labor that can hinder the growth of the building information modelling market.

Building Information Modelling Market is projected to witness a substantial growth in market share during the forecast timespan owing to the optimization of project performance and the increased productivity offered by these tools. It combines aerial imagery, laser scanning and other tools with 3D imaging to increase the productivity of the project. The technology allows for early identification of errors, real-time performance management and reduction of the risk of rework, thereby enhancing the building information modelling market growth.

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Building information modelling market are increasingly adopted into diverse industries due to the wide range of benefits that it offers and is highly focused in the engineering and construction sector. It is faster as compared to traditional 2D processes and each object is connected to a database that is updated as the project model evolves. The construction industry is expected to experience high growth and will increase the demand for the process. Administration measures to raise awareness of the benefits of these processes is also predicted to aid building information modelling market growth.

U.S is anticipated to dominate the building information modelling market owing to the government regulations and rising awareness of its benefits among the contractors and constructors of commercial buildings. Rapid industrialization in emerging economies, for instance China and India, is expected to increase the building information modelling market growth in the Asia Pacific region.

Companies in the building information modelling market include Beck Technology Ltd., Nemetschek Group, Autodesk Inc., Trimble Navigation Ltd, Asite Solutions Ltd, AECOM, Bentley Systems, Dassault Systems SA, and Pentagon Solutions Ltd. Players operating in the global marketplace need to adopt business strategies such as mergers, acquisitions and partnerships to capture market share and strengthen their foothold. In December 2016, Software provider Nemetschek SE had announced its acquisition of dRofus. This was done to strengthen Nemetschek Group’s international hold which focuses on innovations such as Open building information modelling.

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About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Fractovia.org and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. He can be contacted at- [email protected] | https://twitter.com/RonakBora26

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