According to a research report “Building Information Modeling Market with COVID-19 impact analysis by Deployment Type (On Premises, Cloud), Offering Type, Project Lifecycle (Preconstruction, Construction, Operation), Application, End user, & Region — Global Forecast to 2026” published by MarketsandMarkets, the building information modeling market was valued at USD 5.4 billion in 2020 and is projected to reach USD 10.7 billion by 2026.
It is expected to grow at a CAGR of 12.5% during the forecast period. Rising adoption of remote working due to COVID-19, rapid rise in urbanization globally, wide-ranging benefits of BIM realized by AEC industry, and growing government initiatives for adoption of BIM are contributing to the growth of the building information modeling market. Rising trend of IoT in construction sector, increasing trend of BIM, and growing focus of organizations on introducing new standards such as ISO 19650 in BIM market act as a growth opportunity for the market players.
Browse 177 market data Tables and 68 Figures spread through 229 Pages and in-depth TOC on “Building Information Modeling Market — Global Forecast to 2026”
[229 Pages Report] The building information modeling market was valued at USD 5.4 billion in 2020 and is projected to reach USD 10.7 billion by 2026. It is expected to grow at a CAGR of 12.5% during the forecast period. Rising adoption of remote working due to COVID-19, rapid rise in urbanization globally, wide-ranging benefits of BIM realized by AEC industry, and growing government initiatives for adoption of BIM are contributing to the growth of the building information modeling market. Rising trend of IoT in construction sector, increasing trend of BIM, and growing focus of organizations on introducing new standards such as ISO 19650 in BIM market act as a growth opportunity for the market players.
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Impact of Covid-19 on Building information modeling market
BIM is a process that generates a 3D model of buildings, infrastructure, and others for AEC experts to resourcefully plan, design, construct and manage their projects. BIM involves the generation and management of digital representations of physical and functional characteristics of places, as well as the representation of data through objects in the form of designs. Rising urbanization and infrastructure projects, growing benefits offered by BIM for the AEC industry, and increasing government mandates for BIM adoption are among the factors driving the growth of the BIM market. However, handling the initial high cost of BIM restrains the growth of the market. The increasing use of AR/VR, the surging adoption of Green BIM, rising trends of IoT, and growing trends of BIM are expected to provide growth opportunities to the BIM market players during the forecast period. Moreover, low digitization in the construction industry poses challenges to the BIM market.
With the onset of the COVID-19 crisis, the world is witnessing a health pandemic and an economic crisis. The worldwide outbreak of COVID-19 has forced many businesses to shut down their manufacturing plants and halt most of their operations. During this crisis, the main objective of the companies is to sustain their businesses by finding safer ways to continue their operations or find other sustainable ways to get the revenue stream flowing. The BIM market for the pre- and post-COVID-19 scenarios is analyzed further in the study.
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