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Global BIM in Construction Market to Reach Approximately USD 7.6 Billion by 2027, Driven by the Rising Demand for Sustainable Construction Activities

According to a new report by EMR titled, ‘Global BIM in Construction Market Report and Forecast 2022-2027’, the global market for BIM in construction attained a value of about USD 3.3 billion in 2021. The industry is further expected to grow at a CAGR of 15.20% in the forecast period of 2022-2027 to reach a value of approximately USD 7.6 billion by 2027.

The rising demand for BIM to enhance the performance of projects and result generation in the construction industry is augmenting the market growth. With the increasing attempts by the construction industry to enhance energy effectiveness and reduce carbon footprint, the adoption of BIM is surging, hence significantly contributing to the market growth. Moreover, the integration of the Internet of things (IoT) in BIM to simplify data generation, capture real-time data, and augment the design process, among others, is invigorating the industry growth. As renovation and refurbishment activities in the construction sector are increasing, BIM is increasingly utilised to refurbish existing buildings efficiently, which is providing further impetus to the market growth. In addition, the growing investments in BIM in construction activities are estimated to propel the market growth in the forecast period.

Procore Technologies, Inc. (NYSE: PCOR), one of the leading companies in the market, announced two product features in Procore BIM in October 2020. Follow Me and Dynamic Wall Elevations transform the user experience in the field and ease the adoption of 3D models during the construction phase of projects. The features efficiently deliver models to the field while identifying issues before the construction.  They also provide the user to access 3D models on their iOS devices to bridge the gap between virtual designs and construction activities. Moreover, they enable users to quickly generate lift drawings and elevations and analyse dimensional relationships for efficient installation according to coordinated models. They further boost real-time collaboration and allow a clearer conversation. Such innovative features are significantly contributing to the market for BIM in construction.

Market Analysis by Phase of Work, End-User, Application, Deployment Model, and Region:

  • The market, on the basis of phase of work, can be divided into construction and operation.
  • Based on end-user, the industry can be divided into engineers and contractors.
  • The applications of BIM in construction include residential and non-residential.
  • By deployment model, the market is segmented into on-premise and cloud-based.
  • The regional markets for BIM in construction include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The increasing demand for BIM to boost the safety of construction sites while enhancing the cost-effectiveness is augmenting the market growth.
  • The market is being aided by the growing adoption of cloud-based BIM owing to its extensive accessibility and flexibility in construction activities.
  • The integration of artificial intelligence (AI) in BIM to automate processes and streamline workflow is invigorating the market growth.
  • The growing construction of green and sustainable buildings to analyse and design building modelling while reducing the consumption of resources is bolstering the market growth.

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for BIM in construction for the periods (2017-2021) and (2022-2027).
  • The report also offers the historical (2017-2021) and forecast (2022-2027) markets for the phases of work, end-users, applications, deployment models, and major regions of BIM in construction.
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global BIM in construction market are Autodesk Inc., Aveva Group PLC, Hexagon AB, Oracle Corporation, and Procore Technologies, Inc., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

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*We at Expert Market Research always strive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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