Building Information Modeling Market Trends

Growth Drivers

• The increasing requirement for software in the architectural and construction sectors - The demand for software in the architectural and construction industries is increasing dramatically. The system assists the builder and owner in lowering total costs throughout the operational process. This is motivating the government to support the use of building information modeling technologies. Implementing such innovative technology can provide the country with a solid infrastructure basis. As a result, governments in a variety of countries are leveraging technology to achieve more efficient results. For instance, In 2016, the government advocated the formation of a smart infrastructure task group to successfully adopt BIM on all public projects exceeding $50 million, with the BIM industry in Australia estimated to expand to $6.5 billion by 2020.

• Rapid urbanization is anticipated to drive BIM market expansion- Many people migrate to metropolitan cities around the world as technology advances and economies improve. The demand for residential construction is also increasing in cities. Furthermore, with rising real-estate Spending nations are witnessing an increase in the construction of diverse business structures, governmental and public buildings, and individual properties. This increases the demand for effective handling models. According to a report provided by the United States Census Bureau on the building sector, private and public investment in construction increased in 2019. The Federal Aviation Administration of the United States has allocated USD 840 million to the airport facilities of the "Next Generation of Air Transportation System."
• The rise in demand for residential real estate as a result of population expansion -The need for residential real estate has increased as an outcome of the population's rapid growth, and governments all over the world are providing incentives for the development of this industry. A fresh opportunity for BIM expansion is being created by businesses embracing BIM to expedite their residence building design processes. For instance, the world population has increased from 2.5 billion to greater than 7.7 billion people since 1950. However, by 2050, that figure is expected to fall to 9.7 billion.
• Governmental mandates to promote the adoption of BIM- Governmental obligations to promote the use of BIM in key international markets are expected to lead to rapid growth. The German government also recently created the German Centre for Digitization of the Building Industry in July of this year, which intends to encourage BIM standardization, offer skills development, and offer consulting and assistance for BIM projects, alike to the BIM4INFRA2020 Project.

Challenges

• High initial costs are likely to stymie market growth- BIM software assists developers and users in predicting and lowering building operational costs. Nevertheless, the initial expense of implementing this scheme is significant. To give efficient results, technologically complex software requires a sufficient network, which adds to the total cost of high-network services. In addition, the ongoing care and maintenance required for the program raise the cost.
• The lack of knowledge in dealing with complex software
• Limitation of qualified workers to the market