According to a report by Allied Market Research, the global BIM in the construction industry generated US$2.51bn in 2019, is projected to garner US$7.53bn in 2027, witnessing a CAGR of 15.0% from 2020 to 2027
Prime determinants of growth
Rise in efficiency and productivity on the construction sites, government policies for promoting BIM in construction, and utilisation in modular or prefabricated construction activities drive the growth of the global BIM in construction market. However, the rise in concerns regarding cybersecurity and the lack of skilled technicians hinder market growth. Contrarily, the surge in awareness regarding the benefits of BIM create new opportunities in the coming years.
-The utilisation for BIM in construction decreased significantly during the lockdown due to halt in construction activities in the residential as well as commercial sectors.
-In addition, many market players in the construction industry locked their investments and postponed new projects due to economic uncertainty.
-The demand and utilisation is expected to increase as new construction activities begin and the halted activities resume during the post-lockdown.
The construction segment to maintain its lead position throughout the forecast period
Based on phase of work, the construction segment held the highest share in 2019, accounting for nearly two-fifths of the global BIM in the construction market, and is projected to maintain its lead position throughout the forecast period. Moreover, this segment is estimated to grow at the highest CAGR of 15.2% from 2020 to 2027. This is due to surge in the necessity of software technologies with the rise in construction activities. The research also analyses the operation segment.
The non-residential segment to maintain its leadership status during the forecast period
Based on application, the non-residential segment accounted for the highest share, contributing to nearly four-fifths of the global BIM in construction market in 2019, and will maintain its leadership status during the forecast period. This is due to the requirement of software for large and complex designing of non-residential buildings. However, the residential segment is projected to portray the largest CAGR of 16.5% from 2020 to 2027. This is attributed to high demand for residential buildings, especially in urban areas.