THANK YOU FOR SUBSCRIBING
Construction Tech Review | Thursday, May 12, 2022
The Global BIM market size in terms of revenue was worth USD 6.91 Billion in 2021 and is expected to reach USD 18.73 Billion by 2028.
FREMONT, CA:Owing to many driving factors such as expanding digitization in the construction sector, increased IT investments, and growing government adoption of BIM, the worldwide BIM market is predicted to rise at a significant rate, resulting in big demand for Building Information Modeling. Globally, the expanding prospect of public infrastructure, the growing promise of 3D modelling, and cost-cutting in 3D modelling continue to be major growth drivers.
Building Information Modeling, or BMI, is a method of using modern tools to create visual representations of projects during the planning stage. The technology is rapidly gaining traction throughout the world since it not only enhances the construction process, but also gives much-needed confidence to builders, homeowners, and third parties such as investors, consultants, and government agencies. Because of the rising sophistication of buildings, technology is also making headway. The increased demand for sustainability in constructions in terms of water, energy, recycling projects, sophisticated communication features, and special public projects such as highways, bridges, and tunnels continues to drive the BMI industry forward. The BMI technology was first developed in the 1970s, but it rose to popularity in the year 2000, when industry standards were developed and adopted. Despite its enormous end-user benefits, the BMI sector still suffers from a lack of investment in industry-wide cross hardware standards and software platform compatibility. For example, the US National Institute of Standards and Technology (NITS) published a conservative estimate in 2004 that stated that the capital facilities industry loses an average of USD 15.8 billion per year due to a lack of standardisation, a highly fragmented industry, and inconsistent technology adoption among end-stakeholders. While use has increased and the fragmented structure of the system has improved, concerns such as lack of standardisation remain a challenge.
Stay ahead of the industry with exclusive feature stories on the top companies, expert insights and the latest news delivered straight to your inbox. Subscribe today.
The building information modelling industry continues to be an innovative setting, where cost-based innovation and enhanced integration, unfortunately, both promise significant growth prospects. For end-companies, the balance is often unstable, as high-cost items are often difficult to sell in an industry where digitalization adoption is still restricted. However, due to the ever-increasing complexity of construction, a greater need for model-based planning remains a promising development driver.
More in News