Building Information Modeling Solutions Market: Overview
Increased urbanization and industrialization across major parts of the globe is resulting in growing need for construction of different structures and buildings. This factor is expected to generate lucrative avenues in the global building information modeling solutions market in the near future.
A report by Transparency Market Research (TMR) states that the global building information modeling solutions market is expected to expand at a CAGR of 14.9% during the forecast period, 2021–2031.
Building Information Modeling Solutions Market: Key Findings
Use of Virtual Reality (VR)Training Activities to Boost Market Expansion
Virtual reality (VR) can be efficiently utilized in the architecture, engineering, and construction (AEC) sector for different purposes such as equipment operator training and safety training. With this technology, laborers can be exposed to different critical environments, including confined space controlled environment or working at a height.
Implementing Augmented Reality (AR) May Play Key Role in Project Lifecycle Management
In construction industry, augmented reality (AR) can be utilized to gain detailed insights on every phase of a project lifecycle. With the help of advanced technologies such as 3D and reality modeling, architects and project designers are able to move different elements around, and find out if there is any potential problem in the design and incorporate changes, if needed.
Building Information Modeling Solutions Market: Growth Boosters
Growing number of construction projects and increased use of automated models in the AEC sector have resulted in high demand for BIM in the construction industry, particularly for commercial and infrastructure projects across the globe. The adoption rate of different BIM solutions has risen with growth in awareness about several advantages pertaining to these solutions.
With notable growth in population across major parts of the globe, the need for construction of various public facilities, including railway networks and roads has increased. This factor is creating prominent sales opportunities in the global building information modeling solutions market.
Major end users of the BIM technology, including designers, sub-contractors, contractors, and architects across the globe give preference to the use of BIM, as the return on investment (ROI) on this technology is greater as compared to traditional construction management solutions.
Use of AR can help clients in visualizing a building prior to its construction. Thus, the tool can be utilized to gain a better picture of the end result and make changes in designs as required prior to the final project approval.
With combination of AR and BIM, clients can experience a 3D view of construction or building models. In addition, the technology can assist in precise installation of plumbing and electrical systems, thereby reducing installation errors. On the back of all these advantages, the adoption of BIM solutions is anticipated to grow in the years to come.
Building Information Modeling Solutions Market: Competition Landscape
Major market players are increasing their focus on the execution of different strategies such as partnerships, mergers, acquisitions, and new product launches. These efforts are helping players in the expansion of their businesses in newer geographies.
Building Information Modeling Solutions Market: Key Players
The report performs profiling of key players operating in the building information modeling solutions market. Thus, the research document provides in-depth insights on product portfolio, company overview, recent developments, business strategies, and financial overview of each player operating in the market.
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