THE relentless aspirations of humanity to make things easier by developing tools and infrastructure has led to a scenario now when the building and construction industry is expanding furiously.
But, merely building physical infrastructure such as multistoried buildings, roads, bridges, tunnels, ports, dams, and others is not enough. There has to be a measure of their efficiencies overtime to make a feasible return of investment (ROI).
As a result, the concept of building information modeling (BIM) has been developed, which pertains to the generation and management of digital information and consequently, enables a judgment of physical and functional attributes of the concrete structures.
Presently, BIM files are being extracted and utilized by building owners, businesses, and government agencies to make more informed decisions. According to a recent business intelligence report compiled by Transparency Market Research (TMR), the demand in the global building information modeling extraction software market will increment at an impressive CAGR of 10.1% during the forecast period of 2018 to 2026.
Revenue-wise, the analyst of the report has estimated the opportunities in the BIM extraction software market to escalate up to US$228.7 million by the end of 2026. Here are some of the key findings of the TMR report:
- Bid for optimized project performance: Several millions of dollars are poured in to construct public and private properties and development process can span anywhere from a few months to several years. Once this magnitude of effort is made, investors need to ensure foreseen productivity and as a result, are investing on enhanced communication and co-ordinations throughout the asset lifecycle management process. Additionally, a number of governments in developing countries are emphasizing on using BIM extraction software in order to make sure of a logical ROI.
- High cost of BIM tools and software a glaring restraint: A number of equipment and key software platforms are required in order to make building information modeling extraction a possibility. These are exclusive and elite services that not all can afford, particularly in developing nations. Long training periods and the lack of awareness are some a few other challenges obstructing the BIM extraction software market from attaining greater profitability.
- Growing popularity of smart cities augurs well for future: Currently, across almost every industry, the trend that is engulfing is environment-friendliness. Pollution levels are surging and focus is now shifting on developing smart cities that utilize energy and other resources efficiently, dispose waste while causing minimal harm to the nature, and offer strong security to their residents. These smart cities depend on BIM extraction software in order to make futuristic decisions.
- Houses and apartments key end-use segments: The TMR report has evaluated the demand potential for BIM extraction software to come from the industries of rail transit and aviation, water and wastewater, roads, energy generation facilities, highways, bridges, factories and warehouses, houses and apartments, government buildings, dams, and educational institutes and commercial spaces. Among these, the houses and apartments segment is currently generating the most prominent chunk of demand, which can be attributed to growing investment by urban populations on affordable family housing. A number of construction players such as civil engineers, architects, contractors, and government agencies are adopting BIM concept.
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Nemetschek SE, Autodesk Inc., Bentley System, Inc., and Trimble Navigation Limited are some of the key player currently holding a prominent position in the global building information modeling extraction software market.