USD 328. 33
Report ID: SQMIG60I2002 | Region: Global | Published Date: November, 2022 | Pages: 276 | Tables: 119 | Figures: 67
Global 5D Building Information Modelling Market size was valued at USD 328. 33 billion in 2021 and is poised to grow from USD 436. 26 billion in 2022 to USD 4275.39 billion by 2030, growing at a CAGR of 33% in the forecast period (2023-2030).
BIM is dependent on a Common Data Environment where all project agents can work together and provide insightful input. When it comes to information on costs, 5D BIM software can have a significant influence on the construction management process. Thanks to 5D BIM, data related to cost are regularly updated as the project moves forward, making it more analytical. In contrast to being solely established at the project's start, cost is now dynamically evolved and readjusted. That is a ground-breaking method that makes it simpler for project managers to monitor changes and keep the project on schedule and within the allocated budget. Long-term, this can enhance resource management and cost predictability. Additionally, creating a strong connection between the office and the building site will stop teams from operating in silos and open the door for more fact-based decisions. Of course, a key factor in the effective application of 5D BIM software is digital adoption. Otherwise, the BIM model will never receive the new project data. Everyone will be able to be certain that they are working on the most recent and updated project version after this barrier has been removed.
Pre-construction and early design phases are critical times that call for agreement on the work scope, based on the needs and expectations of the owner, and precise cost estimates for project deliveries. With the use of 5D BIM, owners, architects, builders, and engineers can now meet early in the design process to talk about not just their existing design but also how design changes or alternatives would impact their project from the beginning to the end. All components are visible and evaluable, including cost, schedule, and constructability.
US 5D Building Information Modeling Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Market Size
USD 328. 33
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The Global 5D Building Information Modeling Market is segmented based on the Offering Type, Project Life Cycle, Application, End-User and region. Based on the Offering Type, the market is bifurcated into Software, and Services. Based on the Project Lifecycle, the 5D Building Information Modelling Market is segmented into Preconstruction, Construction, and Operation. Based on the End user, the 5D Building Information Modelling Market is segmented into AEC Professionals, Consultants & Facility Managers, and Others. Based on the Application, the market is segmented into Buildings, Industrial, Civil Infrastructure, Oil & Gas, Utilities, Others. Based on Region 5D Building Information Modelling Market is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
5D Building Information Modelling Market Analysis by Offering Type
In 2021, the Software type led the 5D building information modeling market in terms of revenue share. 5D BIM software options display qualities including application interoperability, simple visualisation, and affordability. In a project life cycle, the 5D BIM software package often includes solutions for a variety of goals, including architectural, sustainability, structures, mechanical, electrical, and plumbing (MEP), construction, and facility management. There are numerous BIM software options on the market, including Tekla Structures, Bentley Facilities Manager, Graphisoft ArchiCAD, Nemetschek ALLPLAN Architecture, and Autodesk Revit Structure.
5D Building Information Modelling Market Analysis by Application
Building applications make up the largest portion of the 5D building information modelling market in 2021 due to the rise in business centres, shopping malls, and retail stores as well as the number of structures or development projects. 5D BIM is increasingly being used in the construction industry. Most requests for building are for commercial, residential, and retail structures. The main focus of these applications is the use of BIM by companies that are primarily in charge of working on the construction of commercial and retail structures, including new work, additions, alterations, maintenance, and repairs.
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North America held the largest Global 5D Building Information Modeling Market share. This area saw the introduction of cutting-edge 5D BIM technology, a recently developed innovative technique to design and construction. This technique is currently commonly employed in the construction industry in North America. Many professionals who employ 5D BIM in their projects are based in this region. BIM is being used by an increasing number of architects, engineers, and contractors. During the design and construction phases of the project, they use the BIM method to boost productivity, reduce mistake rates, and generate a strong return on investment. Strong economic standing and active governmental assistance have facilitated widespread use of cutting-edge technology in the building sector, which further fuels the expansion of the BIM industry in the area. As a result, it is anticipated that the area would continue to hold the greatest market share for 5D building information modelling globally.
The use of 5D building information modelling systems has increased significantly over the past few years in Asia Pacific as a result of the flourishing construction industry and favourable governmental regulations everywhere. Additionally, the ability of the programme to promote worker efficiency on the construction site and reduce conflicts in construction operations has increased 5D building information modeling's popularity among end users. In addition, many small and medium-sized businesses are implementing cloud-based 5D building information modelling systems in an effort to reduce the cost of the construction project and improve the safety of workers on construction sites. These factors will drive the market in Asia Pacific during the forecast period.
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5D Building Information Modelling Market Driver
Rising trend of IoT in construction sector
5D Building Information Modelling Market Restraint
High initial cost of 5D Building Information Modeling
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There are several large companies competing in the market. To stay afloat in the global 5D Building Information Modeling market, the market's major players are constantly implementing various growth strategies. Autodesk (US), Nemetschek (Germany), Bentley Systems (US), Trimble (US), Dassault Systèmes (France), RIB Software (Germany), ASITE (UK), AVEVA (UK), and Hexagon (Sweden) are among the major players in the 5D building information modeling market. Some of the growth strategies used by these key players to thrive in the competitive global 5D Building Information Modeling market include product launches, innovations, mergers and acquisitions, collaborations and partnerships. For Instance, Graphisoft, the industry's top provider of BIM software solutions for architecture, made significant updates to BIMx and BIMcloud in July 2021 to improve security, storage capacity, and visualisation and collaboration features.
5D Building Information Modelling Market Top Player's Company Profiles
5D Building Information Modelling Market Recent Developments
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According to our Global 5D Building Information Modeling Market Analysis, In order to plan, design, and manage building projects more effectively, construction professionals will have a high need for 5D BIM as a result of the rising demand for housing and infrastructure development, which is projected to accelerate the growth of the global construction sector. In executing building projects, the 5D model-based BIM technique has thus been gaining popularity all around the world. The architects, engineers, and contractors who make up the architecture, engineering, and construction (AEC) sector collaborate to complete projects successfully. Rising trends in cutting-edge technology have sparked an increase in the use of creative strategies in the construction industry's working standards.
|Market size value in 2021||USD 328. 33|
|Market size value in 2030||USD 4275.39 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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For the Global 5D Building Information Modeling Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global 5D Building Information Modeling Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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The various software used in 5D building information modelling are Tekla Structures, Bentley Facilities Manager, Graphisoft ArchiCAD, Nemetschek ALLPLAN Architecture, and Autodesk Revit Structure.
The Dimension refers to the type of information and presentation in the Bim model. The major difference that all the dimensions add are:-4D BIM adds time-related information to 3D BIM models to enable detailed scheduling of the construction process. 5D BIM adds costs to BIM components to assist the calculation of total project costs. 6D BIM includes lifecycle properties to enable optimised asset management.
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