The construction industry is increasingly adopting a variety of new technologies.Many of these technologies involve virtual design and visualization. And they range from Building Information Modeling (BIM) to Construction Management Software.
Virtual design and construction (VDC) describe the growing use of virtual environments to engineer and visualize the construction of structures before they’re actually built in the physical world. These virtual environments can be accessed via desktop, and mobile devices, along with augmented and virtual reality hardware.
And there’s no wonder why this is catching on. It’s estimated that reworks of faulty or incorrect builds account for nearly 30% of construction industry costs. Virtual design helps cut down on this by allowing builders to first build structures in a virtual environment. Building Information Modeling (BIM) is probably the most popular VDC tool. It allows architects, engineers, or anyone else to generate a virtual model of a physical building or structure
As of 2023, the BIM market is worth somewhere from $8.1 billion. The construction industry took somewhat of a hit during the pandemic. But it is expected to rebound over the next few years. North America is expected to be the market leader over this time period, capturing over 30% of the market.
Dodge Data & Analytics
Construction Management Software (CMS) is also now an important tool for many major construction companies.
A construction project is a very fragmented procedure. There are typically a variety of parties involved. And there are a lot of tasks happening at once.
CMS helps construction managers by allowing them to store and access data, blueprints, and documents all in one place.
The global construction management software industry is estimated to be worth $9.3 billion. It is expected to grow to $23.9 billion by 2031 (a CAGR of 10.2%). Autodesk is the largest player in the architecture and construction software market.
The company brought in over $3.2 billion in 2020 revenue. Its AutoCAD, BIM 360, and REVIT technology are basically the standard in virtual modeling.Its traditional AutoCAD software is used by 85% of the market. And it’s estimated that the company captures about 31% of the overall market. Autodesk’s software consistently ranks at the top of industry best lists.
