Allied Market Research has recently published a report on the global building information modeling (BIM) market. It provides the latest quantitative and qualitative market insight for the study period. As per the findings of the study, experts forecast that the BIM market is expected to garner revenue worth $11.7 billion by 2022. Statistical projections indicate the industry growth to register a CAGR of 21.6% throughout the forecast period 2016–2022. Among the various geographies mapped, Asia-Pacific exhibits the tendency to experience an upswing in demand. This would be primarily due to the exponential growth of the construction industry. In addition, the federal regulating authorities would support the compulsory implementation of building information modeling. Analysts outline that the BIM models would undergo rapid adoption across the various sectors such as commercial and infrastructure construction.
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The building information modeling market report discusses the primary drivers and restraints that have a direct impact on the overall growth. It highlights the growing demand for automation of technical drawings and their database within the commercial and infrastructure construction industry. The recent real estate boom has opened a fresh layer of opportunities for BIM software application. Prospects of government mandates that regulate the deployment of necessary BIM modules would add the requisite shot in the arm for the industry. Apart from these, there has been a remarkable growth of awareness regarding the benefits of BIM among architects and contractors. These drivers collectively inspire the adoption of BIM software and services across the globe.
The building information modeling market report explains the ideal case scenario for the increased popularity of BIM as an ideal alternative to traditional CAD. It caters to a wide array of operational requirements viz. cost management, raw data handling, and process alignment in construction projects. While analysts expect BIM to exhibit an upward growth curve across the sundry verticals, the commercial and infrastructure construction industries continue to be the leading consumers, constituting nearly 63% of the global market by 2022. Moreover, the infrastructure industry is expected to grow at an astounding rate during the forecast period. At present, the cloud-based deployment type holds maximum share of the market, and is expected to grow at the fastest CAGR over the forecast period, owing to its cost effectiveness and easy accessibility. In 2015, the software segment constituted the highest market share and would continue its dominance over services market throughout the forecast period.
Key Findings of the Building Information Modeling (BIM) Market Report:
- Government regulations mandating the employment of BIM software for construction projects would boost the BIM market growth.
- The BIM software solution segment would maintain the highest capture of market revenue and eventually dominate with nearly three-fourths share by 2022.
- The contractors segment would emerge as the end-user group with highest demand of BIM for the constructability analysis, logistics, and job site planning.
- Cost-effectiveness and easy availability would help the cloud-based BIM deployment mode to maintain its lead in the market throughout the forecast period.
- BIM software are expected to find augmented scope of applications across the commercial and infrastructure construction projects.
The building information modeling market report compiles extensive business profiles of prominent players in the industry such as Autodesk, Inc., Nemetschek AG, and Bentley Systems, Inc. According to the recent activities captured in the study, companies with the highest performance focus on the development of novice technologies in both software and service segments that could extend mutually integrated support. Their customized solutions are designed to accentuate their market presence and expand the customer base. For instance, in the year 2015, a leading player in BIM, Autodesk, Inc., announced the launch of Autodesk BIM 360 Docs, which would enable its users to categorize all files available in various formats for effective data management.