Building Information Modeling (BIM) Market is expected to garner $11.7 billion by 2022, registering a CAGR of 21.6% during the forecast period 2016 - 2022.
Portland, OR -- (SBWIRE) -- 06/26/2017 -- Global Building Information Modeling (BIM) Market Report, published by Allied Market Research, forecasts that the market is expected to garner $11.7 billion by 2022, registering a CAGR of 21.6% during the forecast period 2016 - 2022.The Asia-Pacific region is expected to witness an upsurge in demand owing to the exponentially growing construction industry and supportive government regulations for mandating the use of BIM. Furthermore, BIM is forecast to gain increasing adoption across various sectors such as commercial and infrastructure construction.
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The commercial and infrastructure construction industry have been witnessing increasing demand for automation of technical drawings and database in the recent years. Further, the supportive government regulations pertaining to mandating the use of BIM in commercial projects, booming real estate industry and growing awareness of the benefits of BIM, among architects and contractors, would drive its adoption, globally. In the current scenario, BIM has emerged as an ideal alternative to traditional CAD software, owing to its suitability over a variety of operational issues such as cost management, handling raw data & information and alignment of processes associated with construction projects. Thus, BIM is expected to exhibit an upward growth trend across widespread verticals.
The commercial and infrastructure construction industries would continue to be the leading consumers of BIM in the future, constituting nearly 63% of the global market by 2022. Moreover, the infrastructure industry is expected to grow at the fastest rate during the forecast period.
Cloud-based deployment type dominates the market currently and is expected to grow at the fastest CAGR during the forecast period, owing to its cost effectiveness and easy accessibility. Software segment constituted the majority of market share in 2015 and would continue its dominance over services market during the forecast period.
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The North America region occupies the majority of the market share in the current market scenario. However, Asia-Pacific region is forecast to dominate the market by 2021. Growing construction activities and government mandates are expected to contribute to the fast growth of the region. Moreover, the growing commercial and infrastructure construction activities in countries such as China, India and U.A.E, offer lucrative market opportunities in Asia-Pacific and LAMEA regions.
Key findings of the Building Information Modeling (BIM) Market:
- BIM market is expected to grow at a remarkable rate owing to supportive government regulations mandating the adoption of BIM software for construction projects.
- Software segment would continue to dominate the overall market with nearly three-fourth market share by 2022.
- Contractors segment is expected to grow at the fastest CAGR for constructability analysis, logistics purposes and job site planning, among others.
- Cloud-based deployment mode is expected to dominate the market throughout the forecast period owing to its cost-effectiveness and easy availability.
- BIM software would find widespread applications in commercial and infrastructure construction projects owing to supportive government regulations
The prominent players, offering BIM solutions across the globe include Autodesk, Inc., Nemetschek AG and Bentley Systems, Inc., among others. Market participants focus on the technological advancements in both fields, viz., software and services, that work in combination with each other. These players offer customized solutions to improve their market presence and 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.