Building Information Modeling (BIM) Market - Global Industry Analysis, Size, Share, Growth, Trends And Forecast 2014 – 2020
Albany, NY -- (SBWIRE) -- 09/28/2015 -- Building Information Modeling (BIM) enables execution of various processes such as visualization, designing, collaboration and simulation during construction of buildings. Companies in this market offer BIM solutions in software and services models to cater to the specific requirements of their clients. BIM objects maintain digital data required for communication of various project related decisions in construction. With the use of integrated tools, the data stored in BIM can be used to manage the entire lifecycle of a construction project. BIM is used for maintaining data regarding various aspects of project management and the data is thereby classified into 3D, 4D and 5D modeling. Similar to other technologies such as computer aided design (CAD) and Auto CAD, BIM maintains 3D data used to visualize and simulate the entire project. However, BIM enables maintaining of 4D data which includes time management capabilities such as scheduling daily and weekly activities of the entire project. Maintenance and projection of 5D data involves cost management and other financial activities associated to the project.
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BIM is widely accepted by various stakeholders in construction industry including architects, contractors, building product manufacturers, managers and developers owing to its immense scope of applications. BIM is increasingly finding use in construction across various industries including residential, commercial, industrial, healthcare, educational, sports and entertainment. BIM is used from the initiation of construction project to design and visualize the building and throughout the project for planning and managing all the activities involved in construction.
One of the major factors driving the growth of BIM market is the reduction in cost and increased production efficiency of the entire project. With the use of BIM, developers are able to anticipate required cost which helps in better financial management. Moreover, project management capabilities enable developers and construction managers to plan various activities efficiently. BIM enables streamlining of various construction processes which in turn enables better time and financial management leading to improved productivity. Another factor driving the growth of BIM market is the government norms which mandate the use of BIM in construction. Some countries such as UK, UAE, and Singapore mandate the use of BIM for conducting construction activities which is further driving its demand.
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Despite its immense benefits, BIM faces a few challenges owing to its high cost and requirement of trained professionals. Some existing companies have shown reluctance in using BIM due to lack of technological awareness and resistance to change. Penetration of BIM into developing countries presents a significant opportunity for the growth of BIM market during the coming years. In addition, rising popularity of green building has driven the demand for environment friendly and resource efficient construction of buildings. BIM offers a viable solution to achieve optimum resource utilization and timely execution of construction processes.
BIM providers have invested heavily to design and develop innovative project management solutions for various stakeholders in the construction industry. Some of the key players in BIM market are Beck Technology Ltd., Trimble Navigation Ltd., Autodesk Inc., Design Data Corporation and Bentley Systems Inc. from the U.S., Archidata Inc. from Canada, Asite Limited from UK, Dassault Systems S.A. from France, Nemetschek AG from Germany and Solibri Inc. from Finland.
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