According to the report, global demand for building information modeling market was valued at around USD 3.52 billion in 2016 and is expected to reach approximately USD 10.36 billion by 2022, growing at a CAGR of slightly above 19.45% between 2017 and 2022.
Sarasota, FL -- (SBWIRE) -- 05/29/2018 -- Building information modeling (BIM) is a digital representation of construction project which helps in planning, designing, constructing, operating diverse physical infrastructure to architects, engineers, developer and others. It allows any aspect of a design's performance to be simulated and assessed before it is built, making the understanding of the design easier and more complete. BIM uses 3D software and a process that facilitates the sharing of information among all professionals involved in the whole construction project.
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The major factors which are driving the growth of this market are rapidly increasing construction activities across the globe. Government regulatory bodies are also taking initiatives to raise the adoption of BIM in their respective countries. Adoption by small and medium enterprises is giving momentum to the BIM market. However, the high cost of BIM software and continuous software up gradation are hindering the market growth. It requires trained expertise in order to use it. Thus, low awareness about software handling can hamper the market growth. Nonetheless, technological advancement by some companies that are developing a mobile application to access services will surge demand of BIM market over the forecast period. BIM improve visualization, increased productivity, reduced cost and increased the speed of delivery will enforce the demand of this market in future.
Building information modeling market is segmented by solution, end-user, vertical and region. The solution segment is further divided into software and services. Cloud-based software is expected to acquire the largest share due to its cost-effectiveness and easy access to the on-premise model. End-users sectors of BIM market are an architect, engineers, developers, and others. Due to increasing number of the construction project, architects emerged as a dominant segment in BIM market and expected to show significant growth over the forecast period. On the basis of vertical, the BIM market is segmented into commercial, residential, industrial, institutional and infrastructural. Rapid industrialization in economically emerging countries such as China, China, India, and Brazil will boost the growth of industrial segment over the forecast period.
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North America is rapidly growing regional market due to the adoption of BIM by U.S. government agencies. The European market is anticipated to grab second largest share due to high adoption of BIM solutions by local government construction clients. In Asia Pacific, the government has successfully invested capital for transport, energy, utilities and urban infrastructure. The construction industry in China, India, and Japan is booming which offers potential avenues for BIM market in these countries. Architects, contractors, and engineers are joining their international colleagues to introduce BIM modeling and applications seminar, and are focusing on workshops and building construction trade show which will create new avenues for the BIM market. In addition, growing demand for green building in a different region is expected to boost demand of BIM market.
Major players operating in building information modeling are Autodesk, Inc., Beck Technology, Ltd., Nemetschek AG., Trimble Navigation Ltd., Synchro Software Ltd., Pentagon Solutions Ltd., Bentley Systems, Inc., AECOM, Asite Solutions Limited., and Dassault Systemes SA, among others.
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