Albany, NY -- (SBWIRE) -- 08/02/2017 -- A report by Transparency Market Research has found that the building information modeling (BIM) market is still nascent and led by a few well-established market players. However, BIM software and processes have evolved to add visibility to the overall design and construction process, reduce costs for business owners, and introduced new virtual designs that will allow new ways of work sharing and collaboration for the industries like manufacturing, construction, engineering, and architecture. The prominent players in this market are GRAITEC, AECOM, Nemetschek AG, Autodesk Inc., Systems Inc., Bentley, Synchro Software Ltd., Tekla Corporation, Dassault Systemes SA, Beck Technology Ltd., and Pentagon Solutions Ltd.

This report estimates that the global BIM market will emerge with growing 19.1% CAGR over the estimated period of 2015-2022. From the valuation of US$2.7 bn in 2014 the market is estimated to attain the value of US$11.5 bn by 2022.

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North America to Sustain its Dominance Owing to Quick Adoption of Cloud-Based Products

Building information modeling finds its key applications in the architects segment and dominated the global BIM market contributing to 38% of the global share in 2014. It is also expected that the demand in contractors segment will surge in the forecast period.

The North America and Asia Pacific are immensely surging demand for BIM solutions. Whereas, the North America contributed to the major share of about 33% in the year 2014. Furthermore, the North America is expected to sustain its dominant position in the global market owing to the quick adoption of could-based engineering software by the robust construction industry. Moreover, Asia Pacific is projected to grow with an expanding CAGR of 21.2% for the forecast period owing to boosted demand for BIM solutions in developing countries like China, Japan, and China.

The growth in Europe has also been commendable. This region was the second highest contributor to the global BIM market for the year 2014. The surging demand from governments and construction clients is fueling the BIM market growth in this region

Rail Transit and Aviation Segments to Drive the Global Market of BIM

BIM allows professionals to precisely design, plan, build, and maintain an infrastructure or a building as all the information can be made available to all the project members at any instant of time throughout the structure's lifecycle. These advanced capabilities are making BIM find applications in designing, construction, and management of warehouses, factories, rail transit and aviation, houses and apartments, government buildings, energy generation facilities, roads and highways, education institutes, bridges, dams and others. Among these application segments, the rail transit and aviation segment and the roads and highways segment are expected to demonstrate prominent development of BIM solutions.

Demand from Developing Countries for BIM Solutions to Boost BIM Growth

Demand from developing countries for advanced data management solutions to boost infrastructure development is one of the most prominent driver of building information modelling market. The high initial cost of these solutions may act as a restraint for the growth of this market, nevertheless the efficient construction solutions provided by BIM is expected to boost its market. Moreover, the rising investment in public infrastructural development across emerging nations is expected to raise a high demand for BIM solutions for the construction of roads, highways, and bridges.