Albany, NY -- (SBWIRE) -- 11/15/2017 -- The market for building information modelling (BIM) is expected to show steady growth in regions boasting easy access to the latest technologies and high strategic planning in the field of data management. Countries such as Australia, Canada, New Zealand, France, Japan, South Korea, Brazil, the U.K., and the U.S., thus exhibit a high uptake of the BIM software. Most of these countries have started adopting BIM solutions to boost infrastructural development. While the high initial cost incurred on these solutions emerges as a major drawback, with the advent of cloud-based software, the BIM market is forecasted to witness widespread deployment.
In view with the aforementioned future developments, TMR projects the global BIM market to surge at a CAGR of 19.1% between 2015 and 2022. The market is expected to reach US$11.5 bn by 2022, from a valuation of US$2.7 bn in 2014.
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Regionally, North America and Asia Pacific have been exhibiting surging demand for BIM solutions. Among these regions, North America emerged dominant in the market with a share of over 33% in 2014. The impressive adoption of cloud-based engineering software will boost demand for the BIM software in North America, thus sealing its position as the dominant regional market through the forecast period. Furthermore, the robust construction industry and the region being an early adopter of the latest technologies, will fuel demand from BIM market in North America.
TMR pegs the North America BIM market at US$919.2 mn in 2014. By the end 2022, the market is expected to reach US$4.05 bn.
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Growth witnessed by the market in Europe has also been commendable. The region held the second largest share in the global BIM market in 2014. The increasing adoption of BIM solutions by local government construction clients have been fuelling their demand in Europe. However, TMR forecasts the Asia Pacific market for BIM to exhibit the fastest CAGR of 21.2% during the course of the forecast period.
Some of the leading players operating in the global BIM market include Pentagon Solutions Ltd., Beck Technology Ltd., Dassault Systemes SA, Tekla Corporation, Synchro Software Ltd., Bentley Systems Inc., Autodesk Inc., Nemetschek AG, AECOM, and GRAITEC.