Building Information Modelling Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015 - 2022

Albany, NY -- (SBWire) -- 01/08/2018 --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.

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Since on-premise software is expensive and requires frequent upgrades, their adoption among SME owners is very less. However, as per Transparency Market Research (TMR), this problem can be mitigated by opting for professional consultancy services. Therefore with functionalization of professional consultancy services for BIM, its deployment across SME construction companies will become more relevant.
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.

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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.

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. The rapid expansion of the construction, engineering, and architecture industry across countries such as India, Japan, and China will boost prospects for BIM sales across Asia Pacific.