August 11, 2016
A new report from Allied Market Research claims that the worldwide market for Building Information Modelling will grow by over a fifth to hit $11.7 billion by 2022, driven primarily by legislation demanding that all construction work should apply BIM. The World Building Information Modelling (BIM) Market report, claims that its growth projections are based on increasing demand from the construction industry, in turn based on new government regulations mandating the use of BIM, a booming property sector in Asia and growing awareness of the benefits of BIM. Construction industries will continue to be the leading consumers of BIM, constituting nearly 63 percent of the global market by 2022. The report concludes that ‘BIM has emerged as an ideal alternative to traditional CAD software, owing to its suitability over a variety of operational issues such as cost management, handling raw data and information and alignment of processes’.
The report claims that Cloud-based deployment dominates the market currently and is expected to grow at the fastest rate during the forecast period covered by the study, owing to its cost effectiveness and easy accessibility. The North America region is currently the world’s largest. However, the Asia-Pacific market is forecast to dominate by 2021. Growing construction activities and government mandates are expected to contribute to the fast growth in the region. Moreover, the growing commercial and infrastructure construction activities in countries such as China, India and UAE, offer lucrative market opportunities in Asia-Pacific and LAMEA regions.
Key findings of the study:
- BIM market is expected to grow at a remarkable rate owing to supportive government regulations mandating the adoption of BIM software for construction projects
- Software segment would continue to dominate the overall market with nearly three-fourth market share by 2022.
- Contractors segment is expected to grow at the fastest CAGR for constructability analysis, logistics purposes and job site planning, among others.
- Cloud based deployment mode is expected to dominate the market throughout the forecast period owing to its cost-effectiveness and easy availability
- BIM software would find widespread applications in commercial and infrastructure construction projects owing to supportive government regulations