January 5, 2018
The global BIM market projected to reach $18.8 billion by 2024, report claims
The global BIM market was valued at $3.6 billion in 2016, and is projected to reach $18.8 billion by 2024, growing at a compound annual growth rate (CAGR) of 22.9 percent from 2016 to 2024. This is according to the report Global Building Information Modelling Market. In 2016, the BIM software segment generated the highest revenue share of $2.7 bn, growing at a CAGR of 23.4 percent. Among major regions, North America is currently leading the BIM market with the revenue of $1.07 bn, however, Europe and Asia Pacific are expected to surpass the North American market by 2021. According to the report, the emerging countries of Asia Pacific and Europe will experience a steep growth in the market because of infrastructure developments. The rise in population and the requirement for new buildings and structures will lead to a hike in the growth of the market in countries such as India and China.