Led by North America, Global Building Information Modeling (BIM) Market to Reach US$11.54 bn by 2022
Market Research, Building Information Modeling Market
According to a new market report published by Transparency Market Research “Building Information Modeling (BIM) Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2015 - 2022”, the global BIM market was worth US$2.76 bn in 2014 and is expected to reach US$11.54 bn by 2022, expanding at a CAGR of 19.1% from 2015 to 2022. North America was the largest market for BIM in 2014. Growth in this region is expected to be driven by increases in construction activities and the penetration of cloud-based services for BIM software.
Building information modeling (BIM) is considered to be beneficial and technically advanced tool in the architecture, engineering, and construction (AEC) industry. BIM is a designing tool used to visualize the design aspects of buildings in 3D. Apart from 3D visualization, BIM also helps in attaining estimates of various other factors, such as cost implementation, time requirement, labor requirement, raw material provision, and other key prerequisites in the construction industry. Management of the entire construction lifecycle can be simulated by BIM efficiently.
With a rise in construction activities around the globe, the market for BIM has expanded greatly. Major factors driving the growth of BIM market are desires for increased efficiency, long-term estimation of the project, and augmented workflow. Furthermore, government regulatory bodies undertaking construction activities are taking initiatives to raise the adoption of BIM in their respective countries. A large number of AEC small and medium enterprises (SMEs) have started adopting BIM, which has indirectly boosted the BIM consultancy service segment. The BIM market is facing certain challenges owing to the high cost of software and frequent requirement for software upgrades. Moreover, the lack of trained expertise in the field is a major restraint for the BIM market. Because it is an expensive tool, the adoption rate of BIM is quite low among the AEC SMEs.
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Building Information Modeling Market
, Market Research