Global BIM market
Building information modelling (BIM) is a technically-advanced tool used in the architecture, engineering, and construction (AEC) industry. It is used for design, visualisation, cost estimating, programming, scheduling and so on. The entire lifecycle of a built asset can be managed with BIM.
The market research report Building Information Modeling (BIM) Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2015 - 2022, reveals that 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 Compound Annual Growth Rate (CAGR) of 19.1%.
With a rise in construction activities around the globe, the market for BIM has expanded greatly. North America was the largest market for BIM in 2014, with growth driven by increases in construction activities and the penetration of cloud-based services for BIM software.
The major factors driving the growth of the BIM market are; the desire for increased efficiency, increased awareness of the full project lifecycle and the augmentation of workflows. In addition, government bodies undertaking construction activities are launching initiatives to increase the adoption of BIM in their respective countries.
However, the BIM market is facing challenges due to the high cost of software and the frequent need for software upgrades. In addition, the lack of trained expertise in the field is a major restraint.
AEC small and medium enterprises (SMEs) have started adopting BIM, which has indirectly boosted the BIM consultancy service segment, however, because it is an expensive tool, the rate of adoption is quite low.
The BIM market is segmented on the basis of:
- Solution types (including software and consultancy services).
- End-use industry.
The BIM software market is further segmented by deployment type, into on-premise and cloud-based software types.
The adoption of BIM is expected to expand over the forecast period due to a rise in the number of cloud-based services. Cloud-based software is the fastest-growing segment in the BIM software market. This growth is attributed to the high cost of on-premise software deployment and the adoption of BIM by AEC SMEs.
Architects, engineers, contractors, and developers are among the major end-users and contributors toward BIM revenue generation. The adoption of BIM in 2014 was dominated by the architects, followed by engineers. However, contractors are expected to be the major users of BIM over the forecast period, with their presence expanding at a CAGR of 22.7% from 2015 to 2022.
A variety of end use industries are adopting BIM solutions in their infrastructural development. These include: water and waste water; bridges, roads, and highways; rail transit and aviation; energy generation facilities, houses and apartments; education institutes and commercial spaces; government buildings; factories and warehouses; dams; and others. The rail transit and aviation sector held the majority share of the BIM market revenue generated in 2014 and is expected to maintain its leading position throughout the forecast period.
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