Building Information Modeling (BIM) Market worth $7.64 billion by 2022
Added: (Mon Jun 10 2019)
Pressbox (Press Release) -
According to the new market research report "Building Information Modeling (BIM) Market by Type (Software, Services), Project life cycle (Pre-construction, Construction, Operation), Application (Buildings, Civil Infrastructure, Oil & Gas, Industrial, Utilities), Geography - Global Forecast to 2022", The building information modeling market is expected to grow from USD 3.16 billion in 2016 to USD 7.64 billion by 2022, at a CAGR of 16.51% during the forecast period.
Building information modeling (BIM) refers to the process that involves digital designing, documentation, and representation of building and infrastructure plans. BIM can be implemented with the help of various software and services available, which are adopted at different stages of a project life cycle, such as pre-construction, construction, and operation.
The objectives of the report includes forecast of the BIM market size in terms of value for BIM software and services, Project life cycle (Pre-construction, Construction, Operation), Application (Buildings, Civil Infrastructure, Oil & Gas, Industrial, Utilities), and Geography.
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The market for BIM services to grow at the highest CAGR during 2017–2022
The market for BIM services is expected to grow at the highest CAGR during the forecast period. BIM services comprise architectural, structural, and MEP modeling; these services also include the provision of cloud to BIM services and infrastructure modeling to architects, engineers, general contractors, and developers. These services help in estimating costs as well as the requirement of materials and their quantity. Services are provided according to the project types and requirements for commercial, residential, healthcare and other buildings.
The BIM market for industrial applications to grow at the highest rate during forecast period.
Among all the major applications of BIM market, industrial applications is expected to grow with the highest CAGR during forecast period. Industrial buildings may specifically focus on process systems and equipment. The equipment and systems that shape industrial buildings can be incorporated with BIM. BIM precisely eliminates any chance of miscommunication between the owner and the builder, as the entire design model can be viewed clearly. The market growth can be attributed to the rapid industrialization and the rising awareness about the advantages of adopting BIM for industrial facilities in the developing countries such as China and India in APAC.
North America to hold a major share of the BIM market in 2016
North America is expected to dominate the BIM market during the forecast period. In North America, the BIM market is well established, and the constructors and contractors in the region are well aware of the benefits of this process. BIM is widely used for institutional and government projects in the U.S. In Canada, a BIM standard for building smart Canada has been developed for architecture, engineering, and construction owners and operations (AECOO) community to improve its performance and contribute more effectively to the societal, environmental, and economic development of Canada, which is boosting the use of BIM in the region, to benefit from its implementation.
Autodesk Inc. (U.S.), Nemetschek SE (Germany), Trimble Navigation Limited (U.S.), Bentley System, Inc. (U.S.), Asite Ltd. (U.K.), AVEVA (U.S.), RIB Software AG (Germany), Dassault Systèmes (France), Archidata Inc. (Canada), Intergraph Corporation (U.S.), Beck Technology, Ltd. (U.S.), Computers and Structures, Inc. (U.S.), Robert McNeel & Associates (U.S.), and Cadsoft (U.S.) are some of the major companies dominating the BIM market.
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