The global Building information modeling market is expected to capture a promising CAGR of 16% and catapult from USD 4 Billion in 2016 to USD 11 billion by the end of the forecast period of 2016-2022, reveals a research report published by Market Research Future (MRFR). The building information modeling or BIM software is largely used in designing, planning, construction, maintenance and operation of physical structures and the market is growing owing to a steep rise in infrastructural activities worldwide. BIM enables greater collaboration, reduces costs and aids management process due to which it is gaining widespread acceptance by owners, builders, and engineers which is a key driver of the market.
Building Information Modeling Market is increasingly finding its application in various industry verticals due to the benefits it offers. Growing construction industry due to an increase in developmental and infrastructural activities across the globe, especially in developing economies has resulted in a growth of the market. The rise in government-led BIM programmes has created the opportunity for market growth. An increasing number of governments and public-sector organizations are encouraging the adoption of BIM for national and regional projects to speed up and enhance the construction process. Rapid industrialization in developing economies of the world coupled with the rise in renovation and refurbishment activities of old building or structures has also had also reflected positively on the market. Novel use of BIM in industries other than construction has also been a stimulator of the market growth. For instance, a Norwegian design house, YSA has started using 3D BIM to build next-generation passenger ships.
The penetration of the Internet of Things (IoT) in the construction of smart cities, smart factories, and smart offices has also provided an impetus to the growth of the market. However, the cost of implementing BIM is very high and cannot be afforded by small-scale enterprises which might limit the growth of the market. Lack of technical expertise and awareness is a significant hindrance to the growth of the market.
The global building information modeling market is highly competitive characterized by the presence of numerous established players. The key players functioning in the market include Autodesk (U.S.), Bentley Systems, Incorporated (U.S.), Intergraph Corporation (U.S.), IES Ltd. (U.K.), Nemetschek Group (Germany), AVEVA (U.K.), GRAITEC (France), Data Design System (Norway), 4M Building Solutions (U.S.), and Trimble Inc., (U.S.) among others. The key players are implementing various strategies such as partnership, acquisition, expansion, etc. to remain competitive in the market.
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The global Building information modeling market has been segmented based on product, end-user, and industry. By product, the market has been segmented into Software, BIM Training Service, and BIM Project Management among others.
By end-user, the market has been segmented into Government, Architects, and Engineers among others. By industry, the market has been segmented into Residential, Commercial, Healthcare, Entertainment, Sports, and Education among others.
The principal markets of the global building information modeling market include North America, Europe, Asia Pacific and the Middle East & Africa. Europe accounts for the most significant share of the market owing to increased government initiatives for the adoption of BIM across all infrastructure projects.
North America holds the second largest share of the market on account of high demand for BIM from commercial and residential construction industries. Asia Pacific is projected to emerge as the fastest growing market for BIM. Ongoing developmental and infrastructural activities in the developing economies of the region coupled with increasing awareness about the benefits of BIM will facilitate the growth of the market.
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- In July 2018, Autodesk ADSK announced the acquisition of Assemble Systems, a SaaS, platform provider. Autodesk will integrate Assemble in its BIM project management platform and will help both the companies to strengthen their product portfolio.
- In June 2018, JLG Industries Inc. launched BIM library on its website to help architects and builders to manage risk and yield improved operations of their projects. All the models in the library are available and can be downloaded by anyone in the value chain.
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