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Building Information Modelling (BIM) Market Erects Up to USD 11 Billion by 2022 at 16% CAGR
PUNE, India, Aug. 2, 2017 /PRNewswire/ -- Market Research Future published a Cooked research report on "Global Building Information Modelling (BIM) Market Research Report - Forecast to 2022" – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2022.
Autodesk (U.S.), AVEVA (U.K.), Bentley Systems, Incorporated (U.S.), GRAITEC (France), Intergraph Corporation (U.S.), Data Design System (Norway), IES Ltd. (U.K.), 4M Building Solutions (U.S.), Nemetschek Group (Germany), Trimble Inc., (U.S.) are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the Global Building Information Modelling (BIM) Market.
Building Information Modelling (BIM) Market - Overview
The Global Building Information Modelling (BIM) Market is growing with the rapid pace; mainly due to the burgeoning construction industry. According to a recent study report published by the Market Research Future, the global Building Information Modelling (BIM) Market is booming and expected to gain prominence over the forecast period growing rapidly. The global Building Information Modelling (BIM) market is forecasted to demonstrate a spectacular growth by 2022, surpassing its previous growth records in terms of value with a striking double digit CAGR during the anticipated period (2016 – 2022). The Global Building Information Modelling Market is expected to grow at USD 11 billion by 2022 from US ~$4 billion in the 2016 with compound annual growth rate of 16%.
Building Information Modelling or BIM is a process which is used for planning, designing, construction, operation and maintenance of physical infrastructure. In other words, BIM is a software which offers several features to its end users such as individuals, businesses and government agencies for physical construction of any assets. In past few years, the adoption of BIM in the construction industry has risn tremendously. Growing construction industry and high demand for physical infrastructure such as building, roads, dams and other needs to be planned accordingly considering all the future aspects, and vital feature offering by BIM allows the organizations to create a virtual model before making any investment. Factors such as growing economy, technological advancement, growing 3D technology are some of the major factors which are driving the market of BIM whereas the cost associated with training and software are some of the major restraints of the market.
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Industrial application segment has been evaluated to witness a momentous growth which is accredited to the fact that building information modelling delivers digital prototyping analysis and simulation, thereby cutting the construction period while steadily enhancing productivity and minimizing risks associated with construction projects; during the forecast period.
BIM keeps errors out of the equation, offering a much-needed cost-saving measure. For large scale projects, a simulated BIM model allows engineers to analyse the workflow, as they see a fully 4D version – that's a 3D model with time factored in – in virtual reality. Progress can be correlated against cost, allowing project managers and engineers to schedule the various activities that go into the build in a way that optimises time whilst saving cost.
Building Information Modelling (BIM) Market - Competitive Analysis
Characterized by the presence of several well-established and small players, the global Market of BIM appears to be highly competitive. Well established players incorporate acquisition, collaboration, partnership, expansion, and product launch in order to gain competitive advantage in this market and to maintain their market position. Vendors are focusing on improving their market performance and are expanding by acquiring promising companies in the fast-growing markets. Marketers employ a continuous improvement strategy to analyze and update products, implementing improvements and launching new technologies to meet the changing needs of consumer. The BIM Market demonstrates high potential for the growth opportunities which is likely to attract many new comers to the industry resulting in intensified competition further.
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Building Information Modelling (BIM) Market - Segmentation
The BIM Market is segmented in to 4 key dynamics for the convenience of the report and enhanced understanding;
Segmentation by Product: Comprises Software, BIM Training Service and BIM Project Management among others.
Segmentation by Industry: Comprises Residential, Commercial, Healthcare, Entertainment, Sports, Education among others.
Segmentation by End Users: Comprises Government, Architects, Engineers and other.
Segmentation by Regions: Comprises Geographical regions - North America, Europe, APAC and Rest of the World.
Building Information Modelling (BIM) Market - Regional Analysis
Europe is dominating the market of building information modelling market since last couple of years. Europe being a growing economy; government takes a great interest in construction industry which is a major factor that contributes to the wide adoption of Building Information Modelling. North America stands as second biggest market in terms of revenue generation. A study shows that the adoption rate of BIM in North American countries has increased from 15% to more than 60% in last 10 years. High disposable income is leading to heavy demand for commercial and residential construction which is expected to drive the market of BIM in North America over the forecast period. Asia-Pacific stands as third biggest market. Countries such as China, India, Japan and South Korea are showing steady growth in the construction industry. Also, this region accounts for more than of 35% of global population which is expected to generate huge demand for residential infrastructure over the period of time leading to increase in the market of BIM.
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