The building information modeling market has so far been caught in its early development phases and holds only a handful of well-established players, according to a research report published by Transparency Market Researv. A majority of these players are showing high optiFmism regarding their roles in the global building information modeling market as the services and software can be further developed to impart greater visibility in the phases of design and construction and offer cost reduction benefits for business owners.
Optimal BIM usage can also cause the inception of new virtual designs that could enable novel working methods in terms of collaboration and data sharing within the industries of construction, manufacturing, architecture, and engineering. GRAITEC, Nemetschek AG, and AECOM have been some of the prominent players in the global BIM market in 2015.
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This report estimates that the global building information modeling market will expand at a CAGR of 19.1% over the estimated period from 2015 to 2022. The market was valued at US$2.7 bn in 2014 and is subsequently predicted to reach US$11.5 bn by the end of 2022. North America and Asia Pacific are expected to be key contributor regions to the global building information modeling market over the coming years.
Nearly 33% of the market already taken up by North America in 2014, attributed to swift adoption of cloud-based platforms by a booming construction industry. Top application segment in the global building information modeling market so far has been for architects, while it is predicted that the demand in the contractors segment will surge in the forecast period.
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“BIM allows professionals in the construction industry to perfect their plans and consequently build and maintain structures. All the data can swiftly be made available to those involved in the project whenever the sender deems fit during the lifecycle of their structure. These is a form of advanced technology that can strongly boost the quality of structures through better construction as well as optimal maintenance.
These are propelling the applications of BIM in warehouse designing, construction, and management, along with other structures such as factories, houses and apartments, rail transit and aviation, energy generation facilities, government buildings, roads and highways, bridges, education institutes, and dams,” states a TMR analyst. The rate of investments in the use BIM in these segments is currently a primary driver for the global building information modeling market.
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The demand for advanced solutions in data management in emerging economies is one of the key factors that players in the global building information modeling market should be looking out for. This demand is expected to skyrocket over the coming years, propelling infrastructure development in these regions.
However, high initial costs may act as a restraint for the growth of this market. This could essentially be mitigated by the provision of efficient construction solutions through BIM. Moreover, the rising investment in public infrastructural development across emerging nations is expected to raise a high demand for BIM solutions for the construction of roads, highways, and bridges.
The information presented in this review is based on a Transparency Market Research report, titled, “Building Information Modelling (Solution Type - Software, Consultancy Service; Type - On-premise Software, Cloud-based Software; End-users - Architects, Contractors, Engineers, Developers; End-use Industry - Water and Waste Water, Rail Transit and Aviation, Energy Generation Facilities, Roads, Bridges and Highways, Houses and Apartments, Factories and Warehouses, Educational Institutes and Commercial Spaces, Government Buildings, Dams and Others; By Region - North America, Europe, Asia-Pacific, Middle East and Africa (MEA), Latin America) Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015 - 2022.”
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