Home News BIM market expected to reach around USD $18.8 billion by 2024

BIM market expected to reach around USD $18.8 billion by 2024

According to a report published by Grand Research Store, the BIM market is estimated to garner revenue of $3.6 billion in 2016 and is projected to reach $18.8 billion by 2024, growing at a CAGR of 22.9% from 2016 to 2024.In 2016, BIM Software segment generated the highest revenue share of $ 2.7 billion growing at a CAGR of 23.4%.

BIM (Building Information Modeling) refers to an intelligent 3D model-based process that gives architecture, engineering, and construction (AEC) professionals the insight and tools to more efficiently plan, design, construct, and manage buildings and infrastructure. It has emerged as an effective tool for designing, planning, and management of construction project as the traditional solutions for technical drawings are not as efficient in planning and management of construction projects.

Governments in various countries have mandated the implementation of BIM solution during the construction and operations phase of a project. Moreover, the demand for green buildings is increasing owing to rising energy scarcity. These factors would help in market growth during the forecast period. However, the issues such as high cost of BIM software and long training periods hampering the productivity would limit the market growth to some extent.

Global BIM market is segmented based on solutions, deployment model, end user, application area, and geography. Based on a solution, the market is segmented into software and services. Software solution segment dominates the market owing to a preference for cost-effective processes and benefits of BIM software during different phases of the construction project. Among end user, the market is segmented into architectures, contractors, and others. Based on application areas, the market is segmented into commercial, residential, institutional, infrastructure and industrial. Geographically, the market is segmented into North America, Europe, Asia-Pacific, and LAMEA.

Key players profiled in the report include Autodesk, Inc., Trimble Navigation Ltd, Nemetschek AG, Synchro Software Ltd., Bently Systems Inc., Dassault Systemes, Asite Solutions Ltd, Pentagon Solutions Ltd., AECOM.,Beck Technology, Ltd.