Global BIM market to reach to $10.36 billion by 2022: Report

Global BIM market to reach to $10.36 billion by 2022: Report

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Market research on Building Information Modeling (BIM) Market
Zion Market Research’s recently published market report titled “Building Information Modeling (BIM) Market,” estimates the market to grow at a CAGR of slightly above 19.45% by 2022.

US: Zion Market Research has published a new report titled “Building Information Modeling (BIM) Market,” which forecasted the global building information modelling market valued at around USD 3.52 billion in 2016, have estimated it to reach approximately USD 10.36 billion by 2022. The report also expects the market to grow at a CAGR of slightly above 19.45% between 2017 and 2022.

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Building information modeling (BIM) market is anticipated to pave opportunities for construction, industrial and other sectors. Government mandates for the usage of BIM in developed countries are the key driving factors for growth of the building information modelling market.

By region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa. North America has the highest contribution in global BIM market followed by Europe and Oceania and continues. Several countries are still at the very beginning stage of developing and deploying their own BIM strategies. In Europe, Spain’s provisional timetable for mandatory BIM implementation on public sector projects is now a reality by March 2018.

In France, the ongoing adoption of BIM has already begun with the set goal of having 2017 to be the year when BIM is anticipated to streamline all public sector projects. In Germany, the government is playing a cog role in promoting the BIM strategy for implementation of BIM on all infrastructure projects by 2020 and forward in building construction.

BIM has been rapidly adopted by Asia Pacific region due to growing awareness in emerging countries such as China, Japan, and India. Chinese contractors and architects are largely implementing the BIM software due to better design solution and reduced error.

The large architectural and construction organizations in China generally have more BIM experience than their smaller peers, and more of them plan to use BIM on a higher percentage of their projects which will boost demand of BIM market in China.

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The strategic partnership is also with companies from different regions are giving traction to the BIM market. For instance, in 2013 Tata Consulting Engineers and Autodesk announced a strategic partnership for BIM to deliver industry solution experiences to customers in the plant, infrastructure, construction and building sectors.

The BIM market Latin America and Middle East & Africa is expected to offer significant growth over the forecast period. Architectural firms in Brazil are experiencing competition on all fronts. Foreign firms are competing for very large commercial projects and national firms competing for public projects and large private-sector projects which will indirectly fuel the growth of BIM market.

Major players operating in building information modelling are Autodesk, Beck Technology, Nemetschek AG., Trimble Navigation, Synchro Software, Pentagon Solutions, Bentley Systems, AECOM, Asite Solutions, and Dassault Systemes SA, among others.