Building Information Modelling Market Trends and Forecast Up To 2022
Posted by Harshad Borde on January 29th, 2020
The global building information modelling (BIM) market features a fairly competitive landscape with the presence of a large number of emerging players and several prominent players, observes Transparency Market Research (TMR). Some of the leading players are AECOM, Bentley Systems, Incorporated, Dassault Systemes S.A., Autodesk, Inc., and Dish’s Wally. Some of the top emerging players are Nemetschek Group and Synchro Software Ltd. Several players are launching scalable and affordable BIM solutions to meet the needs of small and medium-sized enterprises (SMEs) in order to gain a competitive edge over others.
The global building information modelling market stood at of US.7 bn in 2014 and is expected to reach a valuation of US.5 bn by 2022. The market is projected to rise at a significant CAGR of 19.1% from 2015 to 2022.
North America to Emerge as Dominant Region through Forecast Period
North America held the major share in 2015 and is projected to maintain its lead throughout the forecast period attributed to the wide adoption of integrated cloud-based solutions by the construction industry in various developed nations. The opportunities in the regional market is expected to surge to US.05 bn by the end of the forecast period.
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Based on end user, the BIM market is segmented into end-users, architects, contractors, engineers, and developers. Among these, architects constitute the major end user segment and is projected to dominate throughout the forecast period. The substantial demand for BIM solutions among architects is driven by rapidly burgeoning engineering and construction projects.
Concerted Government Support in Developing and Developed Nations to Bolster Uptake
The demand for improving productivity and competitiveness in the architecture, engineering, and construction industry is a key factor driving the adoption of building information modeling. The benefit of BIM solutions to simplify the complexity of various construction projects has led to its extensive adoption in various developed markets such as the U.S. and the U.K.
The presence of favorable government policies in various developing and developed nations has boosted the uptake of BIM solutions. For instance, the Government of Russia has recently approved a roadmap for the implementation of BIM across different stages of the life cycle of any capital facility. This will increasingly pave way for strategic development of building information modeling solutions for numerous civil construction projects in the nation. The demand for digitization of construction projects among policy makers in several countries of Europe is also expected to catalyze the growth of the building information modelling market.
Implementation of BIM Help in Better Estimation of Budgeting
The functionality of building information modelling to facilitate better collaboration across various stakeholders in the value chain in the construction industry is expected to boost its adoption in developed countries. In addition, the successful implementation of BIM by contractors and architects is largely motivated by better estimation of budgeting and the marked reduction in the maintenance cost. The popularity of automated BIM solutions over 3D building models is driven by the need for adoption in budget estimation, thereby accentuating the market.
The high capital investment required due for engaging the services of consulting firms is a key factors hindering the adoption of BIM, especially among SMEs. Furthermore, the paucity of required technical skill may impede the market to an extent. Nevertheless, the advent of scalable and cost-effective cloud-based BIM solutions has led an increased adoption among SMEs who have budget constrained or may lack adequate infrastructure. This is expected to open up lucrative growth avenues for market players in the coming years.
Numerous training sessions conducted in developed regions to demonstrate the use of BIM are developments expected to positively impact the market in the forthcoming years. Furthermore, the fast growing construction projects in urban areas in developing regions is further expected to accentuate the building information modelling market.
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About the AuthorHarshad Borde
Joined: April 26th, 2019
Articles Posted: 526
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