New York, NY, April 10, 2018 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Building Information Modeling (BIM) Market by Solution (Software & Services), by End-Users (Architects, Contractors, Engineers and Others) for Industrial, Commercial, Residential, Infrastructure, and Institutional: Global Industry Perspective, Comprehensive Analysis, and Forecast, 2016-2022”. According to the report, global demand for building information modeling market was valued at around USD 3.52 billion in 2016 and is expected to reach approximately USD 10.36 billion by 2022, growing at a CAGR of slightly above 19.45% between 2017 and 2022.
Building Information Modeling (BIM) is an intelligent 3D model-based process that gives architecture, engineering, and construction professional’s insight to more efficiently plan, design, construct and manage buildings or infrastructure. Different benefits offer by this modeling technique is giving traction to the BIM market. The major benefit of BIM is that it can be accessed by multiple users from a different location on the same document. Conventional building design largely relies upon two-dimensional technical drawings. Building information modeling extends this beyond 3D, augmenting the three primary spatial dimensions with time as the fourth dimension (4D) and cost as the fifth (5D). It covers spatial relationships, geographic information, light analysis, and quantities and properties of building components.
Browse through 42 Tables & 34 Figures spread over 110 Pages and in-depth TOC on “Building Information Modeling (BIM) Market by Solution (Software & Services), by End-Users (Architects, Contractors, Engineers and Others) for Industrial, Commercial, Infrastructure, Residential and Institutional: Global Industry Perspective, Comprehensive Analysis and Forecast, 2016-2022”.
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Due to the lucrative advantage of this model, building information modeling market is growing rapidly in different end-user sectors. Some other advantages of BIM include increase return on investment, time and money saving. Increasing number of construction activities globally and growing awareness about this model is impelling the growth of this market. However, the high cost required for the execution of all processes in BIM is restraining the growth of this market. In addition, it requires long training period and technical skills which are hindering the growth of this market. Nonetheless, government mandates regarding the use of this model will boost its adoption over the forecast period.
Building information modeling market is segmented on the basis of the solution and vertical. By solution, the market is segmented into software and services. Software held the largest share of BIM market due to high benefits for design modeling software for various construction projects. By end-users market is divided into architects, contractors, engineers, and others. Due to the rapidly increasing number of construction projects, architect segments will continue to lead the market in coming years. Different verticals analyzed in this market study are commercial, residential, infrastructure, institutional and industrial. Industrial segment is expected to show significant growth over the forecast period due to the reduced risk associated with a construction project in the industrial sector.
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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. 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.
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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 from 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.
Key players operating in global building information modeling market are Autodesk, Inc., Beck Technology, Ltd., Nemetschek AG., Trimble Navigation Ltd., Synchro Software Ltd., Pentagon Solutions Ltd., Bentley Systems, Inc., AECOM, Asite Solutions Limited., and Dassault Systemes SA, among others.
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The report segments global building information modeling market as follows:
Global Building Information Modeling Market: Solution Segment Analysis
- Software
- Services
Global Building Information Modeling Market: End-user Segment Analysis
- Architects
- Contractors
- Engineers
- Others
Global Building Information Modeling Market: Vertical Segment Analysis
- Commercial
- Residential
- Infrastructure
- Institutional
- Industrial
Global Building Information Modeling Market: Regional Segment Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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