The BIM market is expected to grow to USD 7.64 billion by 2022
NEW YORK, April 24, 2017 /PRNewswire/ --
Highlights
The BIM market is expected to grow from USD 3.58 billion in 2017 to USD 7.64 billion by 2022, at a CAGR of 16.51% during the forecast period. The enhanced communication and coordination through the asset lifecycle management process and government mandates for the usage of building information modelling in several developed countries are some of the major drivers for the BIM market.es.
In terms of different geographic regions, the market in the APAC region is expected to grow at the highest CAGR during the forecast period. This market growth can be attributed to the fast growing construction industry in APAC.
"The building information modeling (BIM) market projected to grow at a significant rate"
The BIM market is expected to grow from USD 3.58 billion in 2017 to USD 7.64 billion by 2022, at a CAGR of 16.51% during the forecast period. The enhanced communication and coordination through the asset lifecycle management process and government mandates for the usage of building information modeling in several developed countries are some of the major drivers for the BIM market. However, high costs of building information modeling software required for the execution of various construction processes and long training periods contributing to a decrease in the productivity of the construction companies are the key factors that are restraining the growth of the BIM market.
"Building application expected to capture largest market share during the forecast period"
Among all the major applications of the BIM market, the building applications have been driving the market. The extensive usage of building information modeling in the construction of retail and commercial buildings in the countries such as the U.K. and the U.S. is driving the market for building applications. However, the market for industrial application is expected to capture the second largest share between 2016 and 2022.
"The market for services is estimated to grow at the highest rate between 2017 and 2022"
The BIM market for services is expected to grow at the highest rate during the forecast period. The benefits offered by integrated BIM services in the construction process such as 2D drawings, 3D modeling, 4D scheduling, and 5D estimating power; and change management, clash management, visualization, layout, quantity take off, scheduling, and production control are expected to propel the growth of the BIM market for services. However, the building information modeling software segment is expected to hold largest market share of the BIM market between 2017 and 2022.
"BIM market in APAC expected to grow at a significant rate"
In terms of different geographic regions, the market in the APAC region is expected to grow at the highest CAGR during the forecast period. This market growth can be attributed to the fast growing construction industry in APAC. Various initiatives by various countries such as the mandates by the Ministry of Land, Infrastructure, Transport, and Tourism in Japan and the establishment of unions such as China BIM Union to promote the coordinated development of the country's BIM technology, standards, and software in China, are also expected to contribute to the growth of the BIM market in APAC.
Breakdown of profile of primary participants:
• By Company Type: Tier 1 = 35%, Tier 2 = 45%, and Tier 3 = 20%
• By Designation: C-level Executives = 35%, Directors = 25%, and Others = 40%
• By Region: North America = 45%, Europe = 20%, APAC = 30%, and RoW = 5%
Major players in the BIM market are Autodesk Inc. (U.S.), Nemetschek SE (Germany), Trimble Navigation Limited (U.S.), Bentley System, Inc. (U.S.), Asite Ltd. (U.K.), AVEVA (U.S.), RIB Software AG (Germany), Dassault Systèmes (France), Archidata Inc. (Canada), Intergraph Corporation (U.S.), Beck Technology, Ltd. (U.S.), Computers and Structures, Inc. (U.S.), Robert McNeel & Associates (U.S.), and Cadsoft (U.S.).
Research Coverage:
The report on the BIM market segments the market by type, project life cycle, application, and geography. Depending on the type, the BIM market is segmented by type as software and services. Depending on various phases of project lifecycle, the BIM market is segmented on the basis of project lifecycle into pre-construction, construction, and operation. Depending on the adoption of BIM for various applications, the BIM market is segmented on the basis of applications, namely, buildings, civil infrastructure, oil & gas, industrial, utilities, and others. Lastly, the global BIM market is segmented into four regions, namely, North America, Europe, APAC, and RoW.
The report would help the market leaders/new entrants in this market in the following ways:
1. This report segments the BIM market comprehensively and provides the closest approximations of the overall market size and that of the subsegments across different applications and regions.
2. The report helps stakeholders to understand the pulse of the market and provides them information on key market drivers, restraints, challenges, and opportunities.
3. This report would help stakeholders to understand their competitors better and gain more insights to enhance their position in the business. The competitive landscape section includes competitor ecosystem, market share analysis, and analysis of top 25 companies on the basis of the products offered and business strategies adopted by them in the BIM market.
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