Global Building Information Modeling (BIM) Market will increase by 19.45% Annually till 2022
Major companies active in building information modeling market are Beck Technology, Ltd., Autodesk, Inc., Trimble Navigation Ltd., Nemetschek AG., Pentagon Solutions Ltd., Synchro Software Ltd., AECOM, Bentley Systems, Inc., Dassault Systemes SA, and Asite Solutions Limited among others. These players are set to place the building information modeling market at new heights in the years to come.
According to the analysts at Zion Market Research, the demand for global building information modeling market was capitalized at almost USD 3.52 Billion in 2016 and is likely to cross almost USD 10.36 Billion by end of 2022, increasing at a CAGR of slightly more than 19.45% from 2017 to 2022.
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Rapidly Developing Construction Activities All Over The World To Propel Building Information Modeling Market
The major factors that are propelling the development of building information modeling market are rapidly developing construction activities all over the world, as per the analysts at Zion Market Research. Government regulatory agencies are also taking measures to increase the acceptance of building information modeling in their respective nations, boosting the building information modeling market. Acceptance by medium and small enterprises is providing momentum to the building information modeling market. On the other hand, the continuous software upgradation and the high price of building information modeling software are hampering the development of building information modeling market. Low awareness about software management can hinder the growth of building information modeling market.
Nevertheless, technological enhancements by some firms that are designing a mobile app to access services will increase the growth of building information modeling market in the near future. Building information modeling increase productivity, improve visualization, increase the speed of delivery, and reduce cost. These factors will suffice the development of building information modeling market in future. In addition to this, various mergers and acquisitions by market players are also one of the major players that are responsible for the development of building information modeling market. For example, in October 2017, Nemetschek purchased RISA, a US-located software operator, to expand its solution portfolio and improve its structural analysis portfolio in the building information modeling market.
Building information modeling market is divided by end-user, solution, region, and vertical. The solution division is further segmented into services and software. Cloud-based software is likely to obtain the biggest share in the building information modeling market owing to its easy access and cost-effectiveness to the on-premise framework. End-users section of building information modeling market is divided into engineers, architect, and others including developers. Owing to rising number of the construction programs, architects surfaced as a ruling sector in building information modeling market and are likely to show noteworthy development in future. Based on vertical, the building information modeling market is bifurcated into residential, commercial, institutional, industrial, and infrastructural. Fast industrialization in economically developing nations (such as India, China, and Brazil) will power the development of industrial section in the future.
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The global building information modeling market is segmented as follows:
By End User
- North America
- The U.S.
- Asia Pacific
- Latin America
- The Middle East and Africa
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