According to a new market research report published by Credence Research“Building Information Modeling (BIM) Market (By Solution– Software (On-premise and Cloud-based) and Services;By End-users: Architects, Engineers, Contractors and Developers) – Growth, Future Prospects, Competitive Analysis and Forecast 2017 – 2025”,the global building information modeling (BIM)market was valued at US$ 3,976.6Mn in 2016 and is expected to grow at a CAGR of 19.3% during the forecast period from 2017 to 2025.
Building information modeling (BIM) has offered a viable solution to various stakeholders in the construction industry to effectively collaborate and contribute to the overall completion of the construction projects. Benefits such as the comprehensive approach to the overall project coupled with efficient coordination have led to the growing popularity of BIM software over other traditional approaches such as AutoCAD, 3DMax, and CATIA.
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The use of BIM software has enabled developers to reduce design errors and schedule projects efficiently thereby, resulting in waste reduction in terms of materials, time and other resources. Furthermore, with adverse impact on environment accompanied with the limited land area in most of the developed cities across the world, it has become imperative for construction developers to make optimum utilization of available resources. The government in numerous developed countries such as the U.S., the UK, Finland, Denmark, Norway, Singapore, and Australia, among others have mandated the use of BIM for various public and private construction activities. Thereby, the BIM market is expected to witness significant growth in such markets during the forecast period from 2017 to 2025.
The global building information modeling (BIM)market is fairly consolidated with a few leading providers of building information modeling (BIM)offering application-specific modules. Some of the leading providers of BIM across the world include Autodesk, Inc., Bentley Systems, Inc., Dassault system SA and AECOM. Other prominent players in the global BIM market were Tekla Corporation, Nemetschek SE, Trimble Navigation Limited, Intergraph Corporation, ASSA ABLOY Group, 4M Building Solutions and CYPE Ingenieros, S.A.
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– Research and development towards innovative applications
– Favorable government initiatives and mandates driving the demand for BIM solutions
– End-users increasing making use of BIM solutions in order to gain a competitive edge in the market
– High initial costs and lack of technical expertise hinder the growth of BIM market in certain sectors