With rapid urbanization and industrialization, a great need to construct various structures is occurring, consequently driving the global building information modeling market. Companies are rapidly churning out user friendly solutions, which promise to drastically increase the demand for BIM solutions in future.
According to expert analysts, the global building information modeling market is expected to surge ahead at a stellar CAGR of 19.1% during the forecast period from 2015 and 2022. With this growth, the market is projected to gain revenue worth US$11.5 bn by 2022, which is a spectacular increase from a previous valuation of US$2.7 bn achieved in 2014.
Construction of Roads, Bridges, and Highways to Witness Tremendous Growth
The global building information modeling market is segregated into various segments on the basis of type, solution type, end user industries, and end users. Under end-users, contractors, architects, engineers, and developers comprise the key segments in the market. Of these, the architects segment held a leading spot with a share of about 38% in 2014. However, experts believe that the adoption of BIM software solutions could surge among contractors during the forthcoming years, thus making it the leading segment. Furthermore, owing to a rapidly increasing number of construction projects, the architects segments could also portray a leading stance in the global building information modeling market during the forecast period.
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By end-use, major segments present in the market are dam, education institutes and commercial spaces, roads, bridges and highways, energy generation facilities, government buildings, houses and apartments, rail transit and aviation, factories and warehouses, and others. Of these, the roads and highways and rail transit and aviation segments showcase maximum utilization of BIM solutions. Nevertheless, increasing investments in infrastructural development, majorly in developed economies is expected to highly boost the demand of BIM solutions in the roads, highways, and bridges segments, in future.
North America Comes Out Winner Owing to a Burgeoning Construction Industry
Geography-wise, the global building information modeling market is spread across North America, Asia Pacific, the Middle East and Africa, Europe, and Latin America. Of these, North America and Asia Pacific have depicted maximum growth in the market owing to a fantastic demand for BIM solutions. Among both regions, North America portrays a leading presence in the market with a share of over 33% gained in 2014. Apart from a high demand for BIM solutions, numerous enterprises are adopting cloud-based engineering software programs on a large-scale basis. This in turn has increased the use of notable BIM software in the region, further cementing its position as a dominant regional sector throughout the forecast period.
Moreover, the construction industry has been growing with leaps and bounds in North America, which has fueled demand for BIM solutions in the region too, consequently making it a leading regional segment.
Apart from North America and Asia Pacific, growth in the global building information modeling market showcased in Europe also has been substantially spectacular. This region held the runner-up spot in terms of revenue generated in this market in 2014. Such an expansion has mainly been possible in Europe owing to increasing adoption of BIM solutions by local government construction clients
Asia Pacific to Steal the Show from Other Regions during the Upcoming Years
However, market experts predict Asia Pacific to clock the topmost CAGR in the global building information modeling market at 21.2% during the course of the forecast period. The rapid expansion of the construction, engineering, and architecture industry across countries such as India, Japan, and China are mainly responsible for such a splendid forecasted growth in this region, thereby stoking demand for BIM software sales.
Dassault Systemes SA, Pentagon Solutions Ltd., Synchro Software Ltd., Bentley Systems Inc., Autodesk Inc., Beck Technology Ltd., Nemetschek AG, AECOM, Tekla Corporation, and GRAITEC, are some of the chief players operating in the global building information modeling market.