PORTLAND, Oregon, April 12, 2016 /PRNewswire/ --
A new report published by Allied Market Research titled, "World Building Information Modeling (BIM) Market -Â Opportunities and Forecasts, 2015-2022," forecasts that the world BIM market would garner a revenue of $11.7 billion by 2022, registering a CAGR of 21.6% during 2016 - 2022. The Asia-Pacific region is expected to witness an upsurge in demand owing to the exponentially growing construction industry and supportive government regulations for mandating the use of BIM. Furthermore, BIM is forecast to gain increasing adoption across various sectors such as commercial and infrastructure construction.
To know more about the report, visit the website at https://www.alliedmarketresearch.com/building-information-modeling-market
The commercial and infrastructure construction industry have been witnessing increasing demand for automation of technical drawings and database in the recent years. Further, the supportive government regulations pertaining to mandating the use of BIM in commercial projects, booming real estate industry and growing awareness of the benefits of BIM, among architects and contractors, would drive its adoption, globally. In the current scenario, BIM has emerged as an ideal alternative to traditional CAD software, owing to its suitability over a variety of operational issues such as cost management, handling raw data & information and alignment of processes associated with construction projects. Thus, BIM is expected to exhibit an upward growth trend across widespread verticals.
The commercial and infrastructure construction industries would continue to be the leading consumers of BIM in the future, constituting nearly 63% of the global market by 2022. Moreover, the infrastructure industry is expected to grow at the fastest rate during the forecast period.
Cloud-based deployment type dominates the market currently and is expected to grow at the fastest CAGR during the forecast period, owing to its cost effectiveness and easy accessibility. Software segment constituted the majority of market share in 2015 and would continue its dominance over services market during the forecast period.
The North America region occupies the majority of the market share in the current market scenario. However, Asia-Pacific region is forecast to dominate the market by 2021. Growing construction activities and government mandates are expected to contribute to the fast growth of the region. Moreover, the growing commercial and infrastructure construction activities in countries such as China, India and U.A.E, offer lucrative market opportunities in Asia-Pacific and LAMEA regions.
Key findings of the study:
BIM market is expected to grow at a remarkable rate owing to supportive government regulations mandating the adoption of BIM software for construction projects
Software segment would continue to dominate the overall market with nearly three-fourth market share by 2022.
Contractors segment is expected to grow at the fastest CAGR for constructability analysis, logistics purposes and job site planning, among others.
Cloud based deployment mode is expected to dominate the market throughout the forecast period owing to its cost-effectiveness and easy availability
BIM software would find widespread applications in commercial and infrastructure construction projects owing to supportive government regulations
The prominent players, offering BIM solutions across the globe include Autodesk, Inc., Nemetschek AG and Bentley Systems, Inc., among others. Market participants focus on the technological advancements in both fields, viz., software and services, that work in combination with each other. These players offer customized solutions to improve their market presence and customer base. For instance, in the year 2015, a leading player in BIM, Autodesk, Inc., announced the launch of Autodesk BIM 360 Docs, which would enable its users to categorize all files available in various formats for effective data management.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions". AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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SOURCE Allied Market Research