World Building Information Modeling (Bim) Market Is Expected to Garner $11.7 Billion

A new report published by Allied Market Research titled, “World Building Information Modeling (BIM) Market - 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.

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.

Source: https://www.alliedmarketresearch.com/press-release/building-information-modeling-market.html

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...