Building Information Modelling (BIM) Market is projected to reach USD 14.033 billion by 2023, registering a CAGR of 17.5% over the forecast period of 2018-2023|Key Players - AUTODESK INC., ASITE SOLUTIONS LTD, BENTLEY SYSTEMS INC., DASSAULT SYSTEMS SA, NE

Market Analysis:

Asia Pacific to Witness the Highest Growth Rate
In the Asia-Pacific region, the growth in the market is augmented by the growth of the construction industry in countries, such as China and India. Government-aided schemes such as Smart Cities in India, which plan to develop 100 cities with revamped infrastructure in the country, are further expected to drive the demand for BIM solutions. Moreover, China is undertaking various new infrastructural projects.

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In the recent years, owing to its benefits over the existing solutions, such as paper-based design and modeling, and CAD systems, BIM has recorded an increasing adoption. These tools facilitate money saving, time saving, and simplifying the construction processes, thereby driving the building information modelling software market. The introduction of governmental regulations in major markets, such as the United Kingdom, the United States, and Singapore, has considerably aided the adoption rate of BIM software. These solutions are witnessing an increased adoption in the commercial segment, because they offer a competitive advantage over high-end commercial contractors, as they become more aware of their competencies and capabilities. However, cost- and implementation-related issues can act as challenges for the widespread adoption of BIM software.

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Market Segments:
Building Information Modelling (BIM) is segmented by:
1. Solution Type: Software, Service
2. Application: Commercial, Residential, Industrial, Other Applications
3. End User: Contractors, Architects, Facilities Managers, Other End Users
4. Geography: North America, South America, Europe, Asia Pacific, Middle East & Africa

Key Developments in the Market
• Oct 2017: AutoDesk invested in Project Frog, a component building company, to create a cloud-based data platform that connects the manufacturing and project delivery with the architectural design process..
• Oct 2017: Nemetschek acquired RISA, a US-based software provider, to enhance its structural analysis portfolio and expand its solution portfolio in the AEC market, after cementing its position in European structural analysis and design market, through its brand SCIA.
• Jul 2017: ClearEdge3D acquired Pericept, a construction verification software firm. With this acquisition, ClearEdge 3D plans to integrate the BIMtrace algorithms and features in the future versions of Verity.

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