Building Information Modeling (BIM) Market - High Infrastructural Investment to Boost Deployment of BIM for Bridges, Roads, and Highways Construction
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Since on-premise software is expensive and requires frequent upgrades, their adoption among SME owners is very less. However, as per Transparency Market Research (TMR), this problem can be mitigated by opting for professional consultancy services. Therefore with functionalization of professional consultancy services for BIM, its deployment across SME construction companies will become more relevant.
In view with the aforementioned future developments, TMR projects the global BIM market to surge at a CAGR of 19.1% between 2015 and 2022. The market is expected to reach US$11.5 bn by 2022, from a valuation of US$2.7 bn in 2014.
Being Early Adopter of Latest Technologies, North America to Emerge Dominant in Global BIM Market
Regionally, North America and Asia Pacific have been exhibiting surging demand for BIM solutions. Among these regions, North America emerged dominant in the market with a share of over 33% in 2014. The impressive adoption of cloud-based engineering software will boost demand for the BIM software in North America, thus sealing its position as the dominant regional market through the forecast period. Furthermore, the robust construction industry and the region being an early adopter of the latest technologies, will fuel demand from BIM market in North America.
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TMR pegs the North America BIM market at US$919.2 mn in 2014. By the end 2022, the market is expected to reach US$4.05 bn.
Growth witnessed by the market in Europe has also been commendable. The region held the second largest share in the global BIM market in 2014. The increasing adoption of BIM solutions by local government construction clients have been fuelling their demand in Europe. However, TMR forecasts the Asia Pacific market for BIM to exhibit the fastest CAGR of 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 will boost prospects for BIM sales across Asia Pacific.
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High Infrastructural Investment to Boost Deployment of BIM for Bridges, Roads, and Highways Construction
Based on end-users, contractors, architects, engineers, and developer constitute the key segments in the global BIM market. Of these, the architects segment emerged dominant in the market with a share of approximately 38% in 2014. TMR also expected the adoption of BIM among contractors to surge considerably in the forthcoming years. However, due to the rapidly increasing number of upcoming construction projects, the architect segments will continue to lead the market through the forecast period.=
Transparency Market Research (TMR) is a next-generation provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations
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