Building Information Modeling (BIM) Market Projected to reach 7.64 Billion USD by 2022

NORTHBROOK, Ill. - Nov. 27, 2018 - PRLog -- According to the new market research report "Building Information Modeling (BIM) Market by Type (Software, Services), Project life cycle (Pre-construction, Construction, Operation), Application (Buildings, Civil Infrastructure, Oil & Gas, Industrial, Utilities), Geography - Global Forecast to 2022", the market is expected to grow from USD 3.56 Billion in 2017 to USD 7.64 Billion in 2022, at a CAGR of 16.51% during the forecast period.

The optimized project performance and increased productivity; enhanced communication and coordination throughout the asset life cycle management process in the construction industry due to adoption of BIM; and government mandates for the usage of BIM in several developed countries are the key driving factors for the building information modeling market.

Software are expected to lead the global BIM market between 2017 and 2022

The software segment held a major share of the BIM market in 2016. The high demand for cost-effective construction processes & their ease of handling and benefits of design modeling software are some of the factors responsible for the high adoption of building information modeling software in the architectural, engineering, and construction (AEC) industry. However, the BIM market for services is expected to grow at the highest CAGR during the forecast.

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The market for industrial application is expected to grow at the highest rate between 2017 and 2022

There would be a significant rise in the market for the industrial application between 2017 and 2022. The growth of the BIM market for industrial application is attributed to the fact that building information modeling provides digital prototyping analysis and simulation, thereby shortening the construction period while consistently improving productivity and reducing risks associated with construction projects in the industrial sector.

The BIM market in the North American region is expected to capture the largest market share during the forecast period

The market in the North American region is expected to hold the largest market share between 2017 and 2022. The stabilized constructions of commercial and residential buildings coupled with growing awareness about the benefits of BIM among the constructors and contractors in North America have been the key driving factors for the North American market. The European market is expected to hold the second largest share during the forecast period. The building, civil infrastructure, and industrial applications are expected to be the leading segments in the European BIM market.

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The present market is dominated by the players such as Autodesk Inc. (U.S.), Nemetschek SE (Germany), Trimble Navigation Limited (U.S.), and Bentley System, Inc. (U.S.), among many others.