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With 12.5% CAGR, Building Information Modeling Market Growth to Surpass USD 10.7 billion
Building Information Modeling Market by Deployment Type (On Premises, Cloud), Offering Type, Project Lifecycle (Preconstruction, Construction, Operation), Application, End user, & Region
The software market is expected to be dominant during the forecast period. Software solutions used for BIM exhibit features such as interoperability between applications, easy visualization, and cost-effectiveness. The BIM software suite generally encompasses solutions for various objectives, such as architecture;
AEC professionals are expected to continue to dominate the BIM market during the forecast period. AEC professionals use BIM to create digital simulations to manage all the information associated with the project. Thus, they hold a major share of the BIM market, by end user. Apart from them, contractors and facility managers are also expected to adopt BIM at a significant rate for the reduction of the overall operational expenditure. As BIM offers multidisciplinary collaboration in real-time, all stakeholders involved in projects can have a clear idea about the overall progress of the project, which leads to increased communication and reduction in errors.
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In terms of geographic coverage, the BIM market has been segmented into North America, Asia Pacific (APAC), Europe, and the Rest of the World (RoW).North America is one of the critical markets for BIM; it comprises the US, Canada, and Mexico. This region is the early adopter of advanced BIM technology, which is a recently developed innovative approach to design and construction.