BIM's Future Continues to Look Up

A report published in April by Allied Market Research, titled "World Building Information Modeling (BIM) Market - Opportunities and Forecasts, 2015–2022," forecasts that the world BIM market will generate revenues of $11.7 billion by 2022, representing a compound annual growth rate (CAGR) of 21.6 percent during 2016–2022.

According to the report, BIM is forecast to gain increasing adoption across various sectors, especially commercial and infrastructure construction, which have been seeing increasing demand for the automation of technical drawings and databases in recent years.

In addition, the supportive government regulations related to mandating BIM use in commercial projects, the booming real estate industry, and the growing awareness of the benefits of BIM among architects and contractors, continue to drive its adoption.

In the current scenario, according to the report, BIM has emerged as an ideal alternative to the traditional CAD software, as a result of its suitability over a variety of operational issues, such as cost management, handling of raw data and information, and alignment of processes associated with construction projects.

For these and other reasons, BIM is expected to show an upward growth trend across a number of vertical markets.

In specific, according to the report, the commercial and infrastructure construction industries will continue to be the leading consumers of BIM into the future, constituting nearly 63 percent of the global market by 2022. The infrastructure industry in specific is expected to grow at the fastest rate during this period of time.

Cloud-based deployment of BIM currently dominates the market and is expected to grow at the fastest CAGR during the forecast period, as a result of its cost-effectiveness and easy accessibility.

While the North American region occupies the majority of the market share in the current market scenario, the Asia-Pacific region is expected to dominate the market by 2021.

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