The global building information modeling (BIM) market is predicted by seasoned researchers to exhibit a strong growth in regions that provide an uncomplicated access to high strategic planning and sophisticated technologies in the field of data management. Therefore, there could be a significant uptake of BIM software in countries such as the U.S., the U.K., Brazil, South Korea, Japan, France, New Zealand, Canada, and Australia. In order to boost infrastructural development, a majority of these countries have already started with a widespread adoption of BIM solutions.
Transparency Market Research (TMR) prognosticates the global BIM market to secure revenue of US$11.5 bn by the completion of 2022 at a CAGR of 19.1% during the forecast timeframe 2015-2022.
However, the global BIM market could encounter a major drawback due to the expensive initial cost incurred by the solutions. Nevertheless, it is anticipated that market players will find lucrative prospects birthing on the back of the emergence of cloud-based software that promises an extensive deployment. Companies have also been introducing products that would help construction industry organizations to visualize and model their building projects in a simulated environment with the help of BIM. Recently, the Construction Industry Development Board (CIDB) has publicized the launch of what it says Malaysia’s first one-stop “myBIM Center” designed to work on similar lines.
How will SMEs Contribute while Facing Cost and Requirement Issues?
Small and medium-sized enterprises (SMEs) are foreseen to help the world BIM market with a limited adoption of on-premise software due to its requirement of frequent upgrades and also expensiveness. Nonetheless, this issue could be mitigated with the hiring of professional consultancy services, according to market experts. As a result, it is projected that SME construction firms could showcase an increased relevant deployment in the coming years.
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The world BIM market enjoys a wealth of end users, which include developers, engineers, architects, and contractors. As suggested in a report by TMR, architects could grab a major share in the market in the near future. This segment had earned a massive valuation in the recent past, thus speaking for its dominating position prophesied to be attained in the foreseeable future. Having that mentioned, the surge in the adoption of BIM solutions among contractors could not be ignored.
Furthermore, there could be various applications of BIM set to increase market growth for industry players. For instance, the swelling investment in infrastructure development in developing countries has been promoting the demand for BIM for constructing bridges, highways, and roads. A higher deployment of BIM solutions is forecast to be exhibited by rail transit and aviation and roads and highways.
Could Early Adoption of Novel Technologies Place North America in Forefront?
Companies dealing with BIM products and services are envisaged to take advantage of the lucrative growth of North America which helped it to collect a staggering share in the latest past. Cloud-based engineering software could be highly adopted in the region between 2015 and 2022. North America is also researched to be one of the early adopters of latest technologies and to demonstrate an unwavering progress in the robust construction industry.
The demand for BIM in Europe is envisioned to be commendable, taking into consideration the rising adoption by regional government construction clients. Asia Pacific, on the other hand, could record a faster CAGR growth while riding on the aggressive expansion of the architecture, engineering, and construction industries.