Expanding Cities and Construction Activity Surge Create Scope for Global BIM Market

Building information modelling is a process that affects the creation and management of representation of functional locations in a computerized 3D format. Commonly shortened to BIM, these files are critical in empowering individuals, business supports, and governmental duties. The global BIM market is relevant to construction and interior work as well, such as designing and constructing physical infrastructure with diverse utilities, government buildings, schools, commercial spaces, residential spaces, warehouses, factories, and prisons.

The Building Information Modeling Market is predicted to display a 19.10% CAGR from 2015 to 2022. The market was valued at US$2.7 bn in 2014 and is expected to grow to US$11.5 bn by 2022. Of the multiple companies that already operate in the global building information modeling market, the prominent ones are Beck Technology, Ltd., Pentagon Solutions, Ltd., Synchro Software, Ltd., Tekla Corporation, Nemetschek AG, Dassault Systemes SA, GRAITEC, AECOM, Bentley Systems, Inc., and Autodesk, Inc. A large number of these top players in the global building information modeling market are based in North America.

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Construction Industry Boom Propels Global BIM Market

The construction industry is currently experiencing a large upheaval due to the rapid rate of industrialization in developed as well as developing countries, especially the latter. Nations such as China, India, Ireland, and Brazil are showing a high density of construction of both professional and residential avenues. Building information modeling is widely touted as one of the most advantageous technologies that benefits the architecture, engineering, and construction industries. Essentially known as a designing tool, BIM enables contractors, builders, and architects to form an accurate digital representation of a structure in a 3-dimensional format. The global BIM market is not only used for graphical visualization, but is also useful for calculating estimates for various processes, including the provision of raw materials, labor requirement, time requirement, and cost of implementation. The global BIM market can also provide tools for other financial and material prerequisites of the construction industry, thus creating a strong management foundation for any construction activity.

Other drivers of the global BIM market include the growing use of BIM by government agencies and the adaptation of regulatory structures around BIM tools. Apart from governments, a large number of small regional private players are increasingly applying BIM to their works, thereby boosting the global BIM market.

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Cloud Computing Complements Global BIM Market

In terms of deployment, the global BIM market is segmented into cloud-based, on-premise, and off-premise software. BIM utility is improved heavily due to the ongoing surge of cloud computing, making this segment the fastest growing one in the global BIM market. This segment is additionally boosted by the negative attributes of the other segments, such as the high cost structure of on-premise BIM software. The cloud computing BIM software segment further gains momentum due to the growing base of AEC players that are using standard software with or without customizations, thereby adding to the benefits of using a cloud software.

The global BIM market is, however, still hindered by factors such as the high cost of licensing and slow adoption curve in preexisting construction plans. Additionally, the global BIM market is also hampered by the lack of trained professional that can operate BIM. Despite these obstacles, the global BIM market continues to grow at a highly optimistic pace, showing that the impending market threats can be successfully tackled.

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