According to the latest market research report “Building Information Modeling Market: By Type (Software, Service); By Vertical (Commercial, Residential, Public Infrastructure, Healthcare, and Other); By End-User (Owner, Architects, Engineers, and Other); By Region (North America, Europe, APAC, and RoW) – Forecast (2017-2023) published by IndustryARC, the market to reach $6.46 billion by 2023.
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Building Information Modeling (BIM), is a digital illustration of a construction project, which can be utilized by architects, engineers and other construction professionals. It assists in planning, designing, constructing, operating and maintaining the miscellaneous physical infrastructure coupled with rapid data exchange among the involved bodies.
According to a recent report published by IndustryARC, global building information modelling market is growing with CAGR of 10% throughout the forecast period (2017 – 2023) and is estimated to generate revenue of $6.46 billion by 2023. BIM is projected to witness brisk growth rate till next couple of decades in terms of adoption and market revenues. This growth is primarily attributed from large scale public-private AEC projects.
In 2016, software held the largest share of around 80% and continue its dominance in the global building information modelling market and projected to reach about $4.71 billion by the end of 2023. This is due to the increase in investments for BIM software ranging from a couple of thousand dollars to several thousand depending on the number of licenses and capabilities of the program.
The market is all set to exhibit strong growth with a broad range of applications in various industry verticals which include: commercial, residential, public infrastructure, educational, healthcare, industrial, sports & entertainment, and others. Public infrastructure is projected to continue its dominance in the global building information modelling market owing to government regulations to implement BIM technology in the construction projects especially in public sectors and is poised to witness brisk growth rate and projected to reach about $3.28 billion by the end of 2023, while road sector is estimated to witness significant growth rate of CAGR 15.80% during the forecast period 2017-2023.
North America is dominating the global building information modelling market in 2016. APAC is estimated to grow at a higher rate of 14.05% in global building information modelling market by 2023 owing to growing number of constructional activities which is coupled with the advancements in design industry to leverage BIM technology on numerous projects.
The Major Players in this Market Include
Bentley System Inc. (U.K.)
Trimble Inc. (U.S.)
Autodesk, Inc. (U.S.)
Dassault Systemes (France)
Nemetschek AG (Germany)
Global building information modelling market key players are involved into various strategic initiatives which include partnerships, acquisitions, products launches and collaborations majorly to augment entry into related markets and enhance core competencies through additions to product portfolio as well as leveraging capabilities of acquired companies to gain a foothold in the emerging markets.
The global building information modelling market study across various industry verticals is incorporated in the Report
- Commercial Residential
- Public Infrastructure
- Educational Healthcare
- Sports & Entertainment
The market has also been studied on the basis of geography that includes a detailed study of the key regions across the globe such as North America, Europe, APAC, and RoW
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