Building Information Modeling (BIM) Market Revenue Will Reach $18.8 Billion By 2024, Says Esticast Research and Consulting
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As per report “Global Building Information Modeling Market, By Solution (software and services), by deployment model(on-premises and cloud),by application area(Commercial, industrial , institutional and others) ,by geography(North America, Europe, Asia Pacific and Rest of World), industry trends Estimation & Forecast, 2016-2024”, the global BIM market was valued at $3.6 Billion in 2016 and is projected to reach $18.8 billion by 2024, growing at a CAGR of 22.9% from 2016 to 2024.
In 2016, BIM Software segment generated the highest revenue share of $ 2.7 billion growing at a CAGR of 23.4% in the global BIM market. Among major regions, North America is currently leading the BIM market with the revenue of $1.07 billion, however, Europe and Asia Pacific would surpass the North American market by 2021.
“Emerging countries of Asia Pacific and Europe would experience a steep growth in the BIM market. This is because of the increasing infrastructural developments. With the rise in population, requirement of new buildings and structures would lead to a hike in the growth of BIM market in the countries such as India and China”
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Cloud-based BIM is a type of Software-as-a-Service that is prominent among small and medium sized enterprises, as the prices associated with services, operational costs, licenses & subscription costs, storage, and bandwidth are lesser, which makes it more convenient and affordable. It is a software licensing and delivery model. It is also referred as on-demand software. These cloud-based versions are beneficial as these are easily available at affordable rates. It is also an attractive deal for the construction and building industries seeking to make the most from the technology available at lower costs and risks.
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North America leads the BIM market with market share of nearly 35% in 2016
North America is leading the global BIM market with the revenue share of $1.07 billion in 2015. The stabilized and settled constructions of residential and commercial buildings is a major reason for the market growth. Growing awareness about the benefits of BIM among the constructors and contractors in North America is also working as a key driving factor for the North American market.
The European market is expected to hold the second largest market share during the forecast period. Commercial segment is the largest application area for BIM in Europe; however, infrastructure is expected to witness the fastest growth.
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The market for commercial application holds the largest share and is expected to grow at the CAGR of 24.4% during the forecast period.
There would be a significant rise in the market for the commercial application between 2015 and 2024. The growth of the BIM market for commercial application is attributed to the fact that building information modeling provides digital prototyping analysis and simulation, hence shortening the construction period while consistently improving productivity and reducing risks associated with construction projects in the commercial building sector.
Key findings of the Building Information Modeling (BIM) Market:
• BIM market is expected to grow at a remarkable rate owing to supportive government initiatives for mandating the adoption of BIM software for construction projects
• Software segment would continue to lead the global BIM market with more than 70% of the total market share.
• Infrastructure segment is expected to grow at the fastest CAGR of 25.2% during the forecast period
• Cloud based deployment model is expected to lead the market throughout the forecast period as a result of its cost-effectiveness and easy availability
In June 2016, Autodesk inc., a major BIM software provider company acquired CadSoft Computer GmbH, a Germany based Computer Aided design software developing company. This strategic move will help the company to grow more in the field of software development and enhance its existing technology. Key players of the BIM market in the report include Autodesk, Inc., Trimble Navigation Ltd, Nemetschek AG, Synchro Software Ltd., Bently Systems Inc., Dassault Systemes, Asite Solutions Ltd, Pentagon Solutions Ltd., AECOM.,Beck Technology, Ltd.