With the construction market embracing new technologies and the need to be more efficient, one software market is poised for growth. Research and Markets has announced a forecast for the global BIM (building information modeling) software market to grow at a CAGR (compound annual growth rate) of 17.04 percent during the period 2016-2020.
Factors such as government mandates and support to use BIM solutions in construction projects are driving the growth of the global BIM market. Governments in countries such as the U.S., the U.K., and Singapore are promoting the use of BIM in construction, as it helps to minimize errors and time taken for the execution of the construction projects.
BIM software enables the creation of a vector-based representation of building plans in 3D formats for construction projects of buildings, railways and roads, among others. BIM not only presents a digital representation of physical characteristics but also captures the necessary data during the construction phase.
3D laser scanning technology captures dimensions with accurate detail, which assists in the BIM procedure. Architectural firms, developers, builders and real estate agents widely use this in their construction projects for detailed documentation such as project scheduling, planning, coordination, cost estimation, sustainability and facility management.
The inability to complete construction projects on time and within budget are major problems faced by the construction industry. Inefficient project planning and scheduling, lack of contractor experience, improper site management and supervision, and delayed delivery of materials are some of the challenges that expend time on projects. The implementation of BIM software can eliminate all these problems, save time and enhance productivity as it reduces rework and dependence on paperwork. It also automatically updates the data and design changes in the project.
The report also states that technological advances in the market have led to the introduction of several open-source solutions. Open-source software can be downloaded and run on all platforms and is posing stiff competition to commercial BIM software.
Overall, the BIM software market will see substantial growth, which will propel the construction market toward new technological advances for the future.