Moving Models through the Lifecycle

The key driving factors for the BIM (building information modeling) market are:

  • Optimized project performance and increased productivity
  • Enhanced communication and coordination throughout the asset life cycle management process
  • Government mandates for the usage of BIM in several developed countries

With all this, the new report shows the BIM market is expected to grow from $3.56 billion in 2017 to $7.64 billion in 2022, at a CAGR (compound annual growth rate) of 16.51 percent during the forecast period.

Additionally, the research shows there will be a significant rise in the market for the industrial application between 2017 and 2022. The growth of the BIM market for industrial application is attributed to the fact that building information modeling provides digital prototyping analysis and simulation, thereby shortening the construction period, while consistently improving productivity and reducing risks associated with construction projects in the industrial sector.

The market in the North American region is expected to hold the largest marketshare between 2017 and 2022. The stabilized constructions of commercial, coupled with growing awareness, have been the key driving factors in this particular market. The European market is expected to hold the second largest share during the forecast period. The building, civil infrastructure, and industrial segments are expected to be the leading segments in the European BIM market.

The contractors that leverage BIM and embrace the technology will be able to capitalize on the opportunities that come along with it.

Related Articles