New report: global BIM market predicted to reach $10.36 billion by 2022
According to a new report published by Zion Market Research, the Building Information Modelling (BIM) market is predicted to reach approximately USD 10.36 billion by 2022. The authors attribute the predicted rapid growth to the improved visualisation, the increased productivity and the dramatic reduction in costs that follow from implementing BIM.
What is BIM?
Building Information Modelling (BIM) is a digital process for representation of and communication around construction projects. BIM is a process and a tool set that help architects, engineers, developer and others in planning, designing, constructing and operating projects from the ideation stage through the whole life cycle of a building. It allows for any aspect of a design and its performance to be simulated and assessed before it is actually built, and it facilitates the sharing of information among all stakeholders involved in a project. According to the report, the global market for BIM was valued at around USD 3.52 billion in 2016, which means that the predicted compound annual growth rate will be slightly above 19.45% between 2017 and 2022.
Why is the BIM market growing so fast?
The report states that one of the major factors driving the rapid growth of this market, is the increase in construction activities that is taking place around the globe. Government regulatory bodies are taking initiatives to raise the adoption of BIM in their respective countries, and the increasing adoption by small and medium enterprises is also giving momentum to the BIM market. The authors observe that BIM improves visualisation, contributes to increased productivity and reduced cost, and increases the speed of delivery. These are all factors that will enforce the demand of this market in future.
A global perspective on BIM
The rapid industrialization in economically emerging countries such as China, India, and Brazil is noted as a factor that will boost the growth of the BIM market over the forecast period. North America is also a rapidly growing regional market, due to the adoption of BIM by U.S. government agencies. The European market is anticipated to grab the second largest share, due to the high adoption of BIM solutions by local government construction clients. In the Asia Pacific, the government has successfully invested in BIM for transport, energy, utilities, and urban infrastructure, and the construction industry in China, India, and Japan is booming as well. In addition, growing demand for green building in a different region is expected to boost demand of BIM market.