Market Highlights:
The tremendous growth in the construction sector can be wholly ascribed to the growth in urban population. As this industry spreads its wings across various verticals, it also goes on creating opportunities for other markets. The global market for building information modeling is a good example of this fact. According to the research report published by MRFR (Market Research Future), this market is all set to reach its full potential during the forecast period of 2016-2022.
Building information modeling is popular by its acronym BIM. It is basically a digital elucidation of a physical construction project. It is mainly utilized by engineers, architects and other people associated with the construction industry. Its main focus is to ease up the process of designing, planning, operating, constructing and maintaining the assorted physical infrastructure. It also further helps in transferring data at a faster pace to the involved parties.
Currently, there is a high demand for automated models in the construction industry. Owing to this, it can be confidently asserted that the global market for building information modeling will come across countless growth opportunities during the projection span. Figuratively, the market is expected to soar, it is projected to earn around USD 11 million by 2022. The CAGR for this term will be approximately 16%.
The construction industry has welcomed Building Information Modeling Market with open arms. It is being used in the designing of various infrastructures like roads, dams and buildings. The increased acceptance of this technology is what majorly drives the growth of the market.
Additional aspects that further positively affect the market are enhancements in the economy, rise of 3D technology and technological advancements. However, the growth of the market may be stunted due to restraining factors like expensiveness of software and training. However, efforts are being carried out in this direction and soon enough a solution will be found.
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Market Players & Key Strategies:
Some of the most noteworthy players in this market can be listed as GRAITEC, IES Ltd, AVEVA, Nemetschek Group, Integraph Corporation and 4M Building Solutions.
All of these market players make consistent efforts to keep adapting and innovating new products and services. In order to so, they employ certain growth strategies like acquisitions, strategic alliances and expansion of the business.
Market Segmentation:
The worldwide market for building information modeling has been segmented into three different parts. All of these and their sub-divisions can be enlisted as below:
End users – Architects, government and engineers.
Products – BIM management, software and BIM training service. Out of the three, the software segment is projected to acquire the lead in the forthcoming years as it holds the largest market in the previous projection span as well.
Industry – Healthcare, residential, education, commercial and entertainment.
In-depth Geographical Analysis:
The market for building information modeling has effectively established its reach across the globe. Some of the main regions where its presence is observed are North America, Europe, Asia Pacific and Rest of the World.
According to the research report by MRFR (Market Research Future), Europe governs the market at present and will continue to do so throughout the forecast period. It is because a majority of the European countries invest a lot in the construction industry and they readily accept new technologies such as BIM.
North America accounts for the second largest market share. A recent study reported that in the past decade the adoption rate of BIM in this area went from 10% to 60%. Thus, it is being speculated that this region will expand enormously over the forecast period.
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Industry News:
March 27, 2018 – Recently a news was released which reported that Dubai’s RTA (Road and Transport Authority) became the first government body to receive a BSI (British Standard’s Institute) certificate in BIM maintenance and operation phase. This news has increased the hopes for Asia Pacific region and experts believe that in the coming years this region too will witness progression.
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