A new market research report forecasts the global construction market relying on Building Information Modeling (BIM) to grow from $3.56 billion in 2017 to $7.64 billion in 2022, for a compound annual growth rate of 16.51%.
Key driving factors for the BIM market, according to Building Information Modeling (BIM) Market by Type (Software, Services), Project life cycle (Pre-construction, Construction, Operation), Application (Buildings, Civil Infrastructure, Oil & Gas, Industrial, Utilities), Geography - Global Forecast to 2022, include optimized project performance and increased productivity, enhanced coordination throughout the asset lifecycle and government-mandated usage of BIM in several developed countries.
The market in North America is expected to hold the largest BIM market share between 2017 and 2022. Stabilized commercial and residential construction, coupled with growing awareness of BIM’s benefits have been driving factors for the North American market.
The report anticipates a significant rise in industrial application of BIM, as information modeling provides digital prototyping analysis and simulation, shortening construction time while consistently improving productivity and reducing risks associated with industrial construction projects.