BIM market expected to reach around USD $18.8 billion by 2024

Referring to a statement announced by GRS- Grand Research Store, the BIM market is predicted to garner revenue of around $3.6 billion in 2016 and also it is forecasted to reach approximately $18.8 billion by 2024, rising at a CAGR of 22.9% from 2016 to 2024. In 2016, BIM Software part produced the highest income share of $ 2.7 billion expanding at a CAGR of 23.4%, and that’s quite amazing!

BIM Building Information Modeling applies to an intelligent 3D model-based technique that provides architecture, engineering, and construction, i.e., AEC professionals the insight. It also provides the tools to plan the design more efficiently and also construct, manage buildings and infrastructure. More businesses are in demand to move ahead of 3D BIM to 4D, 5D, and also 6D BIM. It has developed as a useful tool for planning, designing, and management of construction project as the conventional solutions for technical drawings are not as important in planning & management of construction projects. Building Information Modeling is extensively gaining popularity in the construction industry. BIM is the next generation cutting-edge construction technology that is entirely changing the design aspect in the construction industry worldwide.

One of the notable benefits of BIM is that it facilitates collaboration and management of information. And also, communication between the teams associated with a construction project.

Check more about green construction demand

Governments in several countries have mandated the implementation of BIM solution throughout the project’s construction and operations stage. Furthermore, the demand for Green buildings is growing owing to rising energy insufficiency. “Green Building” is the buzzing word in the modern construction industry. Eco-friendly construction is now holding reorganization as the future of the construction industry. Also, enhanced competitions among green building rating system as well as clear focus on existing structures are among the trends that will undoubtedly drive sustainability through 2020.

The profit that green building makes will extensively exceed the earnings of a traditional construction system.

Green Buildings

Universally, Green buildings are likely to continue its worldwide growth especially in most parts of Europe and North America. Many Government agencies, universities, construction professionals implement green design ideas into their buildings. Thus, these factors would help in business growth throughout the projection period. However, the issues like high cost of BIM software and long training sessions hampering the productivity would restrict the market growth to some extent.

Implementing BIM facilitates architects and engineers to obtain informed design options, and constructors reduce waste and complete their projects at a particular time.

Worldwide BIM market is segmented based on clarifications, deployment model, end user, application area, and geography. Based on a solution, the market will divide into software and services. Software solution division manages the business owing to a preference for cost-effective processes. And it also has benefits of BIM software while different stages of the construction project. Among end user, the market segments into architectures, contractors, and others. Based on application areas, the market segments into commercial, residential, institutional, infrastructure and industrial. Geographically, the market remains segmented into North America, Europe, and Asia-Pacific.

Conclusion

Thus, the article has forecasted and expected about the BIM market to reach around USD 18.8 billion by the year 2024.