Report: Global BIM market to reach $11.5B by 2022
- A new report from Transparency Market Research predicts the global building information modeling (BIM) market, worth $2.6 billion in 2014, will grow to $11.54 billion by 2022.
- North America is the largest market for BIM, a 3-D design modeling tool, with growth driven by increased construction and the rising popularity of cloud-based BIM services. But the market research company expects Asia Pacific to see the fastest growth from 2015-2022.
- Although BIM was more of a tool for architects and engineers in 2014, TMR predicts contractors will be the major users of BIM from 2015-2022, expanding at a compound annual growth rate of 22.7%. TMR expects the rail transit and aviation sector will continue to lead all categories in BIM adoption.
The global construction market for BIM is on the rise due to the desire for increased efficiency, accurate estimates, management of costs, time, labor, materials, as well as just overall better management of the entire lifecycle of a project, according to TMR. In addition, more government agencies are advocating the use of BIM, if not downright requiring its use, such as in the U.K. However, the adoption of BIM by U.K. contractors has been stymied by cost and a lack of people trained in the technology.
A recent Dodge Data & Analytics report, written in association with Bentley Systems, found that building information modeling yields significant benefits for the AEC companies, including improved productivity and reduced costs.
Dodge also found that BIM gives companies utilizing it a competitive advantage, and 48% of large firms have experienced a 5% decrease or more in final construction costs. In addition, Dodge found 31% have seen a 25% improvement in labor productivity.
Gartner also has researched BIM implementation and found the technology and associated apps for operations and energy management are even expediting Internet of Things (IoT) adoption in commercial buildings.