The Asia Pacific, especially Australia and New Zealand, will experience surging demand for Building Information Modelling (BIM) solutions.
In its latest report on the BIM market, Transparency Market Research (TMR) identified North America and the Asia Pacific as regions with a high uptake of BIM software. Specific countries listed included Australia, New Zealand, France and Japan.
“While the high initial cost incurred on these solutions emerges as a major drawback, with the advent of cloud-based software, the BIM market is set to witness widespread deployment,” the report said.
“Since on-premise software is expensive and requires frequent upgrades, adoption for SMEs is smaller. However, this problem can be mitigated by opting for professional consultancy services.
“Therefore with functionalization of professional consultancy services for BIM, its deployment across SME construction companies will become more relevant.”
TMR projects the global BIM market to surge at a CAGR of 19.1% between 2015 and 2022. The market is expected to reach $US11.5 billion by 2022, from a valuation of $US2.7 billion in 2014.
Regionally, North America has emerged as the dominant market with a share of over 33% in 2014.
In 2014 the BIM market in North America was valued at $US919.2 million. By the end of 2022, TMR said the market will reach $US4.05 billion.
Although the European market held the second largest share, the fastest growth in the next few years will come from the Asia Pacific.
TMR forecasts the Asia Pacific market for BIM to grow at a CAGR of 21.2%. The adoption of BIM by end users, contractors, developers and engineers was the biggest among architects.
TMR said the adoption of BIM among contractors will surge considerably in the next four years. However, due to the rapidly increasing number of upcoming construction projects, the architect segments will continue to lead the market through the forecast period.
Details at https://www.transparencymarketresearch.com