The global building information modelling (BIM) software market was valued at almost $1 billion in 2015 and is expected to surpass $2 billion by 2020, says Technavio.
Technavio has announced its latest market research report on BIM software for the forecast period, 2016-2020. This market analysis, under the enterprise application vertical, discusses the major drivers and key emerging trends that will influence the growth of the global BIM software market during the forecast period. Some of the top vendors listed in this industry analysis include Autodesk, AVEVA, Bentley Systems, Hexagon, NEMETSCHEK, and Trimble.
In terms of geographical analysis, EMEA is expected to account for the largest share of the global market and is likely to reach a revenue of $1 billion by 2020. UK, the Netherlands, Norway, France, Germany, Denmark, Dubai, and Finland will emerge as the key revenue-generators.
“Cloud-based collaboration is a technology trend that is currently revolutionizing the BIM software market. Storing all data on the hard-drive results in lack of storage and poor interaction with team members. As a countermeasure, companies such as Assemble Systems, a BIM model-data management software company, is developing cloud-based tools for advanced data management. This tool includes a model viewer, model variance, and automated estimating,” says Ishmeet Kaur, a lead analyst at Technavio for enterprise application.
Click here to request a free sample of this report
The new industry research report from Technavio analyzes some of the key drivers and trends responsible for the growth of this market and its sub-segments.
Growing government initiatives to support BIM adoption
BIM solutions are a step towards minimizing construction lifecycle, building costs, and improving the quality of the building designs. Governments of many countries are promoting the adoption of BIM both in public sector and the private sector. They are implementing programs such as the BIM Fund, which covers the costs of training, consultancy, software and hardware for incentivizing BIM adopters. For instance, the government of the UK is encouraging and promoting the awareness and use of BIM and aims to make BIM a universal industry recognition. In July 2015, the country mandated the use of level two of BIM software for public projects that will start construction from 2016.
Increasing need to reduce project risk
The implementation of BIM software can reduce project risk as it comprises all details imperative to build the structure including the position of each anchor bolt, the length and placement of each piece of steel bar. BIM solutions enable a higher level of planning, coordination, and communication that speeds up the review process among team members throughout the construction process. Furthermore, when projects are planned and visualized in detail, the construction phase is more likely to progress as expected since every member of the team will be updated with documented input through the software. These advantages will drive the adoption of BIM software during the forecast period.
Need to reduce time taken for project completion
Inefficient project planning and scheduling, lack of contractor experience, improper site management and supervision, and delayed delivery of materials are some of the key challenges that are time incentive in the construction sector. The implementation of BIM software can eliminate such problems, save time, and enhance productivity as it reduces rework and dependence on paperwork. It also automatically updates the data and design changes in the project. For instance, in 2014, to construct a bridge in North Carolina, Wayne Brothers relied on a 50-year-old aerial topographic map. When a 3D model of the bridge was created, the design was found to be inaccurate.
Some of the other prominent vendors identified in this report are 4M, CYPE Ingenieros, Dassault Systèmes, Newforma, HSS, Pinnacle Infotech, and Viewpoint Systems.
This research report includes an in-depth analysis, market shares, and sizes of the sub-segments and geography. It provides a comprehensive analysis of the key companies, including their market shares, business overview, and key financials. The market study also offers a detailed analysis of key drivers, challenges, and opportunities influencing this market.
A more detailed analysis is available in the Technavio report titled, ‘Global BIM Software Market 2016-2020’. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Pre-engineered Buildings Market in India 2016-2020
- Global Pre-engineered Building Market 2016-2020
- Global Architectural Engineering and Construction Market 2016-2020
- Global Architectural Rendering Software Market 2016-2020
To read more press releases- click here.
For any assistance or query, please contact our media team at:
media@technavio.com
US: +1 630 333 9501
UK: +44 208 123 1770
https://www.technavio.com/
