Building Information Modelling Market to Tap US$11.5 bn by the end of 2023

As per TMR, the global building information modelling market stood at US$2.7 bn in 2014. Rising at a CAGR of 19.1%, the market is projected to reach US$11.5 bn by the end of 2023.

Government bodies that take up construction management are encouraging the adoption of BIM in countries such as the U.S., the U.K., China, and Japan. For instance, as per new regulations in the U.K, implementing BIM for public projects will become mandatory by the end of 2016. Additionally, a BIM-based building permitting system has been implemented in Singapore. Such regulations will bolster opportunities for sales of BIM across developed nations.

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“The implementation of BIM makes estimation of budget way easier, thereby significantly reducing the overall maintenance cost,” said a TMR analyst. “Since BIM software makes project planning less complicated, their adoption is gradually increasing across construction companies looking to redefine their role in the industry,” he added. BIM systems simplify scheduling and budgeting during the commencement of any construction project. The rising awareness regarding the convenience offered by these solutions will augur well for the global BIM market.

High Initial Investment and Inadequate Expertise to Limit Widespread BIM Adoption

On the flip side, building an information modelling requires high initial investment. This limits the deployment of BIM across small-scale contractors and developers. Furthermore, hiring services of a consulting firm or technical experts to develop this software can incur additional cost, which also limits the scope for widespread deployment of BIM solutions.

The lack of technical expertise also hinders the adoption of BIM solutions. Being a critical system, BIM requires a specialist to design a building model using the software. Furthermore, it needs coordination between the team at different stages of deployment. Inadequate technical expertise could hamper the frequent upgrades and reconfiguration of both hardware and software, thus resulting in less adoption of the building information modelling solutions.

Inclusion of Training Programs Can Mitigate the Issue of Lack of Technical Skills

Despite being one of the major hindrances, the absence of technical expertise can be addressed by the inclusion of suitable training programs. These programs can be made available at institutional level or at open source providing access to lite versions of the BIM software. With governments encouraging such programs, TMR expects demand for BIM solutions to surge in the near future.

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Furthermore, the opportunities for BIM implementation are also expected to rise with the increasing spending construction projects across suburban areas. Besides this, shifting to a cloud infrastructure can help the market overcome problems associated with the high cost of software.

TMR expects the companies in the BIM market to witness the most lucrative opportunities in North America and Asia Pacific. By revenue, North America emerged as a major contributor in the market, with a dominant share of 33% in 2014. On the basis of end users, the global BIM market is led by architects.

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This release was published on openPR.