The building information modeling market will reach USD 18,911.8 million by 2030, powering at a rate of 11.9% CAGR by the end of this decade.
This is because of the fast urbanization and massive populace growth, which bring about the growing housing requirement, in turn, resultant in the requirement for BIM. Also, the government investments in this sector and the huge construction underway in emerging economies are powering the growth of the industry.
The industry will grow considerably because of the growing urbanization levels at a global level. As populaces and economies inflate, the requirement for advanced infra is mounting in both the commercial and residential sectors. The development of the worldwide BIM industry can also be related to the substantial increase in the emphasis on data sharing and analysis amongst all stakeholders, which, in turn, leads to enhanced collaboration and boosted productivity.
On the basis of deployment, the on-premises category has the larger share, and it will grow considerably in the future.
This is because of the existence of key players in the AEC software industry, for example Nemetschek and Autodesk, who provide on-premises solutions to customers. The greatest advantage of on-premises software is that the data is stowed on computers owned by the organization. This lets organizations to have full access and control over the flow of data. Improved data security is also a benefit of on-premises disposition.
Furthermore, cloud disposition is possible for small- and medium-sized enterprises as it makes data management simple for them. The key problem in going for on-premises software is the insufficient monetary capacity of SMEs, which stops them from investing in the physical IT infra. Consequently, they prefer to make use of cloud deployment, as this eliminates the needs for on-site computer or server hardware.
Additionally, the cloud allows scaling the stowage capacity up or down, as needed, accompanied by providing 24x7 access from any internet-enabled device.
North America led the BIM market, with a share of 45%, because of its early acceptance of improved digital tools and government guidelines on authorizing the use of this software in commercial infra projects.
Furthermore, Europe is the second largest, and it will experience substantial growth in the years to come. The governments of nations for example Germany, the U.K., and France have made it compulsory to use BIM software in civil projects. The region is also home to several bulbous IT companies offering the pertinent software for on-premises and cloud deployment.
It is because of the growing investments all over the world, the demand for BIM solutions is on the rise. This trend will continue in the years to come as well.
SOURCE: P&S Intelligence
