BIM Software Market Key Drivers, Business Insights, Trends And Forecast
Market Overview
Global Market for BIM software is projected to grow at a 14.08% CAGR during the forecast period (2020–2026).
Governments of various countries are coming up with initiatives and BIM implementation strategies to increase the adoption of BIM in the architecture, engineering, and construction (AEC) industry. BIM provides an effective tool to develop and expand the digital models for design, construction, and workflow of projects, and has transformed industries in terms of communication, problems solving capabilities, and accurate results.
Regional Analysis
The geographic analysis of the BIM software market has been conducted for North America, Europe, Asia-Pacific, the Middle East & Africa, and South America.
North America is expected to be the largest market for BIM software during the forecast period. North America has been segmented into three countries, namely, the US, Canada, and Mexico
The US is the leading country-level market for BIM in North America. Government support for the adoption of BIM, high technical expertise, and the increasing number of construction projects are some of the prime factors driving the market growth of BIM in the US. The building information modelling (BIM) software market in Canada is expected to register the highest CAGR during the forecast period. The Mexico building information modelling (BIM) software market is expected to be a growing market in the coming years owing to factors including initiatives by government and educational institutes for developing skills and expertise of contractors, builders, and engineers regarding the use of BIM software for their projects.
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South Korea is one of the early adopters of implementing BIM processes to deliver construction projects in the country. This segment is expected to have a considerable growth rate due to the presence of countries such as Vietnam, Singapore, and Malaysia, that are highly focused on developing advanced technology-enabled infrastructure in their respective countries.
In South America, there has been notable progress in the adoption of BIM software. Noticeable advancement was made at the end of the past decade, with the last two years being the most active in terms of deployment of BIM software. Furthermore, several other South American countries, including Argentina and Brazil, have announced similar initiatives.
In the Middle East & Africa, around 20% of the AEC organizations are using or are in the process of adoption of BIM. The Middle East consists of countries such as Saudi Arabia, the UAE, Egypt, South Africa, Nigeria, and the rest of the Middle East & Africa.
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