Building Information Modeling or BIM for short, has become a staple in AEC (architecture, engineering, and construction), and facility management circles. So much so, the market is predicted to almost double in the next five years. According to research firm MarketsandMarkets, currently $4.5 billion, the BIM market in 2025 is estimated to reach $8.8 billion; that is a CAGR (compound annual growth rate) of 14.5%.
Rapid urbanization and increased infrastructure projects along with strong government support making BIM mandatory are the major factors driving the growth of the market. The collaboration of AEC companies results in completing a project faster with more benefits for the builder and owner. Many feel that BIM is among the most promising developments in the AEC segment. It adopts various digital technologies that help transform the AEC segment.
Currently, BIM is coupled with powerful design and simulation tools that nurture greater collaboration between project teams. BIM allows AEC end-users to collaborate with the overall construction work right from the preconstruction to the operations phase. The use of BIM for architectural designs helps in integrating designs and advanced visualizations and helps optimize designs per requirements. The construction version of BIM is expected to hold a significant share of the software market. Indeed, to increase productivity, a complex construction process must be followed by strict processes and tight schedules. BIM in the construction process is mainly used for simulation, estimating, and construction analysis.
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