The global building information modelling market stood at of US$2.7 bn in 2014 and is expected to reach a valuation of US$11.5 bn by 2022. The market is projected to rise at a significant CAGR of 19.1% from 2015 to 2022.
The demand for improving productivity and competitiveness in the architecture, engineering, and construction industry is a key factor driving the adoption of building information modeling. The benefit of BIM solutions to simplify the complexity of various construction projects has led to its extensive adoption in various developed markets such as the U.S. and the U.K.
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The presence of favorable government policies in various developing and developed nations has boosted the uptake of BIM solutions. For instance, the Government of Russia has recently approved a roadmap for the implementation of BIM across different stages of the life cycle of any capital facility.
This will increasingly pave way for strategic development of building information modeling solutions for numerous civil construction projects in the nation. The demand for digitization of construction projects among policy makers in several countries of Europe is also expected to catalyze the growth of the building information modelling market.