A new report published online has stated that the value of the global Building Information Modelling market is to increase by over 300% by the year 2020.
The report, published by US researchers MarketsandMarkets, states that the estimated global value of BIM in 2013 was $2.64 billion, and will rise to $8.64 by 2020, a staggering 327% climb. The report’s Executive Summary states:
“The Building Information Modeling (BIM) Market was valued at $2.64 billion in 2013 and is expected to reach $8.64 billion by 2020, at a CAGR [Compound Annual Growth Rate] of 16.72% between 2014 and 2020. The growth of the Building Information Modeling market is primarily triggered by the proliferation of green buildings in the current market, cost reduction during the entire process, and increased production efficiencies and government mandates for the usage of BIM in many of the developed countries.”
The United Kingdom‘s Government has issued a BIM mandate that dictates that all public sector projects must implement Level 2 BIM. Other countries are to soon follow suit, yet countries slow to adopt are to have their work snapped up by the British, that’s according to Bentley Systems’ Malcolm Walter.
ConstruTech first reported on the CAGR figure late last month, yet BIMcrunch has received further statistics from the Dallas, Texas company that carried out the research.
Click here to visit MarketsandMarkets official website.
Do you agree with the projected forecast from MarketsandMarkets?