According to a new market report published by Transparency Market Research the global building information modeling (BIM) extraction software market is expected to reach a value of US$ 228.7 Mn by 2026 on account of growing BIM implementation across the construction industry. The market is projected to expand at a CAGR of 10.1% during the forecast period from 2018 to 2026. Asia Pacific is anticipated to experience healthy growth which is expected to be followed by Middle East & Africa during the forecast period. The government building segment is expected to see flourishing growth, owing to rising government focus on mandating BIM across construction activities
Growing demand for feasible architectural and engineering solutions driving the global BIM extraction software market
Rapid developments in technologies have led the construction industry toward digitization. There has been a significant need for technological solutions for architects and engineers in the construction industry to design and plan effective and efficient models. This is likely to create strong demand for BIM extraction software in the near future. Similarly, governments across countries such as the U.S., Australia, Germany, Finland, Singapore, and Denmark are focusing on enhancing technological aspects of the construction industry. Additionally, governments are mandating BIM implementation in public infrastructure developments. Public agencies as well as private companies are also emphasizing on implementing BIM across construction activities mainly due to the benefits offered by BIM solutions. Some of these benefits include enhanced project process outcome, reduced project cost, reduced rework, and reduced project duration among other internal, project, and process benefits offered by BIM.
Building Information Modeling (BIM) Extraction Software Market: Scope of the Report
The BIM extraction software market is segmented on the basis of software deployment, end use industry, and geography. According to the research study, the cloud-based BIM extraction software market is anticipated to experience flourishing growth during the forecast period. This is mainly due to increasing penetration of cloud technology across the world. In addition, growth of cloud-based software is also expected to be supplemented by increasing demand for cost efficient solutions across industries. By 2026, cloud-based BIM extraction software is projected to cover more than 50% of the global market. In terms of end use industry, houses and apartments segment is projected to dominate the global BIM extraction software market.
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Growing infrastructure developments and investments in affordable housing and multi-family or multi-dwelling projects across the world is likely to contribute to the revenue growth of the BIM extraction software market during the forecast period. Also, several construction companies emphasizing on enhanced collaboration and integration across various construction lifecycles as well as among architects, engineers, contractors, and owners are leading to increasing adoption of BIM extraction software. Additionally, governments in different countries are mandating BIM implementation which is also expected to positively affect the BIM extraction software market. Roads, bridges and highways segment is expected to hold the second largest share in the global BIM extraction software market. Educational institutes & commercial spaces, and water & wastewater segments are collectively projected to see more than 20% of market share opportunity in the global market during the forecast period.
North America is leading the BIM extraction software market with more than 30% share globally. This is the result of strong adoption and penetration of BIM extraction software in the construction industry. Furthermore, strong presence of BIM extraction software vendors across the region is contributing to growth of the market.
Among all end use industries, the houses and apartments segment in North America accounted for maximum revenue share in the market in 2016. Additionally, increased demand for cost efficient solutions by companies has led to fast adoption of cloud-based software for BIM extraction. In terms of new opportunities, Asia Pacific and Middle East & Africa (MEA) regions are expected to witness healthy growth during the forecast period. Increasing awareness of BIM as well as adoption of advance and technological solutions in construction industry across countries such as Singapore, India, South Korea, United Arab Emirates (U.A.E), Saudi Arabia, and South Africa among others is expected to offer prominent opportunities to the BIM extraction software market.
