Pike Research: Building Info Modeling Market Will Reach $1.8bn This Year

The market for building information modeling software and services is still fledgling, but it’s evolving rapidly as the architecture, engineering and construction industry realizes its tools and processes are inefficient compared to those of other global industries such as manufacturing, according to a recent analysis from Pike Research.

Pike Research projects that the global market for BIM products and services will be about $1.8 billion in 2012 and almost $6.5 billion in 2020. The figures represent both BIM software revenue as well as sales from related services, such as training, support and project management.

Growth in the early years of Pike Research’s forecast period will be relatively higher in the leading regions of  Western Europe, Asia Pacific and North America. In the regions that lag behind, higher growth rate won’t be seen another four to five years.

BIM software helps create a digital representation of building’s physical and functional characteristics – an important resource that can be used to make decisions through concept, design and construction phases as well as through the facility’s operational life. The software tools allow for collaboration, work sharing and virtual design capabilities that help building owners reduce costs and provide an understanding of a project’s detailed characteristics.

As a result, the lifecycle costs of a building can be significantly reduced. BIM tools, which can have a major affect on the efficient use of valuable and scarce resources, will become a higher priority as energy conservation and carbon emissions become more important, according to the research report.

Pike Research said the architecture, engineering and construction industry is already moving towards BIM tools. Companies have used the recent market slowdown as an opportunity to adopt building information software tools and practices.

As a growing number of companies improve processes in the design and construction phases using BIM tools, a competitive shift will occur, the research report found. Early adopters can gain significant advantage over their competitors. Eventually, companies in architecture, engineering and construction will have to adopt BIM tools to compete effectively in the market.