BIM Software Market Will See Double-Digit Growth in Coming Years, Cambashi Predicts22 Sep, 2020 By: Cadalyst Staff
The market for building information modeling (BIM) software is expected to reach $10 billion this year, then shake off a pandemic slump to grow at 13% CAGR through 2024.
Cambashi — a global market research, industry analysis, consulting, and training firm focused on engineering and industrial software markets — recently released its forecast that the market for building information modeling (BIM) software will reach $10 billion this year. In addition, the market will add more than $6 billion in revenue over the next four years, growing at 13% CAGR (compound annual growth rate).
The rapid growth rate in the market for software in the construction is “driven by technological, economic, and institutional change,” according to Cambashi. “Key to this is the emerging adoption of BIM as a framework to support efficiency, working practice improvements and new business opportunities across the Design, Construct, Operate lifecycle,” the company stated in a press release. These predictions are part of Cambashi’s 2020 BIM software market observatory, which has been adjusted to account for the impact of the COVID-19 pandemic.
The pandemic is having a complicated impact on applications of BIM. For example, COVID-19 is reducing new office space development, but it is spurring greater interest in modeling air flow, space organization, and human movement inside all types of large buildings, including offices, factories, and museums, Cambashi pointed out. Another area of possible benefit is the development of new connections between BIM and computer-aided engineering (CAE) vendors, as well as industrial Internet of Things (IIOT)/Connected Application technology providers, the firm noted.
Even with the uncertainties of the pandemic and the changes in spending it has spurred, the market seems to be exceeding past expectations by a substantial margin. Back in 2017, Cambashi’s Dan Roberts stated, “Once the market rebalances after the push towards subscription licensing, we expect strong growth through to 2021, with a forecast of $5.7bn spent on BIM Design software in 2021.”