Latest figures suggest that the Building Information Modelling (BIM) sector is set to explode in the next few years, with industry experts predicting the market will grow from $3 billion to more than $18 billion by 2024.
Although North America currently leads the way with BIM, it is believed that Europe and the Asian Pacific regions will overtake it by 2021.
According to the trade publication, Industry Today, the figures, which were revealed in a report entitled: Global Building Information Modelling Market, suggest that BIM is on the cusp of further significant expansion, as smaller businesses realise the benefits of the technology.
The report states that cloud-based BIM deployment leads the market and is further expected to grow at rate of 23.8 per cent during the forecast period
Cloud-based BIM is gaining prominence among small and medium-sized businesses (SMEs), as the prices associated with services, including operational costs, licences and subscription costs, make it a more convenient and affordable option.
It is also being seen as an attractive alternative deal for the construction and building industries seeking to make the most from the technology available at lower costs and risks.
Adam Davis is a Partner with Palmers who specialises in helping clients understand the ramifications of business information modelling.
He commented: “Although BIM has been widely adopted by larger companies operating in the construction and engineering sectors, many smaller businesses currently run the risk of being left behind if they not take steps to embrace BIM technology.
“The emergence of cloud-based BIM means that the market is now opening up and smaller businesses can now operate on a more level playing field, by being able to bid for contracts which require BIM, alongside larger construction firms.”
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