Report: BIM market to reach $7.6B by 2022

Dive Brief:

The BIM market is expected to grow to $7.64 billion in the next five years, according to a report by MarketsandMarkets.
Improved project efficiency and communication as well as government mandates are the primary drivers of growth in the market.
BIM's place in industrial applications is forecast to expand at the highest rate over the next five years, as project teams look to shorten construction timelines while reducing error and risk.

Dive Insight:

As BIM's capabilities expand and more firms utilize it to streamline their projects, the technology has been pushed further into the industry's mainstream. A July survey from Timetric Construction Intelligence Center (CIC) found that a majority of respondents believed that BIM is the "future of the industry," with 49% reporting they already used the technology and an additional 10% saying they planned to use it within a year.

BIM is also gaining traction through an increasing number of government mandates. In April 2016, the U.K. enacted a Level 2 BIM requirement for contractors, a minimal mandate requiring similar files for data exchange. Russia, in turn, announced plans in September that, as of 2019, it would require contractors on public projects to use BIM. At this time, the U.S. has no equivalent government directive and likely won't see one in the near future due to the splintered nature of the construction industry.

BIM's ascent to popularity within the industry has allowed AEC professionals to visualize construction projects away from the pen and paper approach, giving them the means to create models, collect data and share project information with the team while reducing risk and enabling more efficiency when it comes to completing projects on time and without wasting resources.

Firms that have yet to adopt BIM typically cite its high cost and say that current CAD products suit the needs of their projects. However, software developers and major contractors say the push toward BIM as the main method for team collaboration is the right move for the industry.