The global BIM market is expected to increase due to rising expenditure and investment in the construction industry both residential and non-residential, increasing digitization in the construction sector, growing IT investment in construction and increasing governmental adoption of BIM by several nations.
Yet the market faces some challenges, such as lack of definite regulation, lack of expertise in BIM and high costs, resistance to change on part of construction managers/contractors, social obstacles and problems of interoperability.
Integration of BIM with the Internet of Things (IoT) technology, the scope of Augmented and Virtual reality in the BIM market, evolution of 5D BIM and spike in mergers and acquisitions (M&A) activity are some of the latest trends existing in the market.
Nemetschek, Autodesk Inc., Bentley Systems Incorporation and Trimble Navigation Limited are some of the major players operating in the global BIM market.
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