Building Informing Modeling Market: Current Analysis and Forecast (2021-2027)

The Global Building Information Modeling Market is expected to register a CAGR of around 15% over the period of 2021-2027. The building information modeling market is being increasingly utilized in all infrastructural projects related to its benefits in speeding up and planning the construction procedures. Construction companies experience a deadline, and governments are taking initiatives in this field. Therefore, these two factors can enhance the rise of the building information modeling market share.

Rising adoption of remote working due to COVID-19, the rapid rise in urbanization, wide-ranging benefits of BIM realized by the AEC industry, and growing government initiatives for the adoption of BIM are some of the prominent factors contributing to the growth of the building information modeling market. Moreover, the rising trend of IoT in the construction sector, the increasing trend of BIM, and the growing focus of organizations on introducing new standards such as ISO 19650 in the BIM market act as a growth opportunity for the market players.

Autodesk Inc., Asite Solutions Limited, AVEVA Group plc, Beck Technology Ltd., Bentley Systems Inc., Dassault Systemes SE, Hexagon AB, Nemetschek SE, Pentagon Solutions Ltd., Trimble Inc. are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report:

"Amongst Component, software category accounted for the majority share in the market in 2020"

Based on component, the market is bifurcated into software and services. The software segment dominated the market in 2020. The main reason for this growth is the global increase in the demand for digital products/tools in the AEC industry. The software provides various functionalities like 3D CAD drawings with more flexibility.

"Amongst Project phase, Preconstruction is expected to witness highest CAGR during the forecast period"

Based on the project phase, the market is categorized into preconstruction, construction, and post-construction. The pre-construction segment lead the market in 2020 and the same trend is expected in the forthcoming years as well as BIM pre-construction helps in the laying of the entire operation scope, building project estimation, designing, and planning workflow.

"Amongst Applications, the commercial segment is expected to witness the highest CAGR during the forecast period"

Based on application, the market is segmented into commercial, residential, and industrial. The commercial segment is expected to lead the market during the forecast period. The huge cost associated with constructing the commercial would boost the demand for an efficient digital collaboration tool. This is expected to increase the need for software in constructing commercial buildings, also constructing commercial buildings gives great returns in the long run.

"Amongst End-user, the architect and engineer segment are expected to witness the highest CAGR during the forecast period"

Based on end-user, the market is segmented into architects and engineers, facility or construction managers, and builders and contractors. The architect and engineer segment is expected to dominate the market. The software helps the designers and builders to understand the possible future challenges of the projects in advance.

"North America to witness significant growth during the forecast period"

For a better understanding of the market adoption of the building information modeling, the market is analyzed based on its worldwide presence in the countries such as North America (US, Canada, Rest of North America); Europe (U.K, France, Germany, Spain, Italy, and Rest of Europe); Asia-Pacific (China, India, Japan, Australia, Rest of Asia-Pacific), and Rest of World. North America region grabbed the major market share and dominated the market in 2020. Moreover, the trend is expected to remain the same in the forthcoming years as well. The early adoption of advanced digital tools and the government's mandate on implementing BIM software is likely to boost market growth. Also, this region has developed countries like the U.S. and Canada that have a larger budget for technological advancement.

However, APAC is expected to witness the highest CAGR during the forecast period on account of the growing adaptability of technology that facilitates construction. Emerging economies in the region are seeing tremendous urbanization growth and smart city projects. Thus, building information modeling technology enables the cutting-edge intelligence and flexibility necessary to help mega construction activities in the region.

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The study includes market sizing and forecasting analysis validated by authenticated key industry experts.

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The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.

Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.

The study comprehensively covers the market across different segments.

Deep dive regional level analysis of the industry.

Customization Options:

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