BIM in Construction Market Worth $7,536.0 Million by 2027 | Autodesk Inc., AVEVA Group, Bentley Systems, Hexagon AB, NEMETSCHEK, Oracle Corporation

According to a new report published by Allied Market Research, titled, “BIM in Construction Market by Phase of Work, End User, Application and Deployment Model: Opportunity Analysis and Industry Forecast, 2020–2027,” The global BIM in construction market size was valued at $2.5 billion in 2019, and is expected to reach $7.5 billion in 2027, growing at a CAGR of 15.0% from 2020 to 2027.

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Use of Building Information Modeling (BIM) has created new opportunities for the construction industry to overcome the drawbacks caused by mismanagement and inadequate planning of projects. BIM has gained major importance in execution of large-scale projects. Further, BIM also offers data transparency within planners, executioners, stakeholders, and project managers to inspect over the construction projects for any short comings and risks. Use of BIM not only optimizes project duration but also manages the resources utilized for the project, which saves over-costing and wastage of resources.

Reduction in construction costs and decrease in wastage of resources and time in construction projects are driving the demand for BIM, which, in turn, boosts the growth of the global BIM in construction market. Construction projects include various activities, which are not managed properly, thereby causing the risks of over budgeting and completion delays. Use of BIM assists in managing and estimating the quantities of resources, which reduces the costs incurred on wastage of resources. Moreover, the introduction of BIM in prefabricated or modular construction is also expected to drive the BIM in construction market growth.

Competition Analysis

The key market players profiled in the report include Autodesk Inc., AVEVA Group, Bentley Systems, Hexagon AB, NEMETSCHEK, Oracle Corporation,Procore Technologies, Inc., Trimble, Inc., Vectorworks, Inc., and Vizerra SA.

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Key Market Segments

By Phase Of Work

Construction
Operation

By End User

Engineers
Contractors

By Application

Residential
Non-residential

By Deployment Model

Cloud-based
On-premise

By Region

North America
Europe
Asia-Pacific
LAMEA

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of Market Research Reports and Business Intelligence Solutions. AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains.

This release was published on openPR.