Building Information Modeling Market to Grow at a CAGR of 15.2% to Reach USD 15.89 Billion by 2027

Allied Market Research published a new report, titled, "Building Information Modeling Market to Grow at a CAGR of 15.2% to Reach USD 15.89 Billion by 2027." The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter's Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.

Rising government mandates for BIM usage across the globe and rowing construction industry fuels the growth of the market. However, high cost of the software and limitation of the trained professionals hampers the growth of the market. Furthermore, Technological advancements to manage data at remote servers and improvised inter-coordination between users using cloud-based solutions are expected to provide lucrative opportunities for the growth of the market.

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The commercial and infrastructure construction industries would continue to be the leading consumers of BIM in the future, constituting nearly 63% of the global market by 2022. Moreover, the infrastructure industry is expected to grow at the fastest rate during the forecast period.

Cloud-based deployment type dominates the market currently and is expected to grow at the fastest CAGR during the forecast period, owing to its cost effectiveness and easy accessibility. Software segment constituted the majority of market share in 2015 and would continue its dominance over services market during the forecast period.

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The North America region occupies the majority of the market share in the current market scenario. However, the Asia-Pacific region is forecast to dominate the market by 2021. Growing construction activities and government mandates are expected to contribute to the fast growth of the region. Moreover, the growing commercial and infrastructure construction activities in countries such as China, India and U.A.E, offer lucrative market opportunities in Asia-Pacific and LAMEA regions.

Some of the key building information modeling market industry players profiled in the report includes Autodesk, Inc., Asite Solution, Beck Technology Ltd, Bentley Systems, Incorporated, AVEVA Group plc, Dassault Systèmes, Hexagon AB, Nemetschek SE, Pentagon Solution Ltd, and Trimble Ltd. This study includes market trends, building information modeling market analysis, and future estimations to determine the imminent investment pockets.

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Key Findings of the Market:

• BIM market is expected to grow at a remarkable rate owing to supportive government regulations mandating the adoption of BIM software for construction projects.

• Software segment would continue to dominate the overall market with nearly three-fourth market share by 2022.

• Contractors segment is expected to grow at the fastest CAGR for constructability analysis, logistics purposes and job site planning, among others.

• Cloud based deployment mode is expected to dominate the market throughout the forecast period owing to its cost-effectiveness and easy availability.

• BIM software would find widespread applications in commercial and infrastructure construction projects owing to supportive government regulations

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