Press release
Building Information Modeling Market Share to Reach USD 15.89 billion by 2027 | Key industry players - Autodesk, Inc., Asite Solution, Beck Technology Ltd, Bentley Systems, Incorporated, AVEVA Group plc
Based on geography, North America garnered the highest share in 2019, generating nearly two-fifths of the global building information modeling market. The market in the region is expected to be driven by ongoing technological advancements in products offered by the key players operating in the continent, supportive government policies, increasing environment awareness, and growing real estate industry. Simultaneously, Asia-Pacific would grow at the fastest CAGR of 19.2% from 2020 to 2027. The growth of BIM technologies is prominent in this region, owing to the booming construction sector. This factor propels the market growth in this province.
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The global building information modelling industry was estimated at $5.20 billion in 2019, and is expected to hit $15.89 billion by 2027, registering a CAGR of 15.2% from 2020 to 2027.
Based on deployment model, the on-premise segment contributed to nearly three-fifths of the global building information modeling market revenue in 2019, and is anticipated to maintain the lion's share by the end of 2027. Growing concerns about security of data associated with construction projects, which is highly valuable, encourages construction companies to adopt on-premise solutions. This factor drives the segment growth. At the same time, the cloud segment would manifest the fastest CAGR of 17.2% throughout the forecast period. Rise in adoption of cloud-based building information modeling solution among both large and mid-sized enterprises majorly boosts the growth of the segment.
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Based on component, the solution segment accounted for nearly two-third of the global building information modeling market share in 2019, and is expected to rule the roost by 2027, owing to increase in adoption of building information modeling solutions in the AEC industry. The services segment, on the other hand, would garner the fastest CAGR of 17.1% during the forecast period. Growth in demand for cloud-based building information modeling services is expected to drive the segment growth.
Major industry players such as - 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.
The report provides a detailed analysis of key market players operating in the global market. They adopted numerous strategies such as new product launches, collaborations, business expansion, partnerships, mergers and acquisitions, joint ventures, and more in order to stay competitive in the market.
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