Building Information Modeling Market Reaching USD 15,892 Million by 2027 with a CAGR of 15.2%

According to the report, 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.

Enhanced productivity through interoperability, government mandates for BIM usage, and developments in the construction industry fuel the growth of the global building information modelling market. On the other hand, high implementation cost and lack of skilled workforce impede the growth to some extent. However, rise in environmental & energy concerns and emergence of virtual reality (VR) and augmented reality (AR) technologies and its integration with BIM are expected to pave the way for lucrative opportunities in the industry.

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Covid-19 scenario-

• The outbreak of the pandemic led to wide adoption of BIM technology to let projects continue in a virtual and digital method.

• Covid-19 has certainly accelerated the demand for new ways of building offices and homes using smart construction, thereby driving the global market for building information modeling technology to a significant extent.

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.

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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.

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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Frontrunners in the industry-

• Autodesk, Inc.
• Asite Solution
• Beck Technology Ltd
• Bentley Systems
• Incorporated
• AVEVA Group plc
• Dassault Systèmes
• Hexagon AB
• Nemetschek SE
• Pentagon Solution Ltd.
• Trimble Ltd.

The report focuses on the growth prospects, restraints, and building information modeling market analysis. The study provides Porter's five forces analysis of the building information modeling industry to understand the impact of various factors such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers on the building information modeling market trends.

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