Building Information Modeling Market to Garner $15.06 Bn, Globally, by 2027 at 14.3% CAGR, Says Allied Market Research

Improved productivity through interoperability, government mandates for BIM usage, and growing construction industry have boosted the growth of the global building information modeling market

News provided by

Allied Market Research

Jun 15, 2020, 09:00 ET

PORTLAND, Oregon, June 15, 2020 /PRNewswire/ -- Allied Market Research recently published a report, "Building Information Modeling Market by Component (Solution and Services), Deployment Model (On-Premise and Cloud), Application (Commercial, Residential and Industrial), End User (Architects/Engineers, Contractors, and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027". According to the report, the global building information modeling market was pegged at $5.20 billion in 2019, and is anticipated to reach $15.06 billion by 2027, growing at a CAGR of 14.3% from 2020 to 2027.

Major driving factors

Improved productivity through interoperability, government mandates for BIM usage, and growing construction industry have boosted the growth of the global building information modeling market. However, high implementation cost and lack of skilled workforce hampers the market. On the contrary, growing environmental and energy concerns are expected to create lucrative opportunities for the market players in the coming years.

Covid-19 scenario: The advent of Covid-19 has significantly impacted the global building information modeling industry.

The cancellation of the Mobile World Congress has hugely affected the market revenue as products and solutions get the biggest exposure and companies get a chance to meet new clients and seal new partnerships at such international shows.
During this pandemic, organizations are reluctant to invest big capital on new business models, hiring workforce, or invest on every additional expense apart from essentials, which will hamper the market growth.

Download Report Sample (150 Pages PDF with Insights) @ https://www.alliedmarketresearch.com/request-sample/1075

Solution segment held the largest share

By component, the solution segment held the lion's share in 2019, accounting for nearly three-fourths of the global building information modeling market, as building information modeling solutions are cheaper than services and are faster to deploy. However, the service segment is projected to manifest the highest CAGR of 16.7% during the forecast period, due to rise in need of various different services such as managed service and professional services.

Residential segment to portray the highest growth through 2027

By application, the residential segment is expected to register the highest CAGR of 16.3% during the forecast period, due to the need for BIM Solution in sectors such as retail for its complex planning applications. However, the commercial segment held the largest share in 2019, accounting for nearly three-fifths of the global building information modeling market.

North America dominated the market

The market across North America held the largest share in 2019, accounting for nearly two-fifths of the market, due to technological advancements and emergence of new business models. However, the global building information modeling market across Asia-Pacific is expected to register the highest CAGR of 16.7% during the forecast period, owing to rapidly increasing construction sector in countries such as China and India.

Major market players

Autodesk, Inc.
Beck Technology Ltd
Asite Solution
Cadsoft Corporation
Bentley Systems, Incorporated
Hexagon AB
Dassault Systèmes
Pentagon Solution Ltd
Nemetschek SE
Trimble Ltd.

For Purchase Inquiry: https://www.alliedmarketresearch.com/purchase-enquiry/1075

Access AVENUE- A Subscription-Based Library (Premium on-demand, subscription-based pricing model) at:

https://www.alliedmarketresearch.com/library-access

Avenue is a user-based library of global market report database, provides comprehensive reports pertaining to the world's largest emerging markets. It further offers e-access to all the available industry reports just in a jiffy. By offering core business insights on the varied industries, economies, and end users worldwide, Avenue ensures that the registered members get an easy as well as single gateway to their all-inclusive requirements.

Avenue Library Subscription | Request for 14 days free trial of before buying:

https://www.alliedmarketresearch.com/avenue/trial/starter

Smart Highway Market Expected to Reach $92.38 Billion by 2026

Fleet Management Market Expected to Reach $34,629 Million by 2022

Smart Stadium Market Expected to Reach $22,101.9 Million by 2025

About Us:

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 domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

Contact:

David Correa
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States
Toll Free: +1-800-792-5285
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1-855-550-5975
[email protected]
Web: https://www.alliedmarketresearch.com
Follow Us on: LinkedIn Twitter