Building information modeling market value
Rising government mandates for BIM usage across the globe and rowing construction industry fuels the growth of the BIM market.
PORTLAND, PORTLAND, OR, UNITED STATES, June 1, 2023/EINPresswire.com/ — The global BIM Market Size was valued at $5,205 million in 2019, and is projected to reach $15,892 million by 2027, registering a CAGR of 15.2% from 2020 to 2027.
The growth of the global building information modeling market is driven by the fact that the enhanced data communication and coordination among various stakeholders, coupled with improved construction productivity provides a leading edge to BIM users. In addition, 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.
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In 2019, the global building information modeling market share was dominated by the solution segment and is expected to maintain this trend during the forecast period. This is attributed to increase in adoption of building information modeling solutions among the architecture, engineering, and construction (AEC) industry. Most of these organizations have started adopting these solutions to align all construction processes together such as procurement and data management, which improve the overall productivity of construction projects.
However, the services segment is expected to witness highest growth, as over past few years, there has been an increase in the adoption of services among end users, as they ensure effective functioning of BIM software and platforms. Furthermore, surge in demand for cloud-based building information modeling services is expected to provide lucrative opportunities for the market growth during the forecast period.
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Depending on deployment mode, the on-premise segment dominated the building information modeling market share in 2019, and is expected to continue this trend during the forecast period. The growth of the segment is attributed to rise in concerns about security of data associated with construction projects, which is highly valuable. Larger firms in the AEC industry such as Autodesk Inc. and Nemetschek AG provide on-premise software for their customers in industrial, healthcare, and residential sectors.
However, the cloud segment is expected to witness highest growth in the upcoming years, as the cloud-based building information modeling solution does not involve capital cost as well as is low in maintenance requirements, and hence can be most preferred by mid-sized institutions. Rise in adoption of cloud-based building information modeling solution among both large and mid-sized enterprises majorly drives the market growth.
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Some of the key building information modeling market industry players profiled in the report include 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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