DUBLIN — (BUSINESS WIRE) — April 13, 2021 — The "Building Information Modeling Market By Component Deployment Mode, Project Life Cycle, Building Type, Application, and End User: Global Opportunity Analysis and Industry Forecast, 2020-2027" report has been added to ResearchAndMarkets.com's offering.

According to this report the global building information modelling market was valued at $5.20 billion in 2019, and is projected to reach $15.06 billion by 2027, growing at a CAGR of 14.3% from 2020 to 2027.

Building Information Modeling (BIM) is an intelligent 3D model-based process, which provides construction professionals, architecture, and engineers to efficiently design, manage, construct and plan the infrastructure of the buildings. BIM software is popular among end users as it provides lucrative advantages such as increased return on investments (ROIs) and time and money saving. Furthermore, rapidly increasing number of construction projects globally and rise in demand for automated models in the architecture, engineering, and construction (AEC) industry are the major factors driving the growth of the market. Moreover, government mandates regarding the use of BIM in building constructions are expected to boost its adoption worldwide.

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. 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.

The global building information modeling market is segmented on the basis of component, deployment model, project life cycle, building type, application, end user, and region. In terms of component, it is bifurcated into solution and services. Based on deployment model, it is segmented into on-premise and cloud. By project life cycle, the building information modeling market is bifurcated into preconstruction, construction, and operations. In terms of building type, it is segmented into commercial, residential and industrial. By application, the market is segmented into, planning & modelling, construction & design, asset management, building system analysis & maintenance scheduling, and others. As per end user, it is divided into architects/engineers, contractors, and others. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

Key Benefits

• The study provides an in-depth analysis of the building information modeling market along with current trends and future estimations to elucidate imminent investment pockets.
• Information about key drivers, restrains, and opportunities and their impact analysis on the market size is provided in the report.
• Porter's five forces analysis illustrates the potency of buyers and suppliers operating in the industry.
• The quantitative analysis of building information modeling market for the period 2020-2027 is provided to determine the market potential.

Key Findings

• On the basis of component, the software segment led the building information modelling market, in terms of revenue in 2018.
• By deployment model, the on-premise segment accounted for the highest building information modelling market share in 2018.
• Region wise, North America generated the highest revenue in 2018.
• Depending on application, the commercial segment is anticipated to exhibit substantial growth during the forecast period.

Market Dynamics

Drivers

• Enhanced Productivity Through Interoperability
• Government Mandates for Bim Usage
• Growth in the Construction Industry

Restraints

• High Implementation Cost
• Lack of Skilled Workforce

Opportunities

• Rise in Environmental and Energy Concerns
• Emergence of Virtual Reality (Vr) and Augmented Reality (Ar) Technologies and Its Integration With Bim

Key Market Players

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

For more information about this report visit https://www.researchandmarkets.com/r/nipo0

View source version on businesswire.com: https://www.businesswire.com/news/home/20210413005630/en/

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