Building Information Modeling Market worth USD 11.96 billion at 11.1% CAGR; Increasing Number of Smart City Projects to Accelerate Growth
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Building Information Modeling Market worth USD 11.96 billion at 11.1% CAGR; Increasing Number of Smart City Projects to Accelerate Growth

Pune, India, Sept. 22, 2021 (GLOBE NEWSWIRE) -- The global building information Modeling (BIM) market is set to gain impetus from the high demand for such software solutions from the architecture and construction sector. This information is given by Fortune Business Insights™ in a new report, titled, “Building Information Modeling BIM Market Size, Share & COVID-19 Impact Analysis, By Component (Software and Services), By Project Phase (Pre-Construction, Construction, and Post Construction), By Application (Commercial, Residential, Industrial, and Public Infrastructure), By End-User (Architect and Engineers, Facility or Construction Managers, and Builders and Contractors), and Regional Forecast, 2020-2027.” The report further states that the market size was USD 5.20 billion in 2019.

COVID-19 Pandemic to Affect Growth Stoked by Remote Working Practices Worldwide

The BIM market is projected to grow from USD 5.71 billion in 2020 to USD 11.96 billion in 2027 at a CAGR of 11.1% in the forecast period between 2020-2027. The COVID-19 pandemic has taken a huge toll on the building and construction industry. But, it has inclined people toward remote working environments. Hence, several builders and engineers are managing their projects and handling customer contracts effectively by using these software solutions. We are delivering in-depth research reports to help you better understand the current scenario.

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Drivers & Restraints-

High Demand for Commercial and Personal Infrastructures to Aid Growth

Nowadays, various cities worldwide are experiencing rapid improvements and technological developments. Hence, many people have started shifting to metropolitan cities. The surging demand for enhanced infrastructure for commercial and personal requirements in urban areas would propel the BIM market growth in the upcoming years. However, building information Modeling software solutions require constant service and maintenance. It therefore involves high cost spending. This factor may obstruct growth.

Segment-

Architect & Engineers Segment to Dominate Backed by Need for Project Insights  

Based on the end-user, the architect and engineers segment earned 43.5% in terms of the BIM market share in 2019. It is expected to retain its dominant position throughout the forthcoming years backed by the ability of BIM software solutions to help designers and builders understand the upcoming challenges of a particular project in advance. They can also gain access to persistent insights into the whole process.

To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/building-information-modelling-software-market-102986

What Does This Report Contain?

This report includes in-depth information associated with change in material usage, new product launches, and technological advancements. It provides ma Building Information Modeling (BIM) Market dynamics based on various factors, such as opportunities, challenges, drivers, hindrances, and dynamics. At the same time, it will deliver a complete insight from the supply side respondents related to market share, distribution, and size.

Some of the Key Questions Answered in this Report:

Building Information Modeling (BIM) Market Share Report Scope and segmentation:

Report Coverage Details
Forecast Period 2020 to 2027
Forecast Period 2020 to 2027 CAGR 11.1%
2027 Value Projection USD 11.96 Million
Base Year 2019
Market Size in 2019 USD 5.20 Million
Historical Data for 2016 to 2018
No. of Pages 150
Segments covered Component; Project Phase; Application; and End User;
Growth Drivers High Demand for Commercial and Personal Infrastructures to Aid Growth
Increasing Government Support to Implement BIM is a Vital Trend
Pitfalls & Challenges High Initial Cost is Likely to Challenge Market Growth

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Competitive Landscape-

Key Players Focus on Launching Innovative Solutions to Intensify Competition

The global market for building information Modeling contains numerous software providers that are mainly focusing on launching novel solutions to cater to the high customer demand. Some of the others are aiming to strengthen their positions by integrating with reputed software solutions for providing improved support to users. Below are the two latest industry developments:

A list of all the renowned BIM manufacturers operating in the global Building Information Modeling (BIM) Market:

Quick Buy  - Building Information Modeling (BIM) Market:

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Major Table Of Content Building Information Modeling (BIM) Market:

TOC Continued…!

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Read Press Release https://www.fortunebusinessinsights.com/press-release/global-building-information-modeling-bim-market-10476


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