Building Information Modeling Market
Growing environmental and energy concerns are expected to create lucrative opportunities for the market players in the coming years.
PORTLAND, PORTLAND, OR , UNITED STATES , July 19, 2022 /EINPresswire.com/ -- Improved productivity through interoperability, government mandates for BIM usage, and growing construction industry have boosted the growth of the global building information modeling market.
Major market players such as - 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.
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.
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.
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.
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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.
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Covid-19 scenario:
• 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.
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Key drivers that are propelling the growth of the market included in the report. Additionally, challenges and restraining factors that are likely to curb the growth of the market are put forth by the analysts to prepare the manufacturers for future challenges in advance.
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