Enhanced productivity through interoperability, government mandates for BIM usage, and developments in the construction industry fuel the growth of the global Building Information Modelling Market. On the other hand, high implementation cost and lack of skilled workforce impede the growth to some extent.
However, rise in environmental & energy concerns and emergence of virtual reality (VR) and augmented reality (AR) technologies and its integration with BIM are expected to pave the way for lucrative opportunities in the industry.
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Based on deployment model, the on-premise segment contributed to nearly three-fifths of the global building information modeling market revenue in 2019, and is anticipated to maintain the lion’s share by the end of 2027. Growing concerns about security of data associated with construction projects, which is highly valuable, encourages construction companies to adopt on-premise solutions.
This factor drives the segment growth. At the same time, the cloud segment would manifest the fastest CAGR of 17.2% throughout the forecast period. Rise in adoption of cloud-based building information modeling solution among both large and mid-sized enterprises majorly boosts the growth of the segment.
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Based on component, the solution segment accounted for nearly two-third of the global building information modeling market share in 2019, and is expected to rule the roost by 2027, owing to increase in adoption of building information modeling solutions in the AEC industry. The services segment, on the other hand, would garner the fastest CAGR of 17.1% during the forecast period. Growth in demand for cloud-based building information modeling services is expected to drive the segment growth.
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Based on geography, North America garnered the highest share in 2019, generating nearly two-fifths of the global building information modeling market. The market in the region is expected to be driven by ongoing technological advancements in products offered by the key players operating in the continent, supportive government policies, increasing environment awareness, and growing real estate industry. Simultaneously, Asia-Pacific would grow at the fastest CAGR of 19.2% from 2020 to 2027.
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The prominent players, offering BIM solutions across the globe include Autodesk, Inc., Nemetschek AG and Bentley Systems, Inc., among others. Market participants focus on the technological advancements in both fields, viz., software and services, that work in combination with each other.
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Key Findings of the BIM Market:
- BIM market is expected to grow at a remarkable rate owing to supportive government regulations mandating the adoption of BIM software for construction projects.
- Software segment would continue to dominate the overall market with nearly three-fourth market share by 2022.
- Contractors segment is expected to grow at the fastest CAGR for constructability analysis, logistics purposes and job site planning, among others.
- Cloud based deployment mode is expected to dominate the market throughout the forecast period owing to its cost-effectiveness and easy availability.
- BIM software would find widespread applications in commercial and infrastructure construction projects owing to supportive government regulations
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