Building Information Modeling (BIM) Market to Reach USD 11.96 billion in 2027

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.

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.

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:

• Detailed Overview of Building Information Modeling (BIM) Market will help deliver clients and businesses making strategies.
• Influencing factors that are thriving demand and latest trends running in the Building Information Modeling (BIM) Market.
• Market forecast for global market split into segments like region, product, applications, end-user, technology, etc.
• What trends, challenges and barriers will impact the development and sizing of the Global Market?
• SWOT Analysis of each defined key player along with its profile and Porter’s five forces analysis to complement the same.
• What is the Building Information Modeling (BIM) Market growth momentum or market carries during the forecast period?
• Which region may tap the highest market share in the coming era?
• Which application/end-user category or Product Type may seek incremental growth prospects?
• What focused approach and constraints are holding the Building Information Modeling (BIM) Market demand?

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:

• September 2020: Trimble integrated its Trimble® Connect™ cloud-based collaboration platform with BIMcollab and Microsoft 365. It will enable users to connect project stakeholders with required data to enhance team efficiency and inform decisions.
• April 2020: Nemetschek AG partnered up with Spacewell to introduce a new BIM solution by blending it with the Integrated Workplace Management System (IWMS) software.

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

• Autodesk Inc. (California, United States)
• Dassault Systèmes SA (Vélizy-Villacoublay, France)
• Bentley Systems Inc. (Pennsylvania, United States)
• Nemetschek AG (Munich, Germany)
• Beck Technology Ltd. (Texas, United States)
• AVEVA Group Plc. (Cambridge, United Kingdom)
• Hexagon AB (Sweden)
• Pentagon Solution Ltd. (Belfast, N. Ireland)
• Trimble Ltd. (California, United States)
• Synchro Software Ltd. (London, UK)
• Pinnacle Infotech (Mumbai, India)
• Planon Group (Boston, United States)
• LOD Planner Inc. (Los Angeles, United States)
• ACCA software S.p.A. (Campania, Italy)
• Vectorworks, Inc. (Maryland, United States)
• Revit Modeling India (Gujrat, India)
• Robert Mcneel & Associates (Washington, United States)