PORTLAND, Oregon, June 15, 2020
- Improved productivity through interoperability, government mandates for BIM usage, and growing construction industry have boosted the growth of the global building information modeling market
PORTLAND, Oregon, June 15, 2020 /PRNewswire/ -- Allied Market Research recently published a report, "Building Information Modeling Market by Component (Solution and Services), Deployment Model (On-Premise and Cloud), Application (Commercial, Residential and Industrial), End User (Architects/Engineers, Contractors, and Others): Global Opportunity Analysis and Industry Forecast, 2020–2027". According to the report, 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.
Major driving factors
Improved productivity through interoperability, government mandates for BIM usage, and growing construction industry have boosted the growth of the global building information modeling market. However, high implementation cost and lack of skilled workforce hampers the market. On the contrary, growing environmental and energy concerns are expected to create lucrative opportunities for the market players in the coming years.
Covid-19 scenario: The advent of Covid-19 has significantly impacted the global building information modeling industry.
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Solution segment held the largest share
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.
Residential segment to portray the highest growth through 2027
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.
North America dominated the market
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.
Major market players
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