Building Information Modeling Market Projected to foresee 18.7% CAGR between 2018-2024
Posted On September 14, 2018
Value Market Research has recently announced its new market study on Global Building Information Modeling Market. The objective of the report is to define, describe and forecast the building information modeling market. After the complete market study, it has been discovered that the global building information modeling (BIM) market was valued USD 4.57 Billion (by revenue) in 2017 and is anticipated to reach USD 15.14 Billion by 2024 with a CAGR of 18.7%. Building information modeling is a software platform which is basically used during design, construction, and operation in order to offer support in the decision-making process and visualize design solution during projects. It also assists in the coordination of design as it provides transparency among stakeholder to have access to the same database. Further, it also assures the quality of the building process and the final product. Going forward it improve safety during construction and throughout the building's lifecycle by making the process more effective and efficient. It also helps to minimize the cost by giving a better understanding of the project objective which can actually help in taking a better decision in every angle.
Though the construction industry is being slow in adopting digital technologies compared to other industry, BIM may offer turning point on the way to digitization. Many users have been benefited by adopting a wide range of integrated digital technologies, such as computer-aided design (CAD), project management or machine execution systems (MES) which has made them popular. The advent of advanced technology in terms of the internet of things (IoT) along with emerging cloud-based BIM software in the market has a huge impact on demand for BIM. Moreover, major players in this market have come up with BIM in a smartphone which unfolds new avenues for the growth of the BIM market.
The report "Global Building Information Modeling (BIM) Market segmented By Type (Software and Service), Vertical (Commercial, Residential, Educational, Healthcare, Industrial, Entertainment, Sports, and Others), End-User (Construction Managers/General Contractors, Architects, Owners, Engineers, and Others) And By Regions - Industry Trends, Size, Share, Growth, Estimation, and Forecast, 2017-2024" gives the clear picture of the present market scenario and also forecast the future market state.
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The segmentation of the market has been done on the basis of type, vertical, end-user, and region. Type include software and service in which software is again sub-segmented into architectural design, sustainability, structures, MEP, construction, and facilities management whereas service is further segmented into project management support and software support and maintenance. Out of which, software type is dominating the segment owing to its huge demand since it offers a better understanding and transparency in construction management. The vertical section comprises of commercial, residential, educational, healthcare, industrial, entertainment, sports, and others. Among which, the commercial is leading the segment owing to rising construction of commercial spaces which highly requires BIM. End-user covers construction managers/general contractors, architects, owners, engineers, and others. Architect dominated the end-user segment owing to rise in high-scale construction projects and rising adoption of automated models across architecture industry. Regional analysis has been done across the areas of North America, Europe, Asia-pacific, Latin America, and Middle East & Africa.
The Report Segments Global Building Information Modeling Market -
- Architectural Design
- Facilities Management
- Project Management Support
- Software Support and Maintenance
- Construction Managers/General Contractors
Competitive Landscape Of BIM:
Archidata Inc., Asite Solutions Ltd., Autodesk, Inc., Beck Technology, Ltd., Bentley Systems, Inc., Cadsoft Corporation, Dassault Systemes S.A., Nemetschek AG, Robert Mcneel & Associates and Trimble Solutions Corporation.
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