Jan 25, 2021   SOURCE: PR NewsWire

Building Information Modelling Market to Reach $15.89 Bn, Globally, by 2027 at 15.2% CAGR: Allied Market Research

PORTLAND, Ore., Jan. 25, 2021 /PRNewswire/ -- Allied Market Research published a report, titled, "Building Information Modeling Market By Component (Solution and Services) Deployment Mode (On-premise and Cloud), Project Life Cycle (Preconstruction, Construction, and Operations), Building Type (Commercial, Residential, and Industrial), Application (Planning & Modelling, Construction & Design, Asset Management, Building System Analysis & Maintenance Scheduling, and Others), and End User (Architects/Engineers, Contractors, and Others): Global Opportunity Analysis and Industry Forecast, 2020-2027."According to the report, the global building information modelling industry was estimated at $5.20 billion in 2019, and is expected to hit $15.89 billion by 2027, registering a CAGR of 15.2% from 2020 to 2027.

https://mma.prnewswire.com/media/636519/Allied_Market_Research_Logo.jpg

Drivers, restraints, and opportunities

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.

Download Report Sample (150 Pages PDF with Insights) @

https://www.alliedmarketresearch.com/request-sample/1075

Covid-19 scenario-

    --  The outbreak of the pandemic led to wide adoption of BIM technology to
        let projects continue in a virtual and digital method.
    --  Covid-19 has certainly accelerated the demand for new ways of building
        offices and homes using smart construction, thereby driving the global
        market for building information modeling technology to a significant
        extent.

The solution segment to dominate by 2027-

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.

Get detailed COVID-19 impact analysis on the building information modeling market:

https://www.alliedmarketresearch.com/request-for-customization/1075

The on-premise segment to lead the trail-

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.

North America garnered the highest share in 2019-

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. The growth of BIM technologies is prominent in this region, owing to the booming construction sector. This factor propels the market growth in this province.

For Purchase Enquiry:

https://www.alliedmarketresearch.com/purchase-enquiry/1075

Frontrunners in the industry-

    --  Autodesk, Inc.
    --  Asite Solution
    --  Beck Technology Ltd
    --  Bentley Systems
    --  Incorporated
    --  AVEVA Group plc
    --  Dassault Systèmes
    --  Hexagon AB
    --  Nemetschek SE
    --  Pentagon Solution Ltd.
    --  Trimble Ltd.

Access AVENUE- A Subscription-Based Library (Premium on-demand, subscription-based pricing model) at:

hthttps://www.alliedmarketresearch.com/library-access

Avenue is a user-based library of global market report database, provides comprehensive reports pertaining to the world's largest emerging markets. It further offers e-access to all the available industry reports just in a jiffy. By offering core business insights on the varied industries, economies, and end users worldwide, Avenue ensures that the registered members get an easy as well as single gateway to their all-inclusive requirements.

Avenue Library Subscription | Request for 14 days free trial of before buying:

https://www.alliedmarketresearch.com/avenue/trial/starter

Similar Reports:

Simulation Software Market Expected to Reach $10,029 Million by 2025

Mainframe Market Expected to Reach $2,906.61 Million by 2025

Hybrid Cloud Market Expected to Reach $171,926 Million by 2025

About Us:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

Contact:

David Correa
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States
Toll Free: +1-800-792-5285
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1-855-550-5975
help@alliedmarketresearch.com
Web: https://www.alliedmarketresearch.com
Follow Us on: LinkedIn Twitter

View original content:http://www.prnewswire.com/news-releases/building-information-modelling-market-to-reach-15-89-bn-globally-by-2027-at-15-2-cagr-allied-market-research-301213868.html

SOURCE Allied Market Research