-- According to a new report published by Allied Market Research, titled, “BIM in Construction Market by Phase of Work, End User, Application and Deployment Model: Opportunity Analysis and Industry Forecast, 2020–2027,” The global BIM in construction market size was valued at $2.5 billion in 2019, and is expected to reach $7.5 billion in 2027, growing at a CAGR of 15.0% from 2020 to 2027.
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Use of Building Information Modeling (BIM) has created new opportunities for the construction industry to overcome the drawbacks caused by mismanagement and inadequate planning of projects. BIM has gained major importance in execution of large-scale projects. Further, BIM also offers data transparency within planners, executioners, stakeholders, and project managers to inspect over the construction projects for any short comings and risks. Use of BIM not only optimizes project duration but also manages the resources utilized for the project, which saves over-costing and wastage of resources.
Moreover, North America is the highest contributor in the BIM in construction market, owing to the developed construction techniques in the U.S. and Canada. However, China BIM in construction market is expected to grow significantly mainly due to high adoption rate of smart technologies in the country. The Chinese government has developed policies to enhance the growth of 5G connectivity technology. 5G network is highly efficient in interacting with building platforms and analyze data collection & processing in construction activities.
Covid-19 Impact Analysis
The COVID-19 pandemic has caused mixed results on the BIM in construction market mainly due to halt in international trade, prolonged lockdowns, and ceased construction processes. Although construction activities were delayed during 2020, the increasing dependence on work from home scenarios created new opportunities for the BIM in construction market growth.
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Key Market Players
The major players operating in the market include Autodesk Inc., AVEVA Group, Bentley Systems, Hexagon AB, NEMETSCHEK, Oracle Corporation, Procore Technologies, Inc., Trimble, Inc., Vectorworks, Inc., and Vizerra SA.
Key Findings Of The Study
By phase of work, the pre-construction segment dominated the BIM in construction market share in 2019.
By end user, the engineers & architects segment dominated the during 2019.
Depending on deployment model, the cloud-based segment garnered major share of the BIM in construction market forecast in 2019.
Region-wise, North America dominated the market in 2019.
Asia-Pacific is expected to witness a high growth rate during the forecast period.
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Contact Info:
Name: David Correa
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Organization: Allied Market Research
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Phone: 18007925285
Website: https://www.alliedmarketresearch.com
Release ID: 89032174
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