New York, NY, July 12, 2019 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Building Information Modeling (BIM) Market by Solution (Software & Services), by End-Users (Architects, Contractors, Engineers and Others) for Industrial, Commercial, Infrastructure, Residential and Institutional: Global Industry Perspective, Comprehensive Analysis and Forecast, 2016-2022”.
According to the analysts at Zion Market Research, the demand for global building information modeling market was capitalized at almost USD 3.52 Billion in 2016 and is likely to cross almost USD 10.36 Billion by end of 2022, increasing at a CAGR of slightly more than 19.45% from 2017 to 2022.
Key players operating in global building information modeling market are Autodesk, Inc., Beck Technology, Ltd., Nemetschek AG., Trimble Navigation Ltd., Synchro Software Ltd., Pentagon Solutions Ltd., Bentley Systems, Inc., AECOM, Asite Solutions Limited., and Dassault Systemes SA, among others.
Browse through 42 Tables & 34 Figures spread over 110 Pages and in-depth TOC on “Global Building Information Modeling (BIM) Market: By Type, Size, Share, Verticals, End User and Forecast 2016 – 2022”.
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Building Information Modeling (BIM) is an intelligent 3D model-based process that gives architecture, engineering, and construction professionals insight to more efficiently plan, design, construct and manage buildings or infrastructure. Different benefits offer by this modeling technique is giving traction to the BIM market. The major benefit of BIM is that it can be accessed by multiple users from a different location on the same document. Conventional building design largely relies upon two-dimensional technical drawings. Building information modeling extends this beyond 3D, augmenting the three primary spatial dimensions with time as the fourth dimension (4D) and cost as the fifth (5D). It covers spatial relationships, geographic information, light analysis, and quantities and properties of building components.
Due to the lucrative advantage of this model, building information modeling market is growing rapidly in different end user sectors. Some other advantages of BIM include increase return on investment, time and money saving. Increasing number of construction activities globally and growing awareness about this model is impelling the growth of this market. However, the high cost required for the execution of all processes in BIM is restraining the growth of this market. In addition, it requires long training period and technical skills which are hindering the growth of this market. Nonetheless, government mandates regarding the use of this model will boost its adoption over the forecast period.
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Building information modeling market is segmented on the basis of the solution and vertical. By solution, the market is segmented into software and services. Software held the largest share of BIM market due to high benefits for design modeling software for various construction projects. By end-users market is divided into architects, contractors, engineers, and others. Due to the rapidly increasing number of construction projects, architect segments will continue to lead the market in coming years. Different verticals analyzed in this market study are commercial, residential, infrastructure, institutional and industrial. Industrial segment is expected to show significant growth over the forecast period due to the reduced risk associated with a construction project in the industrial sector.
Rapidly Developing Construction Activities All Over The World To Propel Building Information Modeling Market
The major factors that are propelling the development of building information modeling market are rapidly developing construction activities all over the world, as per the analysts at Zion Market Research. Government regulatory agencies are also taking measures to increase the acceptance of building information modeling in their respective nations, boosting the building information modeling market. Acceptance by medium and small enterprises is providing momentum to the building information modeling market. On the other hand, the continuous software upgradation and the high price of building information modeling software are hampering the development of building information modeling market. Low awareness about software management can hinder the growth of building information modeling market.
Nevertheless, technological enhancements by some firms that are designing a mobile app to access services will increase the growth of building information modeling market in the near future. Building information modeling increase productivity, improve visualization, increase the speed of delivery, and reduce cost. These factors will suffice the development of building information modeling market in future. In addition to this, various mergers and acquisitions by market players are also one of the major players that are responsible for the development of building information modeling market. For example, in October 2017, Nemetschek purchased RISA, a US-located software operator, to expand its solution portfolio and improve its structural analysis portfolio in the building information modeling market.
This review is based on a report by Zion Market Research, titled “Building Information Modeling Market by Solution (Software & Services), by End-Users (Architects, Contractors, Engineers and Others) for Industrial, Commercial, Infrastructure, Residential and Institutional: Global Industry Perspective, Comprehensive Analysis, and Forecast, 2016-2022”- Report at http://www.zionmarketresearch.com/report/building-information-modeling-market
Building information modeling market is divided by end-user, solution, region, and vertical. The solution division is further segmented into services and software. Cloud-based software is likely to obtain the biggest share in the building information modeling market owing to its easy access and cost-effectiveness to the on-premise framework. End-users section of building information modeling market is divided into engineers, architect, and others including developers. Owing to rising number of the construction programs, architects surfaced as a ruling sector in building information modeling market and are likely to show noteworthy development in future. Based on vertical, the building information modeling market is bifurcated into residential, commercial, institutional, industrial, and infrastructural. Fast industrialization in economically developing nations (such as India, China, and Brazil) will power the development of industrial section in the future.
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The global building information modeling market is segmented as follows:
By Solution
- Software
- Services
By End User
- Architects
- Contractors
- Engineers
- Others
By Vertical
- Commercial
- Residential
- Infrastructure
- Institutional
- Industrial
By Region
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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