Prominent players in the building information modeling market are pushing for strategic acquisitions and product development activities, aimed towards accuracy and reliability of data
ROCKVILLE, MD / ACCESSWIRE / April 29, 2020 / The building information modeling industry is projected to grow at a staggering 12% CAGR through the end of 2027. The high demand for faster completion times in construction projects is a primary contributor to revenue in the industry. The demand is also supported by the use of cutting edge CAD and 3D modeling technology, which will continue to aid the growth of the building information modeling market. The growth of the market in the near future can be widely be attributed to improvements in data exchange and mandatory government policies, reveals Fact.MR in its new study.
"Implementation in multiple verticals, computer models, and new product developments have been introduced. Applications in commercial buildings, is leading the building information modeling market," says the Fact.MR report.
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Building Information Modeling Market - Key Takeaways
- Commercial buildings applications hold lead position for building information modeling solutions.
- The civil infrastructure segments will display high growth in revenue on account for building information modeling software.
- The software segment is projected to hold lead position, while services account for a higher CAGR.
- On-premise deployment will display high levels of competitiveness in technology.
- The Asia Pacific and North American building information modeling markets are anticipated to display high growth through 2027, of which North America accounts for 40% of the global revenue.
Building Information Modeling Market - Key Driving Factors
- The wide spread and rapid increase of construction activities around the world is driving the demand for building information modeling.
- Mandatory regulations set up by governments towards the use of building information modelling contributes to the growth of global market.
- The applications in public and private space projects is increasing proliferation of building information modeling, bolstering growth.
- Transition away from conventional approaches involving 3D Max, AutoCAD, and CATIA is propelling the building information modeling market.
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Building Information Modeling Market - Key Constraints
- Issues with control, design errors, and inaccuracies in costs are continued challenges being faced by developers.
Anticipated Impact of Covid-19 Outbreak
As the covid-19 virus spreads, construction projects are likely to face substantial restraints owing to the measures imposed by governments in countries across the globe. Major disruptions in supply chains, owing to shortages and lack of production is expected to continue in the months ahead. This in turn is likely to reduce building information modelling applications to an extent.
However, losses are likely to be substantially mitigated, owing to computer-based nature of products and services, strong network infrastructure, and rising levels of cloud-based deployment. These factors are likely to sustain the global demand for building information modeling solutions and services, which will pick up pace once again following the decline of the pandemic.
Competition Landscape
The global building information modeling market is highly fragmented. The leading players profiled in the report include, but are not limited to RIB Software SE, Autodesk Inc., Trimble Inc., Nemetschek Group, and Bentley Systems. Market leaders are investing in strategic mergers and acquisitions. Manufacturers are channeling their efforts towards the development of products innovations for specific application modules, as indicated by the Fact.MR report.
About the Report
This 170-page study offers readers a comprehensive market forecast of the building information modeling market. Global, regional and country level analysis of the latest industry trends impacting the building information modeling market are covered in this Fact.MR study. The report offers compelling insights on the building information modeling market on the basis of type (software and services), application (building, oil & gas, civil infrastructure, and industrial), and end user (AEC, contractors, and facility managers) across five regions (Middle East and Africa, Asia Pacific, Europe, Latin America, North America).
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Expert analysis, actionable insights, and strategic recommendations of the veteran research team at Fact.MR helps clients from across the globe with their unique business intelligence requirements. With a repository of over thousand reports and 1 million+ data points, the team has scrutinized the ICT sector across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Fact.MR's latest ICT market reports and industry analysis help businesses navigate challenges and take critical decisions with confidence and clarity amidst breakneck competition.
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SOURCE: FactMR
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