BIM Software Market Estimated to Grow with a Healthy CAGR During Forecast Period

BIM Software Market Estimated to Grow with a Healthy CAGR During Forecast Period

The current BIM Software Market Size is anticipated to generate 14.90% CAGR during the assessment period.

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Market Highlights

The current BIM Software Market Size is anticipated to generate 14.90% CAGR during the assessment period. The BIM software tools are gaining popularity due to their large benefits such as high return on investment, cost-effectiveness, time-saving, and many others.

Moreover, the BIM software offers improved site safety, high emphasis on value-added tasks, reduced wastage of raw materials in construction sites, and a better understanding of design concepts. Apart from that, the growing demand for engineering solutions and feasible architecture is boosting up the global market growth in the forecast period. For instance, the worldwide market is driving the market growth due to the increasing demand for infrastructure development and the growing population.

Additionally, the global market's key players and vendors have significant opportunities to generate market value due to the complex geometry extraction from point-cloud data and the smart city initiatives in countries like India. However, the lack of interoperability in the 4D (4 dimensional) simulation process can affect the BIM Software Market Growth in the upcoming years.

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The BIM Software Market Analysis highlights that the present market is segmented on the basis of applications, software models, and end-users.

The global market has been segregated into the building, industrial, public infrastructure, and others by application segment. In 2019, the buildings segment was registered to account for the largest BIM Software Market Share and is predicted to continue.

The worldwide market has been divided into 5D, 4D, 3D, and others in terms of the software model segment. In 2019, the 3D segment was projected to register the largest market share and further projected to continue the same in the forecast period. On the basis of the end-user segment, the current market has been classified into engineers, contractors, architects, and others. In 2019, the architect's segment was anticipated to account for the largest market share.

Regional Analysis

On the basis of geographical locations, the global market has been segmented into various parts such as North America, Asia-Pacific, the Middle East & Africa, Europe, and South America.

As per the BIM Software Market Forecast report, the North American region had dominated the global market for the year 2019. Here, the North American regional market is propelling the market value due to the rising investments in advanced infrastructure facilities and the presence of key players like Bentley systems and Autodesk in the region.

Furthermore, the second-largest share is contributed by the European region. This region is expected to grow due to the high demand for BIM software solutions among the region's architects, contractors, and building owners. Moreover, the increasing construction sector across the region is driving regional market growth in the upcoming years.

Industry News

In September 2019, the prominent market player Glodon Company Limited declared its partnership with a consultation firm in the UK named Bill Solutions. This partnership has aimed to strengthen the standardization of construction and promote the internationalization and development of the construction industry of China. Further, this partnership is expected to strengthen the brand, grow business opportunities, and promote the product in the UK.

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BIM Software Market Research Report: Information By Software Model (3D, 4D, 5D and Others), Applications (Buildings, Public Infrastructure, Industrial and Others), End-User (Architects and Engineer, Contractors and Others) and Region (North America, Asia-Pacific, Europe, Middle East & Africa and South America) - Forecast till 2027

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