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BIM in construction market Economies Opening New Business-Opportunities 2027
WILMINGTON, DELAWARE, UNITED STATES, August 2, 2024 /EINPresswire / -- 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. In 2019, North America dominated the market, in terms of revenue, accounting for 40.0% share of the global BIM in construction industry.
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.
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Driving Demands:
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.
Based on phase of work, the pre-construction segment highly contributed in the BIM in construction market trends due to high utilization of the software for planning of construction projects, designing, and estimating quantity of materials.
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Key Segments:
The global BIM in construction market is segmented on the basis of phase of work, end user, deployment model, and region. Based on phase of work, the market is fragmented into construction and operation.
Depending on end user, the global market is categorized into engineers and contractors. By deployment model, the market is classified into cloud-based and on-premise. By application, the market is classified into residential and non-residential.
The global BIM in construction market is analyzed across North America (the U.S., Canada, and Mexico), Europe (the UK, Germany, France, Italy, and rest of Europe), Asia-Pacific (China, India, Japan, and rest of Asia-Pacific), and LAMEA (Latin America, the Middle East, and Africa). Asia-Pacific is expected to hold the largest market share over the study period and LAMEA is expected to grow at the fastest rate.
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Key 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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