12.7% Growth Rate for Building Information Modeling Market by 2024 | Overview, Top Technologies, Key Insights and Company Profiles- ReportsnReports
PUNE, India, Sept. 30, 2019 /PRNewswire/ -- The Building Information Modeling Market size is projected to grow from US$ 4.9 Billion in 2019 to US$ 8.9 Billion by 2024, with a CAGR of 12.7%. The building information modeling market is driven by various factors, such as rising urbanization and infrastructure projects, growing benefits offered by BIM for the AEC industry, and increasing government mandates for BIM adoption.
Browse 113 Market Data Tables and 53 Figures spread through 171 Pages and in-depth TOC on "Building Information Modeling Market Research Report" https://www.reportsnreports.com/reports/311424-building-information-modeling-market-by-end-users-types-software-services-applications-commercial-residential-educational-industrial-healthcare-entertainment-and-sports-and-by-geography-analysis-and-forecast-2013-2020.html
The major players operating in this market are Autodesk (US), Nemetschek (Germany), Bentley Systems (US), Trimble (US), Dassault Systèmes (France), RIB (Germany), Asite (UK), AVEVA (UK), Hexagon (Sweden),and Archidata (Canada).
"Services to witness the highest CAGR during the forecast period"
BIM services comprise services related to infrastructure modeling to architects, engineers, general contractors, and developers. In addition, BIM services include the provision of detailed engineering of a project, which helps in improving the quality of buildings, reducing their designing and maintaining costs, and sharing information more effectively among building owners, design teams, contractors, and facility managers. The service segment is expected to grow at the fastest rate as it includes the detailed engineering of a project, which helps in improving the quality of buildings, reducing their designing and maintaining costs, and sharing information more effectively among building owners, design teams, contractors, and facility managers.
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"Based on applications, building is likely to be the fastest-growing application during 2019–2024"
Due to rising trends in digitization across industries, BIM is gaining popularity in the construction industry. Building applications mainly includes commercial, residential, and retail buildings. Buildings are designed with the help of BIM mostly during the pre-construction phase, in which the 3D modeling of the structure is prepared and the flow of the entire building project is decided. These buildings are constructed mostly on a customized basis. BIM is widely used in building applications to reduce the cost overrun and time overrun, which may help in reducing the delays in the project.
"APAC to record the highest growth rate in building information modeling market during the forecast period"
APAC is likely to be the highest growing market for building information modeling market in the coming years. The market in APAC is expected to grow at the fastest rate due to the use of BIM for large-scale infrastructure and building projects. Government initiatives are expected to act as a major factor driving the BIM market in APAC.
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Breakdown of supply-side primary interviews, by company type, designation, and region:
- By Company Type: Tier 1-52%, Tier 2–25%, and Tier 3-23%
- By Designation: C-Level Executives-55%, Directors -27%,and Managers-18%
- By Region: North America-40%, Europe-20%, APAC-28%,and RoW -12%
Another research titled "Building Automation System Market by Communication Technology, Offering (Facilities Management Systems, Security & Access Control Systems, Fire Protection Systems, and Building Energy Management Software), Application, Region - Global Forecast to 2024, at a Compound Annual Growth Rate (CAGR) of 10.12% during the forecast period. Companies such as Major players in the Building Automation System Market are Honeywell International (US),Siemens AG (Germany),Johnson Controls International (Ireland),Schneider Electric (France),United Technologies Corp. (US),Robert Bosch (Germany),Legrand (France),Hubbell (US),ABB (Switzerland),Ingersoll-Rand (Ireland) have been profiled in this 214 pages research report available at https://www.reportsnreports.com/purchase.aspx?name=219401
Explore more reports on Semiconductor-and-Electronics Market at https://www.reportsnreports.com/market-research/semiconductor-and-electronics/
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