NEW YORK, Jan. 27, 2022 /PRNewswire/ -- The global building information market will observe substantial growth in the coming years with rising investments in the housing sector globally. This is evident in both developed and developed countries across the world.
A majority of the economies in the European Union witnessed strong growth in the housing sector in 2018. For instance, the construction industry in the Czech Republic grew between 10% - 13% in 2018 compared with the previous year. Similarly, the construction industry in Poland recovered during 2017-2018 with the commencement of major public construction projects and rising investments and funding programs across the commercial sector.
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Key Building Information Modeling Software Market Report Highlights:
The building information modeling software market covers the following areas:
Building Information Modeling Software Market: Segmentation Analysis
Technavio analyzes the market by product (software and services) and geography (North America, Europe, APAC, MEA, and South America).
By product, the software segment generated maximum revenue in the market and will remain the largest segment during the forecast period. The segment is driven by increasing public and private construction projects undertaken through BIM. Also, the need for lean construction and high-quality buildings will foster the growth of the segment.
By geography, APAC is expected to emerge as the largest market for building information modeling. The region currently holds 33% of the global market share. Factors such as economic development and increasing investments in the construction of commercial and industrial buildings will drive the growth of the building information modeling market in APAC.
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Companies Mentioned
The building information modeling software market is fragmented due to the presence of several domestic and international players. The growing competition is driving vendors to adopt organic and inorganic growth strategies such as new product launches or forming strategic alliances with other players.
For instance:
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Key Market Drivers
Our analysts have extensively outlined the information on the key market drivers and their impact on the building information modeling software market.
Organizations are increasingly adopting BIM to overcome various operational challenges, reduce time, and enhance productivity. For instance, BIM reduces reworks and the dependence on paperwork and documentation. BIM also decreases response time and increases productivity, which ensures efficient process management. Such benefits are encouraging many medium and small architectural, engineering, and construction firms to adopt 3D modeling to streamline workflow and increase their profitability. All these factors are expected to fuel the growth of the global building information modeling software market during the forecast period.
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Related Reports:
Building Information Modeling Software Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2020 |
Forecast period |
2021-2025 |
Growth momentum & CAGR |
Decelerate at a CAGR of 24% |
Market growth 2021-2025 |
USD 8.38 billion |
Market structure |
Fragmented |
YoY growth (%) |
28.71 |
Regional analysis |
North America, Europe, APAC, MEA, and South America |
Performing market contribution |
APAC at 33% |
Key consumer countries |
US, Japan, UK, China, and France |
Competitive landscape |
Leading companies, competitive strategies, consumer engagement scope |
Companies profiled |
4M SA Advanced Technical Software Systems, Autodesk Inc., Bentley Systems Inc., Cadsoft Corp., Dassault Systemes SE, Hexagon AB, Nemetschek SE, Oracle Corp., Siemens AG, and Trimble Inc. |
Market Dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and future consumer dynamics, market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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SOURCE Technavio
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