Growing construction sector followed by rising awareness of building information modeling (BIM) among the architects, engineers, and contractors is driving the market growth. Favorable government mandates on BIM usage for construction of various infrastructures is boosting the market growth. Owing to benefits of BIM such as rapid data exchange, increased return on investment and the time-saving solution is driving its application in construction projects. BIM market is growing at a faster pace owing to better substitute over conventional CAD software.
As per the latest report added by Value Market Research, the Global Building Information Modeling (BIM) Market was valued USD 4,575.2 MN (by revenue) in 2017 and is anticipated to reach USD 15,142.7 MN by 2024 with a CAGR of 18.7%.
ARCHITECTS DOMINATED THE END-USER SEGMENT
In 2017, architect dominated the end-user segment owing to increase in construction projects and rising demand of automated models is driving the market growth. As per the analysis, an architect is presumed to reach USD XX.X million by the end of 2024.
SOFTWARE LED THE TYPE SEGMENT
Software type is dominating the segment owing to its ability to offer better efficiency and transparency in building work and construction management. The software segment is expected to touch USD XXX million by the end of 2024.
BY VERTICAL, COMMERCIAL DOMINATED THE SEGMENT
In 2017, commercial led the vertical segment owing to government mandates on the use of BIM especially commercial infrastructure is fueling the market growth. By 2024, it is presumed that commercial segment will reach USD XX.X million.
NORTH AMERICA DOMINATED THE REGIONAL MARKET
By region, North America led the market owing to rising adoption of cloud-based solutions followed by advancement in technology in IoT and big data is fueling the regional market growth. North America is expected to reach USD XX.X million by 2024.
KEY PLAYERS OF THE MARKET
The market is moderately competitive due to the presence of key players such as Archidata Inc., Asite Solutions Ltd., Autodesk, Inc., Beck Technology, Ltd., Bentley Systems, Inc., Cadsoft Corporation, Dassault Systemes S.A., Design Data, Nemetschek AG, Robert McNeel & Associates and Solibri, Inc.