According to a new market research report published by Acute Market Reports“Building Information Modeling (BIM) Market (By Solution– Software (On-premise and Cloud-based) and Services; By End-users: Architects, Engineers, Contractors, and Developers) - Growth, Future Prospects, Competitive Analysis and Forecast 2020 - 2028”, the global building information modeling (BIM)market was valued at US$ 5.7Bn in 2019 and is expected to grow at a CAGR of 19.3% during the forecast period from 2020 to 2028.

The complete report is available at https://www.acutemarketreports.com/report/building-information-modeling-bim-market

Market Insights

Building information modeling (BIM) has offered a viable solution to various stakeholders in the construction industry to effectively collaborate and contribute to the overall completion of the construction projects. Benefits such as a comprehensive approach to the overall project coupled with efficient coordination have led to the growing popularity of BIM software over other traditional approaches such as AutoCAD, 3DMax, and CATIA. The use of BIM software has enabled developers to reduce design errors and schedule projects efficiently thereby, resulting in waste reduction in terms of materials, time, and other resources. Furthermore, with an adverse impact on the environment accompanied by limited land areas in most of the developed cities across the world, it has become imperative for construction developers to make optimum utilization of available resources. The government in numerous developed countries such as the U.S., the UK, Finland, Denmark, Norway, Singapore, and Australia, among others have mandated the use of BIM for various public and private construction activities. Thereby, the BIM market is expected to witness significant growth in such markets during the forecast period from 2020 to 2028.

Competitive Insights:

The global building information modeling (BIM)market is fairly consolidated with few leading providers of building information modeling (BIM)offering application-specific modules. Some of the leading providers of BIM across the world include Autodesk, Inc., Bentley Systems, Inc., Dassault system SA and AECOM. Other prominent players in the global BIM market were Tekla Corporation, Nemetschek SE, Trimble Navigation Limited, Intergraph Corporation, ASSA ABLOY Group, 4M Building Solutions, and CYPE Ingenieros, S.A.

Key Trends:

-  Research and development toward innovative applications

-  Favorable government initiatives and mandates driving the demand for BIM solutions

-  End-users increasing making use of BIM solutions in order to gain a competitive edge in the market

- High initial costs and lack of technical expertise hinder the growth of the BIM market in certain sectors