Market Analysis:
The building information modeling market size will touch USD 8000 million at a whopping 14.9% CAGR between 2018- 2023, as per the current Market Research Future (MRFR) analysis. Building information modeling or BIM is a form of software that is used by AEC professionals, construction businesses, and real estate companies for efficient project life cycle management.
Various factors are pushing the global building information modeling market share. According to the recent MRFR report, such features include the demand for building information modeling in the construction industry, an increasing number of infrastructure projects, rising urbanization, growing consciousness about the benefits of BIM for the AEC industry, and rising commands by the government to adopt BIM. Additional factors adding market growth include the developing economies, growing need for infrastructure and housing development, and growing worldwide population.
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Market Segmentations:
The MRFR report highlights an inclusive segmental analysis of the global building information modeling market based on the project lifecycle, product, industry, and end user.
By product, the global building information modeling market is segmented into BIM training services, BIM software, and BIM project management. Of these, the BIM software segment will lead the market over the forecast period. It is predicted to touch USD 1300 million and at a 16.2% CAGR by 2023.
By project lifecycle, the global building information modeling market is segmented into pre-construction, operation, and construction. Of these, the pre-construction segment will dominate the market over the forecast period. It is predicted to touch USD 1400 million at a 14.9% CAGR by 2023.
Regional analysis:
Building Information Modeling Market is analyzed in North America, Asia Pacific, Europe, South America, the middle east and Africa. North America will contribute to the market at a high rate. The increasing use of the integrating digital and physical world via the internet and the increasing traction and popularity of mixed reality are major factors driving the market. Businesses in North America utilize sophisticated virtual reality and augmented reality to improve the company processes. The increasing number of audiences on social media platforms and growing interest in games are the reason for enhancing the market in the euro[pwan region.
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