Sarasota, FL -- (SBWIRE) -- 01/04/2018 -- Building Information Modeling (BIM) is an intelligent 3D model-based process that gives architecture, engineering, and construction professionals insight to more efficiently plan, design, construct and manage buildings or infrastructure. Different benefits offer by this modeling technique is giving traction to the BIM market. The major benefit of BIM is that it can be accessed by multiple users from a different location on the same document. Conventional building design largely relies upon two-dimensional technical drawings. Building information modeling extends this beyond 3D, augmenting the three primary spatial dimensions with time as the fourth dimension (4D) and cost as the fifth (5D). It covers spatial relationships, geographic information, light analysis, and quantities and properties of building components.

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Due to the lucrative advantage of this model, building information modeling market is growing rapidly in different end user sectors. Some other advantages of BIM include increase return on investment, time and money saving. Increasing number of construction activities globally and growing awareness about this model is impelling the growth of this market. However, the high cost required for the execution of all processes in BIM is restraining the growth of this market. In addition, it requires long training period and technical skills which are hindering the growth of this market. Nonetheless, government mandates regarding the use of this model will boost its adoption over the forecast period.

Building information modeling market is segmented on the basis of the solution and vertical. By solution, the market is segmented into software and services. Software held the largest share of BIM market due to high benefits for design modeling software for various construction projects. By end-users market is divided into architects, contractors, engineers, and others. Due to the rapidly increasing number of construction projects, architect segments will continue to lead the market in coming years. Different verticals analyzed in this market study are commercial, residential, infrastructure, institutional and industrial. Industrial segment is expected to show significant growth over the forecast period due to the reduced risk associated with a construction project in the industrial sector.

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North America held the largest share in BIM market owing to increasing adoption of cloud based engineering software for constructions. Several European countries are pushing for more integrated adoption of BIM strategies in order to improve software interoperability and cooperation among actors of the building industry. Asia Pacific region is expected to record highest CAGR in coming years due to rise in construction projects in the industrial sector in economically emerging countries such as China, Japan, and India. Europe is expected to hold second largest share due to rising usage of BIM in civil infrastructure, industrial and others. Latin America and Middle East & Africa are also expected to exhibit considerable growth due to governments mandate in several countries.

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Key players operating in global building information modeling market are Autodesk, Inc., Beck Technology, Ltd., Nemetschek AG., Trimble Navigation Ltd., Synchro Software Ltd., Pentagon Solutions Ltd., Bentley Systems, Inc., AECOM, Asite Solutions Limited., and Dassault Systemes SA, among others.