The global Building Information Modelling (BIM) Software Market is projected to grow at a CAGR of 19.41% from 2020 to 2027, according to a new report published by Verified Market Research. The report reveals that the market was valued at USD 2.82 Billion in 2019 and is expected to reach US$11.64 Billion by the end of the forecast period.
As businesses and governments increasingly recognise the enormous potential of this technology to enhance decision-making for constructed assets, the global Building Information Modeling (BIM) Software Market is expected to flourish. The architecture and construction industries have undergone a revolution thanks to BIM’s ability to extract, exchange and network computer files. The offerings of the software have drawn people, companies and governmental organisations involved in the design, construction, operation and maintenance of physical infrastructures like roads, railways, bridges and more.
The market has grown significantly as a result of ongoing technological breakthroughs. Cloud-based solutions are enabling greater user inter-coordination, data management on remote servers and accessibility and collaboration. The 3D model-based methodology has been crucial in drawing in the world market for BIM software.
The BIM Software Market is expected to grow rapidly over the upcoming years, with a good outlook. Market share will increase as organisations place more emphasis on resource management to enhance product outputs. Additionally, BIM technology advances and its numerous applications in various industries would promote ongoing market growth.