Global Building Information Modeling Software Market 2019-2023| Increasing Requirements for Large-Scale Project Management to Boost Demand| Technavio

LONDON — (BUSINESS WIRE) — October 31, 2018 Technavio analysts forecast the global building information modeling software market to grow at a CAGR close to 20% during the forecast period, according to their latest market research report.

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Technavio has published a new market research report on the global building information modeling sof ...

Technavio has published a new market research report on the global building information modeling software market from 2019-2023. (Graphic: Business Wire)

The growth of 5D building information modeling is one of the major trends being witnessed in the global building information modeling software market 2018-2022. Construction projects undertaken through 3D building information modeling do not provide a platform for the integration of time and cost factor. This led to the emergence of 5D building information modeling, which considers more dimensions. 5D building information modeling can be considered as an evolution of 4D and 3D building information modeling. Moreover, with the help of 5D building information modeling, an investor can obtain information on the following things easily - deviation from the pre-determined project schedule and budget; in-house database with complete details regarding the cost and labor productivity rates; efficient preparation of cost schedules, and real-time cost estimation for easy and quick comparison with the target cost. Therefore, with such advantages, the market is expected to witness a positive outlook during the forecast period.

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According to Technavio analysts, one of the key factors contributing to the growth of the global building information modeling software market is the increasing requirement for large-scale project management:

Global building information modeling software market: Increasing Requirements for Large-Scale Project Management

The rising demand for large-scale project management is one of the main factors that will drive the adoption of building information modeling solutions. Currently, organizations are focusing on cultivating and managing the resources necessary for efficient product outputs, which increases the requirement for efficient solutions for large-scale construction project management. The primary purpose of the building information modeling solutions is to automate processes to ensure maximum outputs by managing resources and maintaining a regular follow-up. The key benefits of employing building information modeling solutions in large-scale project management are process management, projecting profitability and automation.

According to a senior analyst at Technavio for research on enterprise application, “Along with large scale management, other factors such as increased adoption of open building information modeling and increasing investment on intelligent processing is also boosting the growth of the global building information modeling software market.”

Global building information modeling software market: Segmentation analysis

The global building information modeling software market research report provides market segmentation by product (software and services), and by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.

The EMEA region held the largest share of the market in 2017, accounting for close to 42% share, followed by the Americas and APAC respectively. However, during the forecast period, the APAC region is expected to register the highest incremental growth.

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Technavio’s sample reports are free of charge and contain multiple sections of the report such as the market size and forecast, drivers, challenges, trends, and more.

Some of the key topics covered in the report include:

Market Landscape

  • Market ecosystem
  • Market characteristics
  • Market segmentation analysis

Market Sizing

  • Market definition
  • Market size and forecast

Five Forces Analysis

Market Segmentation

Geographical Segmentation

  • Regional comparison
  • Key leading countries

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

  • Vendors covered
  • Vendor classification
  • Market positioning of vendors
  • Competitive scenario

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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