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Building Information Modelling (BIM) Extraction Software Market To Reach Valuation Of US$ 470.70 Mn By 2031- TMR

Transparency Market Research delivers key insights on the global building information modelling (BIM) extraction software market. In terms of revenue, the global building information modelling (BIM) extraction software market is estimated to expand at a CAGR of 12.6% during the forecast period, owing to numerous factors, regarding which TMR offers thorough insights and forecasts in its report on the global building information modelling (BIM) extraction software market.

Building information modelling extraction software primarily collects point clouds across projects generated by scanning and translating them into workable data sets for building information modelling software. Building information modelling extraction software acts like an intermediary between point cloud and BIM software and helps to attain time saving in the modelling process. Building information modelling extraction software can be easily integrated with BIM software.

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Countries around the globe have become proactive in adopting new technology. Demand for BIM solutions is increasing at a high rate due to the penetration of business intelligence among developing countries. Thus, governments and vendors are investing in advance technologies across construction services, primarily engineering, architecture, and other infrastructure activities such as design and model simulations. As BIM is considered a growing technology, vendors need to continue with the developments and enhancements in order to thrive in the market.

Considering the above factors, the exploitation of BIM technology in a number of countries is continuing and companies are starting to realize the opportunities associated with building information modelling extraction software implementation. They are investing in BIM and developing their own capability. Various markets such as China, Europe, and Australia are seeing increased adoption of BIM technology.

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The implementation of building information modelling extraction software provides substantial assistance to the construction industry, but at the same time it has majorly impacted the contractual policy, current practices, and business model, enabling organizations & industries to restructure. North America has maximum number of technical experts who implement BIM software for their projects as compared to other regions. Building information modelling extraction software in the region is extensively adopted by engineers, contractors, and the architecture sector that considerably expands market share.

The cloud-based building information modelling extraction software market is expected to witness growth during the forecast period. This is mainly due to the increasing spread of cloud technology worldwide. In addition, the growth of cloud-based software is also expected to be complemented by a growing demand for low-cost solutions across all industries. In the case of the consumer industry segment, the houses and apartments segment is predicted to dominate the global building information modelling extraction software market. Increasing infrastructure developments and investments in affordable housing and multi-dwelling/multi-family housing projects around the world are expected to contribute to the revenue growth of the building information modelling extraction software market over the forecast period. Hence, increasing adoption of building information modelling (BIM) extraction software in AEC industries is expected to propel the market during the forecast period.

North America leads the world market for building information modelling extraction software with a share of more than 29.6% due to the strong acceptance and penetration of building information modelling extraction software in the construction industry. The adoption of cloud-based BIM extraction software is high in the North America market and expected to see increasing market share during the forecast period. This is due to high demand for interactive, collaborative, and remote accessible solutions for effective and efficient execution of construction activities. The houses and apartments segment is estimated to dominate the North America BIM extraction software market with a share of 23% in 2021. This is mainly due to adoption of building information modelling extraction software in the construction industry. Furthermore, increasing construction projects across end-use industries such as roads, bridges, and highways, water and wastewater, and rail transit and aviation is expected to increase developments in the BIM extraction software market during the coming years.

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Governments in Europe are investing more on technologies used in the construction sector and especially for BIM implementation. This is expected to create opportunities which are driven by technological change and increasing environmental awareness, thus increasing the overall productivity and revenue of vendors. The adoption of BIM extraction software is significantly increasing over the years. This is due to high adoption rate of BIM technology across the construction industry. Additionally, governments across Spain, the U.K., Finland, and other European countries such as Denmark are mandating the use of BIM in construction activities. This is expected to enhance the growth of the BIM extraction software market.

The increasing awareness of BIM benefits such as reduced errors & omissions, rework, project duration; and cost savings among architects, engineers, contractors, and owners across construction activities is expected to drive the growth of the building information modelling extraction software market in Asia Pacific. The adoption of the cloud-based technology across Asia Pacific is growing over the years. This is mainly due to reduced cost and flexibility of solutions offered by cloud. Additionally, growing demand or adoption of pay-as-you-go models across end-use industries is expected to contribute to the large share of the cloud-based software segment.

Key players operating in the global building information modelling (BIM) extraction software market are Autodesk, Inc., AVEVA Group plc, Bentley Systems, Inc., FARO Technologies, Inc., Tekla Corporation, Safe Software, Inc., Vectorworks, Inc., Microsoft Corporation, Synchro Software, Nemetschek Group, PointCab GmbH, Gexcel srl, Assemble Systems, SierraSoft, Innovaya, ClearEdge3D, Inc., Leica, Geo-Plus, Technodigit SARL, and Trimble, Inc.

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