Building information modelling (BIM) refers to a process involving the generation and management of digital representations of physical and functional characteristics of places. BIM is a shared knowledge resource for information about a place forming a reliable basis for decisions during its lifecycle from earliest conception to demolition. Key advantages of BIM include visualization of designs prior to construction, clash detection, reduction of errors, and optimized cost estimation. The global construction industry has been actively adopting BIM solutions to improve project coordination and delivery.
The Global Building Information Modelling Market is estimated to be valued at US$ 9,908.7 Mn in 2024 and is expected to exhibit a CAGR of 16% over the forecast period 2023 to 2030.
Key Takeaways
Key players operating in the building information modelling market are Autodesk Inc., Nemetschek AG, Beck Technology Ltd., GRAITEC, Dassault Systemes SA, AECOM, Synchro Software Ltd., Pentagon Solutions Ltd, Tekla Corporation, and Bentley Systems Inc.
The key opportunities in the market include increasing focus on infrastructure projects coupled with government initiatives and regulations supporting BIM adoption. Developing economies are expected to invest heavily in construction of roads, dams, hospitals, schools which will drive BIM demand.
The integration of cloud computing and artificial intelligence capabilities with BIM software is increasing project coordination and optimizing designs. Cloud-based collaborative BIM platforms allow sharing of project data in real-time. AI-powered tools analyze past projects data to predict risks and improve decision making.
Market Drivers
The growing construction sector worldwide owing to rising investments in infrastructure projects is a key driver for the building information modelling market. Government mandates in countries favoring use of BIM technology for public projects will further support the market growth. The need for minimizing project delays and cost overruns through efficient project planning and coordination has led to increased BIM adoption among construction firms. Cloud deployment of BIM solutions eliminating on-premise hardware investments has also boosted the market demand.
Current Challenges in Building Information Modelling Market
One of the major challenges faced by the Building Information Modelling market is the high initial costs associated with the implementation of BIM software and solutions. BIM requires expertise and training to operate the software which incurs additional costs. There is also a need for upgrading the existing software, hardware, and networking infrastructure if organizations want to adopt BIM on a large scale. This poses significant budgetary requirements, especially for small and medium enterprises. Additionally, lack of awareness about the benefits of adopting BIM and reluctance to change from traditional tools are the key barriers hindering the growth of the Building Information Modelling market.
SWOT Analysis
Strength: BIM offers significant advantages in project planning, design coordination, cost estimation, stakeholders collaboration and efficient project delivery. It helps avoid errors, reworks, cost and time overruns.
Weakness: High upfront and training costs. Lack of expertise and skilled workforce. Interoperability issues between different BIM software.
Opportunity: Growing construction industry globally is driving demand for advanced technologies like BIM for better project management. Government mandates in developed nations are catalyzing BIM adoption.
Threats: Concerns around data security and confidentiality. Possibility of software or technology getting outdated quickly.
Geographical Regions
In terms of value, the Building Information Modelling market in North America currently holds the largest share, mainly attributed to favorable government policies supporting BIM adoption and presence of major players in the region. Asia Pacific is emerging as the fastest growing regional market for BIM, led by increasing construction activities and government initiatives to modernize infrastructure in countries like China and India.
Fastest Growing Region
Asia Pacific region is poised to witness the highest growth in the Building Information Modelling market during the forecast period. This can be accredited to the booming construction industry, rapid urbanization, government investments in smart city projects and promotion of modern construction technologies in Asia Pacific countries. China, Japan and India especially are expected to drive the demand for BIM solutions with increasing construction of commercial and residential buildings as well as infrastructure projects in the region.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
