Building Information Modelling (BIM) is a process involving the generation and management of digital representations of physical and functional characteristics of places. BIM’s advantage is collaborative work-flow and its ability of gather and synchronize all project data in a common data environment. It helps in optimizing design, construction and operations of buildings or infrastructure which results in reduced operating costs.
The global Building Information Modelling Market is estimated to be valued at US$ 9,908.7 Mn in 2023 and is expected to exhibit a CAGR of 16% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing adoption of BIM in construction industry has been a key factor driving the growth of global building information modelling market. BIM provides 3D visualization of the structure which helps architects, engineers, contractors to detect design errors in initial phase only. It enables collaboration and coordination among project teams like architects, engineers, and owner as the information is stored in a common database accessible by all participants. This results in smooth work-flow, early detection of errors, and reduced construction time and costs. The construction teams can visualize the entire project before actual construction commences with BIM software. This has increased its use in planning, designing, and construction of residential and commercial infrastructure projects globally.
SWOT Analysis
Strength: Building Information Modelling (BIM) provides collaborative 3D modeling and data sharing during planning, design, construction and operation of buildings and infrastructures. This helps in improved coordination and reduction of errors and omissions.
Weakness: High upfront costs and training requirements for implementation of BIM. Limited expertise availability. Interoperability issues between BIM software and other project management tools.
Opportunity: Growing focus on green construction and sustainability. Increasing governmental mandates for BIM adoption. Rapid urbanization in developing regions increases the demand for infrastructure projects.
Threats: Competition from open-source and free BIM software. Issues related to data security and privacy as project data is stored centrally. Lack of BIM guidelines and standards in some countries limits adoption.
Key Takeaways
The global Building Information Modelling market is expected to witness high growth over the forecast period of 2023 to 2030. The market size is projected to reach US$ 9,908.7 Mn in 2024, indicative of a CAGR of 16% during the period. The growing focus on sustainable construction drives the demand for collaboration tools like BIM across regions.
Regional analysis – North America dominate the global BIM market currently backed by stringent regulations and incentives in countries like the US and Canada for adopting BIM. Asia Pacific is expected to be the fastest growing region with China, India, Singapore and South Korea emerging as key markets. Factors like rising infrastructure spend, urbanization and supportive government policies will fuel the regional growth.
Key players – Autodesk Inc., Nemetschek AG, Beck Technology Ltd., GRAITEC, and Dassault Systemes SA hold leading positions in the global BIM market. Growing demand for specialized solutions is prompting new players to enter the market. Key players are focusing on partnerships, mergers and acquisitions for technology advancements and geographical expansion. Collaborations between software developers and engineering firms ensures seamless project delivery.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it