June 17, 2024
Building Information Modelling Market
Ict

Market Is Estimated To Witness High Growth Owing To Increased Construction Activities and Growing Emphasis on Infrastructure Development

The Building Information Modelling Market is estimated to be valued at US$ 9,908.7 million in 2023 and is expected to exhibit a CAGR of 19.1% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Building information modeling (BIM) refers to 3D modeling software that architects, engineers, contractors, and owners use to design and project building and infrastructure projects. BIM software helps in visualization, design, and simulation of structures before they are built. It allows for clash detection and coordination across different specialized depictions of building components. Major applications of BIM include architectural design, structural engineering, MEP engineering, construction, and facility management.

Market Dynamics:

Increased construction activities worldwide driven by rapid urbanization and growing infrastructure investment is expected to drive the demand for building information modeling software over the forecast period. According to Oxford Economics, the volume of construction output worldwide is projected to grow by 85% to reach $15.5 trillion by 2030. Furthermore, growing emphasis on facilitating collaboration and coordination across project lifecycles through digitalization in the construction industry is also anticipated to boost adoption of BIM. The two major drivers, increased construction activities and growing emphasis on infrastructure development through digitization are expected to fuel market growth over the forecast period.

SWOT Analysis

Strength: Building information modelling (BIM) enables 3D visualization through virtual design and construction, allowing stakeholders to detect problems early and resolve them virtually before starting construction. It facilitates collaboration and data exchange between project teams easily. BIM reduces rework, decreases project timelines, and improves overall project quality.

Weakness: High costs associated with BIM software, training, and additional resources required for implementation. Lack of expertise and skills among existing workforce to work on BIM. Interoperability issues between different BIM authoring software.

Opportunity: Growing demand for green buildings and sustainability evaluation tools is driving the adoption of BIM. Government mandates and regulations in countries favoring BIM-based project documentation and models. Expansion of BIM capabilities into integrated project delivery, facilities management, and digital twin applications

Threats: Cyber threats due to increased use of cloud-based collaboration tools. Lack of BIM standards leading to compatibility issues. Competition from open-source and free BIM software.

Key Takeaways

The Global Building Information Modelling Market Growth is expected to witness high, exhibiting CAGR of 19.1% over the forecast period, due to increasing adoption of BIM across construction projects globally to reduce project timelines and costs.

Regional analysis: The US accounts for the largest share in the global BIM market due to stringent legislation and reforms favoring BIM adoption. Europe is the second largest market driven by government initiatives promoting BIM usage in public projects across UK, Germany, and Nordic countries. Asia Pacific exhibits the fastest growth on back of increasing construction activities, urbanization, and supportive policies in countries like China, Singapore, and India.

Key players: 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. Autodesk commands the largest share in the architectural BIM software category while Nemetschek leads the engineering BIM segment.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it