Building Information Modelling Market Estimated To Witness High Growth
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 Modelling (BIM) refers to the process of generating and managing building data during its life cycle. It supports various construction activities such as cost estimation, project scheduling, design authoring, construction simulation, facility management etc. BIM enhances coordination and documentation for designers, engineers, contractors and owners.
Market Dynamics:
Growing construction activities across both residential and non-residential sectors are expected to propel the demand for BIM solutions over the forecast period. According to Global Construction 2030, the global construction output is projected to grow by 85% to $15.5 trillion by 2030. In addition, growing adoption of advanced technologies such as Internet of Things (IoT), augmented reality, 3D modeling etc. in construction projects is also anticipated to boost the BIM market growth. IoT enables real-time monitoring of construction projects using BIM, thereby improving productivity and quality.
The construction industry has been witnessing labor shortage issues, increasing material costs and delays in project schedules. BIM addresses these challenges by enabling virtual construction of projects, clash detections, project scheduling and cost estimations. It also improves collaboration and coordination among project teams. Such advantages are increasing the adoption of BIM solutions globally. However, high costs associated with implementation of BIM software and lack of skilled workforce may hamper the market growth during the forecast period.
Segment Analysis
The building information modelling market is segmented into software and services. The software segment dominated with around 60% market share in 2023 owing to the wide adoption of BIM software such as Autodesk Revit, Nemetschek Allplan, and Graphisoft ArchiCAD by AEC professionals for a variety of pre construction and construction applications.
PEST Analysis
Political: Governments across the globe are promoting the adoption of BIM through favorable policies and regulations to enhance project efficiency and sustainability in the construction sector.
Economic: The growth of the construction sector driven by investments in infrastructure development and building projects is fueling the demand for BIM solutions to optimize costs and schedule.
Social: Adoption of BIM is increasing among AEC professionals as it allows for improved collaboration, better project visualization, and virtual prototyping capabilities leading to higher quality projects.
Technological: Advancements in AI, cloud, and immersive technologies are expanding the scope of BIM by allowing real-time data insights, remote collaboration, and virtual/augmented reality project reviews.
Key Takeaways
The Global Building Information Modelling Market Growth is expected to witness high growth, exhibiting a CAGR of 19.1% over the forecast period, due to increasing investments in modernizing infrastructure and focus on sustainable construction practices. The US dominated the North America regional market in 2023 owing to supportive government policies and presence of major BIM vendors in the country.
Regional analysis
The Asia Pacific region is projected to be the fastest growing regional market during the forecast period driven by the rising construction spending, emerging economies embarking on infrastructure development projects, and growing awareness among AEC professionals regarding BIM benefits.
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.