by The global Building Information Modelling Market is estimated to be valued at US$ 13448.34 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 Overview:
Building Information Modelling (BIM) refers to technology and set of processes used to design, construct and manage buildings and infrastructure. BIM integrates various project data and drawings such as architectural drawings, structural designs, MEP systems, facilities management and more in a collaborative platform.
Market key trends:
Rising adoption of cloud based BIM solutions is one of the major trend driving the growth of building information modelling market. Cloud based BIM solutions provides better collaboration, access flexibility, data security, standardization and reduces upfront IT infrastructure cost. It allows sharing of project information in real time between project stakeholders such as architects, engineers, contractors and owners located at different geographic locations. This has significantly improved communication, collaboration, coordination and project delivery for infrastructure and building projects.
SWOT Analysis
Strength: Building Information Modelling (BIM) enhances collaboration and coordination throughout the project lifecycle. It allows all project stakeholders to visualize the design, construction, and operation of buildings or infrastructure digitally before they are built.
Weakness: High initial costs involved in BIM implementation and requirement of skilled professionals for operating BIM software.
Opportunity: Growing infrastructure development worldwide due to urbanization is expected to drive the demand for BIM. Government mandates in countries for public projects to adopt BIM also presents an opportunity.
Threats: Availability of open-source and pirated BIM software can hamper the growth of legitimate BIM software vendors. Lack of awareness and understanding of BIM benefits among small construction companies.
Key Takeaways
The Global Building Information Modelling Market Growth is expected to witness high growth, exhibiting CAGR of 16% over the forecast period, due to increasing demand for infrastructure development worldwide. The growth is further aided by government mandates and initiatives for adoption of BIM technologies in public construction projects of some countries.
Regional analysis
North America dominated the global BIM market in 2023 due to stringent regulatory norms and early adoption by major construction companies in the region. Asia Pacific is expected to grow at the fastest rate during the forecast period owing to increasing infrastructure construction activities in China and India. Rapid urbanization and smart city initiatives in developing Asian countries offer significant growth opportunities.
Key players operating in the Building Information Modelling (BIM) 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 players are focusing on new product launches and enhancing their existing product portfolio to tap the growing BIM demands. They are also investing in partnership and acquisition strategies to strengthen their global presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
