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Building Information Modelling (BIM) is a process involving the generation and management of digital representations of physical and functional characteristics of places. Building information models are files (often but not always in proprietary formats and containing proprietary data) which can be extracted, exchanged or networked to support decision-making regarding a building or other built asset. Content (BIM is a process of generating and managing building data during its lifecycle. It helps in visualizing and simulating the construction and operational phases of buildings with the help digital models.).
The global building information modeling 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 Dynamics:
Growing construction projects across the globe is the major factor driving growth of the global building information modelling market. Various governments are focusing on infrastructure development which utilizes BIM for effective project management. For instance, according to Coherent Market Insights’ analysis, the infrastructure sector in India is expected to attract investment worth Rs. 102 trillion (US$ 1.5 trillion) between 2019 and 2023 for the development of public infrastructure. Furthermore, implementation of BIM mandates by governments globally is also expected to boost the market growth over the forecast period. For instance, Level 2 BIM is mandated by the UK government for publicly funded projects by 2016.
Segment Analysis
The building information modelling market is predominantly dominated by the software sub-segment. This is owing to the increasing adoption of BIM software by architectural and engineering firms to streamline their workflows. The BIM software helps designers and contractors to digitally design the building’s parameters and hence reducing the modeling errors.
PEST Analysis
Political: Government across various countries are mandating the usage of BIM in public infrastructure projects to improve project delivery and reduce costs. This is propelling the adoption of BIM.
Economic: Increasing construction activities globally especially in emerging economies are fueling the demand for BIM solutions to enhance project management.
Social: Benefits of BIM such as improved visualization, collaboration and coordination are positively impacting the social factors and hence driving higher adoption.
Technological: Advancements in technologies such as Internet of Things, artificial intelligence, cloud computing are allowing for integration of BIM with other technologies to enhance project delivery. This is a key growth enabler.
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 Inc. dominates the global BIM market share owing to its robust BIM portfolio and widespread geographic presence. Whereas, Nemetschek is another prominent player specializing in BIM for construction projects across Europe.
Key Takeaways
The global Building Information Modelling market is expected to witness high growth, exhibiting CAGR of 16% over the forecast period, due to increasing construction activities especially in Asia Pacific and Middle East regions. The Asia Pacific region is expected to witness the fastest growth in the BIM market owing to significant infrastructure development projects in countries such as China and India. Regional analysis further, China dominates the Asia Pacific BIM market and is expected to continue its dominance over the forecast period backed by government initiatives and growing construction industry in the country.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
