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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. It supports decision-making about buildings and built infrastructure assets. BIM finds application in new construction projects for visualisation, coordination, and planning and also provides lifecycle management for existing buildings and infrastructure.
The global Building Information Modelling Market is estimated to be valued at US$ 9,908.7 Mn or in 2023 and is expected to exhibit a CAGR of 16 % over the forecast period 2023 to 2030, as highlighted
Market key trends:
Adoption of cloud-based BIM solutions is a key trend shaping the building information modelling market. Cloud technology enables remote access to project data and documents from any location at any time. It makes collaboration and coordination between project teams more efficient. Cloud-based BIM brings flexibility, scalability and reduces upfront costs associated with hardware and software procurement and maintenance. It allows users to work simultaneously on the same project data and track changes in real-time. This is expected to fuel adoption of cloud-based BIM solutions during the forecast period.
SWOT Analysis
Strength: Building Information Modelling (BIM) helps in better project visualization and coordination between project stakeholders. It reduces errors and rework during construction stages.
Weakness: High initial investment costs for BIM software and training. Reskilling requirements for existing professionals to adapt to new technology.
Opportunity: Growing construction industry globally with increasing complex infrastructure projects provides huge growth opportunities for BIM. governments worldwide promoting BIM adoption through project mandates.
Threats: Data security risks with cloud-based collaboration. Lack of BIM standards and guidelines in some regions hampers cross-regional projects.
Key players operating in the Building Information Modelling 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. holds the largest market share as it offers a comprehensive suite of BIM software solutions like Revit, AutoCAD, and Navisworks.
Regional analysis: North America dominated the global BIM market in 2022 owing to early technology adoption in the region. Asia Pacific is expected to be the fastest growing market during the forecast period supported by ongoing infrastructure development projects and government initiatives for BIM adoption in countries like China, India & Japan.
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 needs for improved project collaboration and data interoperability in the construction sector. The market size for 2023 is US$ 9,908.7 Mn.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
