Building Information Modelling (BIM) is a process involving the generation and management of digital representations of physical and functional characteristics of places. Building information modelling helps in designing, constructing and operating the building or infrastructure facilities with more efficiency and less cost. It supports decision-making about buildings and infrastructures at various stages of the life cycle such as designing, construction or renovation and operation. The rising number of infrastructure projects and growth in construction sector especially in emerging economies are fueling the demand for BIM software solutions.
The Global Building Information Modelling Market is estimated to be valued at US$ 9,908.7 Mn in 2024 and is expected to exhibit a CAGR of 16% over the forecast period 2023 to 2030.
Key Takeaways
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. is one of the leading players in the BIM market with its Revit and AutoCAD solutions.
The global building and construction industry is witnessing high growth on account of rapid urbanization and industrialization in emerging nations like China, India. This has opened up new opportunities for adoption of BIM across various stages of building project lifecycle. additionally, government initiatives and mandates favoring adoption of BIM for public infrastructure projects have boosted the market growth.
North America dominates the global BIM market currently. However, Asia Pacific region is expected to witness the highest growth especially in China and India during the forecast period. This is attributed to continued growth in construction and infrastructure development activities in Asia Pacific countries. Market players are expanding their presence through partnerships and collaborations with local players to tap the growth opportunities in Asia Pacific region.
Market Drivers
Government initiatives: Initiatives by various governments to mandate use of BIM software and standards for public infrastructure projects have encouraged widespread adoption of BIM. This is a major market driver.
Rapid urbanization and industrialization: Growth in the construction and infrastructure sector driven by rapid urbanization and industrialization in developing countries necessitates use of efficient project management tools like BIM for design coordination.
Market Restraints
Lack of adequate BIM skills: Lack of required BIM skills and expertise especially in underdeveloped markets act as restraint for widespread adoption of BIM. Extensive training needs to be imparted which adds to costs.
Interoperability issues: Inability of different BIM software solutions and formats to communicate with each other results in interoperability issues. This challenges seamless data exchange throughout lifecycle of projects.
Segment Analysis
The Building Information Modelling market is divided into two key segments – software and services. The software segment dominated the market, accounting for nearly 65% share in 2024. BIM software aids architects, engineers, and constructors in designing, engineering, and constructing buildings virtually before they are built physically, allowing errors and rework to be minimized. Meanwhile, the services segment is expected to witness the fastest growth during the forecast period. This is attributed to the rising deployment of BIM services among industry players to efficiently implement BIM solutions in their businesses and ensure proper training and support.
Global Analysis
Regionally, North America holds the major share of the global Building Information Modelling market owing to stringent norms and regulations regarding energy-efficient buildings. Europe ranked as the second largest regional market supported by favorable policies regarding the adoption of BIM. However, Asia Pacific is anticipated to showcase the highest CAGR during the forecast period due to increasing construction activities and growing awareness about BIM. The leading players are focusing on expanding their footprint in emerging economies of Asia Pacific and Latin America to tap the growth opportunities.
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- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it