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 a process involving the generation and management of digital representations of physical and functional characteristics of places. It captures both geometry and semantic information. BIM is commonly used by project teams in construction to coordinate and simulate the construction process before physical building begins. Key advantages of BIM include aid in visualization and documentation of designs, improved coordination across trades, simulation and optimization of building performance over the lifecycle, reduction in errors and omissions, and facilitation of sustainable building design. BIM is increasingly being adopted in the construction industry due to its potential to reduce costs, improve build quality, and enable collaboration across project stakeholders.
Market key trends:
One of the key trends in the building information modelling market is the shift towards cloud-based BIM. Cloud-based solutions help project stakeholders access real-time information from anywhere, securely share models across teams, and speed up collaboration. The cost-effectiveness and flexibility of cloud-based BIM is driving its adoption over on-premise solutions. Adoption of augmented reality and virtual reality technologies in BIM is another trend. AR/VR helps visualize projects in 3D, conduct site inspections remotely, and deliver training more immersively. This improves design coordination and eliminates errors. Investment in research around Internet of Things (IoT) integration with BIM is also ongoing to enable real-time monitoring of buildings and optimize maintenance over the lifecycle through sensors.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is moderate due to high initial capital requirements and the presence of established players in the building information modelling market.
Bargaining power of buyers: The bargaining power of buyers is low owing to the specialized knowledge required for building information modelling services.
Bargaining power of suppliers: The bargaining power of suppliers is low due to the availability of substitute components from different suppliers.
Threat of new substitutes: The threat of new substitutes is low as building information modelling provides unique advantage over traditional methods.
Competitive rivalry: Intense competition exists among key players to gain higher market share.
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 focus on decreasing project delays and minimization of rework.
North America is expected to dominate the global building information modelling market over the forecast period, owing to growing construction sector and presence of major players in the US and Canada. The Asia Pacific region is anticipated to exhibit the fastest growth rate, due to growing construction industry and government support for BIM adoption in India and China.
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. holds the largest market share owing to its wide portfolio of BIM software offerings.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
