Building Information Modelling (BIM) refers to a digital representation of the physical and functional characteristics of building and construction projects. It serves as a shared knowledge resource for information about a facility forming a reliable basis for decisions during its life-cycle from inception onward. BIM finds wide usage in architectural design, structural engineering, MEP engineering, construction management, and facility management.
The global Building Information Modelling 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 key trends:
The rapid adoption of BIM across the construction industry has been a major factor driving the growth of the building information modelling market. BIM offers various benefits over traditional 2D CAD methods such as improved collaboration and coordination amongst project participants, early conflict detection and resolution,visualization of designs, automatic generation of drawings and documents, and quantity take-offs for cost estimation. It helps reduce rework, errors, on-site delays and cost overruns. According to a study, BIM implementation can increase a project’s profit margin by around 6%. Moreover, governments across regions have mandated the use of BIM for public construction projects to enhance productivity and reduce project completion time and costs. Such initiatives and a growing emphasis on digitization in the construction sector have boosted the adoption of BIM globally.
Segment Analysis
The global building information modelling market is dominated by the software segment. The software segment holds the largest share in the market owing to increased adoption of BIM software in designing, engineering, and construction activities across all industries globally. BIM software helps reduce time, budget overruns, and errors in construction projects. It plays a vital role in enhancing collaboration and data sharing among project stakeholders.
Key Takeaways
The global building information modelling market is expected to witness high growth during the forecast period. Rapid urbanization and infrastructure development activities across emerging economies are driving the adoption of BIM. BIM helps construct complex infrastructure projects efficiently within budget and timelines. The global Building Information Modelling 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.
Regional analysis
The Asia Pacific region is expected to grow at the fastest rate in the building information modelling market during the forecast period. Rapid infrastructure development and construction of smart cities in China, India, Japan, and other APAC countries are increasing the uptake of BIM. Government regulations and initiatives promoting BIM adoption are further propelling market revenue in the region.
Key players
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. is one of the leading providers of BIM software globally. Nemetschek AG offers BIM solutions for architecture, engineering, and construction projects management.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
