The 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.
Building Information Modelling (BIM) is a process which integrates both building design and project lifecycle management. It involves creating and managing digital representations of physical and functional characteristics of any planned or existing building. Building Information Modelling helps in visualization, coordination and simulation of construction planning, resource allocation and project workflow. It provides a platform for collaboration between architects, engineers, contractors and owners to improve overall project coordination, quality and productivity.
Rising adoption of BIM in construction industry is a key driver fueling growth of the market. BIM helps in streamlining infrastructure development projects by reducing construction errors, facilitating co-ordination across project participants, and improving visualization of the end product during planning and designing phase itself. This is expected to increase adoption of building information modelling technologies. Furthermore, government initiatives and regulations favoring implementation of BIM are also propelling market growth. For instance, governments of various countries have mandated use of BIM for public infrastructure projects. However, high costs associated with implementation of BIM solutions and lack of experienced workforce remains a challenge for market growth.
The building information modelling market is dominated by the software segment. This segment accounts for over 60% of the total market share owing to the growing adoption of BIM software tools to create 3D models of buildings and infrastructure. BIM software helps architect, engineers, contractors and building owners to coordinate and manage building design and construction projects. Popular BIM software tools include Autodesk Revit, Graphisoft ArchiCAD, Bentley Systems MicroStation, Nemetschek Allplan, Trimble SketchUp among others.
Political: Government policies and regulations promoting the adoption of BIM in public infrastructure projects are driving the market growth. Economic: Cost reductions achieved through collaboration and coordination of project information using BIM tools is encouraging its adoption. Social: Increasing awareness among AEC professionals about productivity gains from BIM is favorable for the market. Technological: Advancements in VR/AR technologies integration with BIM and advent of cloud-based collaboration tools are expanding the scope of BIM.
The Global Building Information Modelling Market Growth is expected to witness high growth, exhibiting CAGR of 16% over the forecast period, due to increasing infrastructural development activities across the globe. Regionally, North America dominates the market holding over 30% share due to stringent regulations and growing construction projects in the US and Canada. Asia Pacific exhibits the fastest growth led by China, India and other southeast Asian countries witnessing a surge in smart city projects.
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 Revit and AutoCAD dominated the industry with more than 40% share due to their widespread adoption for architectural and structural designing globally. Growth strategies adopted by players include partnerships, new product launches and acquisitions to strengthen market presence.
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it