Building Information Modelling Market Poised for Rapid Growth Due to Increasing Demand for Efficient Project Management.

Building information modelling (BIM) is a process involving the generation and management of digital representations of physical and functional characteristics of buildings and civil infrastructure projects. BIM is an intelligent 3D model-based process that gives architecture, engineering, and construction (AEC) professional’s insight into a planned building or infrastructure project before it is built.

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 Dynamics:
One of the key drivers for the growth of the building information modelling market is the increasing demand for efficient project management in the construction industry. The construction industry heavily relies on BIM technology as it offers collaborative working, early conflict detection, cost estimation, remote collaboration, and virtual construction before the actual physical construction begins. Moreover, BIM also helps constructors in resource allocation and scheduling resources accordingly which helps reduce wastage and keeps projects on time and budget. BIM also facilitates multi-disciplinary collaboration between architects, engineers, sub-contractors, clients, and other project participants from the beginning of the design through the construction and operation of the facilities. This helps detect and resolve design errors and clashes in the virtual environment and not during the actual construction saving both time and cost.

SWOT Analysis

Strength: Building Information Modelling (BIM) allows all stakeholders in a building project to collaborate effectively through a shared 3D model. This improves communication and coordination between architects, engineers, contractors and clients. The 3D visualization enables errors to be detected early in the design process, saving time and money compared to traditional 2D CAD drawings. BIM also allows contractors to better plan construction processes like prefabrication and analyze scheduling issues in advance.

Weakness: Implementing a BIM workflow requires significant upfront investment in new software, training and process changes. This presents a barrier for small companies with limited budgets. Data exchange between different BIM authoring tools from various vendors can also be challenging due to lack of consistency and interoperability in file formats. Reliance on specialized BIM professionals increases operating expenses compared to conventional design and documentation methods.

Opportunity: Government mandates in countries like the UK, Singapore and Canada now require publicly funded projects to be designed and built using BIM. This regulatory push is driving increased adoption rates. The construction industry is also adopting new technologies like augmented/virtual reality, drones and internet of things sensors which can leverage BIM data to improve productivity. The growing real estate and infrastructure sectors in developing economies offer major market potential for BIM software and services in the coming years.

Threats: Free and open source BIM tools with basic functionality provide lower-cost alternatives, threatening margins of established commercial vendors. Delays in projects during the BIM transition process can undermine confidence in the technology. Data security is also a concern as sensitive building information is stored and shared online using BIM collaboration platforms.


Key Takeaways

The global Building Information Modelling market is expected to witness high growth over the forecast period between 2023 to 2030 supported by a projected CAGR of 16%. Increasing government mandates and incentives for BIM adoption especially in public infrastructure projects will act as a key driver. By 2024, the market size is forecast to reach US$ 9,908.7 Mn representing considerable expansion from current levels.

Regional analysis: North America currently dominates global BIM spending with the U.S contributing more than 40% of the market. However, rapid growth is anticipated from Asia Pacific countries like China, South Korea and India where BIM adoption rates are accelerating to support large-scale urbanization and construction programs. These emerging APAC construction industries offer lucrative opportunities for BIM solution providers going forward.

Key players: Leading BIM vendors in the market include Autodesk Inc., Nemetschek AG and Dassault Systemes SA which provide comprehensive BIM design software as well as consulting services. Other notable players are Beck Technology Ltd., GRAITEC, Synchro Software Ltd. and Bentley Systems Inc. Large industry contractors like AECOM are also developing their own in-house BIM platforms and expertise. Key players are focusing on driving collaboration through open BIM standards and expanding offerings around complementary technologies.