Building Information Modelling (BIM) is a process involving the generation and management of digital representations of physical and functional characteristics of places. BIM is emerging as an important tool in architecture, engineering and construction industries providing a shared resource for information about a facility, forming a reliable basis for decisions during its lifecycle from earliest conception to demolition. Key advantages of building information modeling include visualization of design intent, clash detection, energy analysis, constructability review, cost estimating, complex coordination across multi-disciplinary teams, facility management and record modeling. The need for accurate 3D models, visualization of designs early in the planning process, reduction in rework, improved productivity and collaboration across project teams is driving increased adoption of BIM globally.
The Global Building Information Modelling Market is estimated to be valued at US$ 8.8 billion in 2024 and is expected to exhibit a CAGR of 13% over the forecast period 2024 to 2031.
Key Takeaways
Key players operating in the Building Information Modelling market are Autodesk, Nemetschek, Bentley Systems, Trimble, Dassault Systemes, RIB Software, Asite, AVEVA, Hexagon and Archidata.
Growing focus on industrialization and infrastructure development across emerging economies is expected to open significant opportunities for increased adoption of BIM, enabling collaboration and improving project outcomes.
Rapid digitization and cloud adoption is supporting increased global expansion of BIM solutions with key players enhancing their offerings to address needs across diverse geographies and project types.
Market Drivers
Increasing focus on cost-effective preconstruction planning, design coordination and visualization is a Building Information Modelling Market Demand as BIM enables evaluation of designs early-on, reduction of rework and optimization of construction processes. The ability of BIM to enhance productivity, reduce errors and improve collaboration across project stakeholders is further supporting its increased uptake in the building and infrastructure industry.
PEST Analysis
Political: The government plays an important role in promoting and regulating the building information modelling market through various initiatives and policies. Certain policies aim to standardize and streamline adoption of BIM across construction projects.
Economic: Factors such as growing construction industry worldwide, investments in infrastructure development, and cost savings achieved through BIM drive growth in the building information modelling market.
Social: Adoption of newer technologies enables collaboration and data sharing between stakeholders involved in construction projects. Social trends indicate increasing focus on sustainability and use of green building designs.
Technological: BIM solutions integrate various project data and enable simulation of construction scheduling and clash detection before actual implementation. Advances in areas such as cloud computing, reality capture, and Internet of Things provide opportunities to enhance BIM capabilities.
The building information modelling market in terms of value is currently concentrated in North America and Europe. Significant investments in public infrastructure and the presence of major BIM solution providers support market growth in these regions.
The Asia Pacific region is expected to emerge as the fastest growing market for building information modelling during the forecast period. This can be attributed to the rapid urbanization and ongoing construction activities across countries such as China and India. Government initiatives to promote standardized use of BIM across projects also fuel the demand.
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Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. (https://www.linkedin.com/in/money-singh-590844163)
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