April 12, 2024

Building Information Modelling Market Growth is Transforming Global Construction Projects

Building Information Modelling (BIM) is transforming the global construction industry through virtual design, construction and operation of buildings. BIM allows all stakeholders involved in building projects like designers, contractors and owners to effectively coordinate work using a shared digital representation of a building.

The Global Building Information Modelling Market is estimated to be valued at US$ 9,908.7 Mn in 2024 and is expected to exhibit a CAGR of 16% over the forecast period from 2023 to 2030.

Building Information Modelling has gained popularity as it allows visualization of building designs early in the planning process to resolve issues and catch errors. It also enables digital handover of as-built building information to owners at completion promoting seamless facility management.

Key Takeaways
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. These market leaders are focusing on new product innovations and partnerships to grow their market share.

The growing demand for virtual design and construction from construction industry is boosting the Building Information Modelling market. BIM helps designers, engineers and builders visualize and simulate building construction processes before groundbreaking which greatly enhances planning and execution efficiency.

Global expansion of Building Information Modelling usage is driven by government mandates in countries across Europe, Americas and Asia to adopt BIM in public sector projects. Many nations have rolled out BIM standards and guidelines to modernize their infrastructure through leveraging the collaborative benefits of this digital construction process.

Market key trends
One of the key trends driving the Building Information Modelling market is the growing popularity of cloud-based collaboration tools. Leading BIM solution providers are offering cloud-hosted platforms for effective data sharing and coordination between project stakeholders located worldwide. Cloud BIM accelerates design cycles while reducing IT infrastructure costs for architecture, engineering and construction firms.

Porter’s Analysis

Threat of new entrants: High setup and infrastructure costs pose significant entry barriers for new players.

Bargaining power of buyers: Large buyers have significant bargaining power due to availability of substitutes.

Bargaining power of suppliers: Suppliers experience moderate bargaining power due to availability of multiple component providers.

Threat of new substitutes: Technological advancements can spur development of newer and better substitutes.

Competitive rivalry: Intense competition exists among existing players to expand market share.

Geographical Regions

North America currently holds the largest market share in terms of value primarily due to high demand from countries like the US and Canada. The region is expected to maintain its dominant position over the forecast period supported by increased infrastructure investments and uptake of advanced technologies by existing players.

The Asia Pacific region is anticipated to showcase the fastest growth through 2030 on account of rapid urbanization, economic development and rising construction activities across countries like China and India. Government initiatives to enhance design quality and efficiency of infrastructural projects also drive adoption of BIM software in the region.

*Note:

  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it