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Building Information Modelling (BIM) allows architects and engineers to design infrastructure digitally, enabling collaboration and cost-effective construction. BIM employs 3D models and relevant data to facilitate analysis of building components such as structural systems, heating, ventilation and air conditioning (HVAC), piping, and more. This helps optimize resource use, reduce errors and detect issues early in the development process.
BIM is extensively used for modeling complex buildings and infrastructure projects ranging from bridges and tunnels to healthcare facilities and educational institutions. It delivers a shared resource for information about a facility, forming a reliable basis for decisions during its life cycle from conception to demolition. The global BIM market has witnessed significant growth in recent years driven mainly by ongoing infrastructure development worldwide. With its advantages of higher accuracy, improved productivity and cost benefits throughout the project lifecycle, BIM adoption is increasing rapidly across residential and commercial construction.
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
A major trend spurring the building information modelling market growth is the advent of cloud computing and infrastructure-as-a-service technologies. Cloud-based BIM tools lower upfront costs and make collaboration easier between project stakeholders located worldwide. They enable real-time data sharing, monitoring, and multi-user access from any device with an internet connection. This significantly boosts workflow efficiency. Another key trend is the integration of BIM with emerging technologies such as artificial intelligence, augmented/virtual reality, robotics and the internet of things. Such integration provides valuable insights at each stage of building lifecycle enabling improved decision making.
Porter’s Analysis
Threat of new entrants: The building information modelling market requires high initial investments and has heavy R&D costs. This deters new companies from easily entering the market.
Bargaining power of buyers: Buyers have moderate bargaining power as there are many established players in the building information modelling market. However, switching costs are low.
Bargaining power of suppliers: A few major companies supply building information modelling software. This gives them some bargaining power over pricing and supply.
Threat of new substitutes: There are no close substitutes for building information modelling currently. Integrated project delivery is an emerging trend but not a direct substitute.
Competitive rivalry: The market is dominated by a few large players. Competition is based on product differentiation, pricing, and customer experience.
Key Takeaways
The global building information modelling market is expected to witness high growth over the forecast period of 2023 to 2030. 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.
Regionally, North America dominated the market in 2024 with a share of over 35%. Rapid adoption of BIM in commercial construction projects for visualisation and effective collaboration is driving the regional market. Europe and Asia Pacific are also major regions and expected to witness significant growth through 2030 due to infrastructure development activities.
Regionally, Asia Pacific is expected to witness the fastest growth during the forecast period. This can be attributed to increasing construction projects in countries such as China and India. Governments of various Asian countries are emphasizing on smart infrastructure development which is propelling the adoption of BIM.
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. The market is currently led by Autodesk and Nemetschek AG. However, mergers and acquisitions are expected to alter the competitive landscape in the coming years.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
