BUILDING INFORMATION MODELLING MARKET ANALYSIS

Building Information Modelling Market Size and Trends

Global building information modelling (BIM) market is estimated to be valued at USD 8.84 Bn in 2024 and is expected to reach USD 21.72 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 13.7% from 2024 to 2031.

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Global building information modelling (BIM) market is expected to witness robust growth over the forecast period. There is an increasing adoption of BIM across various infrastructure and real estate projects globally to enhance design, construction, and operation of buildings. BIM helps in facilitating collaboration and data exchange between the project stakeholders. Furthermore, rising need to reduce project time and costs boosts demand for BIM. Government initiatives promoting the use of BIM in public infrastructure projects is further expected to propel the market growth during the forecast period. However, high initial costs for implementation and lack of standardization may hinder the building information modelling (BIM) market growth.

Reliance on BIM for efficiency gains

Architecture, Engineering and Construction (AEC) industry has traditionally been criticized for its linear and fragmented nature, which leads to inefficiencies in collaboration and coordination across project phases. Building projects involve complex designs involving many stakeholders like architects, engineers, contractors among others. Effective collaboration and coordination between these parties is crucial but has historically been a challenge due to different toolsets, work practices and organizational silos. BIM addresses this issue head-on by providing a common data environment in which a digital representation of the building can be designed, constructed and operated. All team members collaborate on one shared digital model, allowing them to see designs in 3D, catch issues early, work together from different locations, and maintain consistent data throughout the project. This allows for more streamlined workflows and easier tracking of changes, leading to significant productivity and efficiency gains. Contractors can prefabricate building components more accurately based on the BIM model. Issues get resolved during design stage itself rather than construction, avoiding costly delays and change orders. Operations and maintenance teams also benefit as the entire lifecycle data gets captured in BIM. With its compelling value proposition of enhancing collaboration, coordination and optimization of building design and construction processes, reliance on BIM for efficiency gains is a major driver for market growth.

For instance, in March 2023, Autodesk Inc. is an American multinational software corporation acquired UNIFI Labs, Inc., a U.S.-based cloud software solution for organizing, accessing, and managing content in digital design tools like Revit and Civil 3D. The acquisition enhances Autodesk's BIM content accessibility through UNIFI's digital asset management capabilities.

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Government bodies globally are increasingly mandating the use of BIM on public construction projects as it allows for better cost and scheduling oversight. Large infrastructure projects involving multiple contractors and sub-contractors spread over long timelines need high levels of coordination which BIM effectively addresses. Developed countries like U.K., Finland, Norway, South Korea and Singapore have mandated full BIM adoption on public projects. The U.S. government is also actively promoting BIM Level 3 collaboration through its Federal BIM initiative. For infrastructure owners, BIM ensures assets get delivered on-time and on-budget by optimizing design review processes, construction planning, 4D scheduling, cost estimation and facility management handover. This offers significant returns especially for civic projects involving taxpayers’ money. The mandate for BIM by public clients is a key driver propelling the market as infrastructure continues to be a major investment area globally. Contractors are learning to adapt their workflows to comply with these mandates to remain competitive in public sector projects.

For instance, in September 2022, Autodesk unveiled new capabilities across Autodesk Construction Cloud Reality, simplifying the use and value maximization of BIM for construction project teams. The improvements streamline workflows and provide stakeholders instant access to essential model data and information from the office to the field.