Building Information Modelling (BIM) market is estimated to be valued at USD 8.84 Bn in 2024, exhibiting a CAGR of 13.7% over the forecast period 2024-2031. Furthermore, growing adoption of BIM in infrastructure development projects across both commercial and residential buildings boosts demand for BIM software and services.
Market Dynamics:
Increasing government initiatives towards infrastructural development and growing adoption of cloud-based BIM technologies are the major factors driving the growth of the building information modelling (BIM) market. Rapid urbanization has led governments across the globe to accelerate their infrastructure development spending. Government mandates promoting the use of BIM in public construction projects, which is expected to further propel the adoption of BIM. Furthermore, the transition of BIM from on-premise to cloud-based solutions provide users greater accessibility and collaboration, thus, offering new opportunities for growth over the forecast period. The shift towards cloud-based deployment enables collaboration between project stakeholders located in different geographical locations, thereby, improving project efficiency.
Market Drivers-
Increasing Need for Improved Collaboration Between Project Stakeholders
One of the key drivers for growth of the market is growing need for improved collaboration and data sharing across project stakeholders in the construction industry. BIM offers a centralized model-based project platform that allows architects, engineers, contractors, owners, and other stakeholders to collaborate effectively. By enabling all parties to view the same virtual design and construction data, BIM streamlines collaboration and helps address issues early-on to minimize project delays and cost overruns. This has become critical as construction projects grow in complexity with tighter schedules. BIM addresses this need and is witnessing higher adoption.
Stringent Government Regulations Promoting BIM Adoption
Many governments around the world are now mandating or promoting the use of BIM on public construction projects to improve efficiency of the construction sector. For example, the U.K. government has mandated the use of BIM Level 2 compliance on its projects. In the U.S. as well, public owners like the General Service Administration (GSA) now require BIM usage. Such regulatory pushes are a key driver as it encourages project owners and contractors to equip themselves with the right BIM processes, tools, and training. Compliance becomes important to qualify for government projects, boosting demand for BIM solutions.
Market Restraints
Lack of Standardization
One challenge impacting faster BIM adoption is the lack of standardized processes and data formats across the different BIM software tools available. While open standards like IFC have helped, a truly open and uniform platform is still lacking. This hampers interoperability as project data cannot be easily shared across the tools of different project stakeholders. Every software has their own implementation of BIM standards, requiring extra effort for collaboration. This fragmentation poses adoption and ROI challenges for end users.
High Upfront Investment Requirements
Transitioning to BIM requires significant upfront investments in new software, training, change management efforts, and other costs. This high initial cost barrier holds back many small to mid-sized organizations, especially in developing markets. The process requires establishing new workflows, job roles, as well as replacing existing 2D tools with new BIM platforms. This large investment without immediate ROI concerns poses a restraint. Many firms hesitate unless the returns can be clearly quantified and clients are willing to cover such transition costs.
Market Opportunities
Growth in AEC Sector Globally
With rapid urbanization and infrastructure development taking place around the world, the global AEC (architecture, engineering, and construction) sector is experiencing steady growth. This expanding market size provides a solid opportunity for BIM vendors to penetrate newer geographies and tap the increasing project pipelines. While adoption is growing, many regions still have unsatisfied demand that represents white space for BIM solution providers. By offering localized solutions, costs, and languages, more users can be brought on board.
Opportunities in Owners/Facilities Management Segment
BIM assists owners in areas like project coordination, estimating total facility costs, tracking assets and maintenance through the life of a facility. Solutions helping owners maximize value from facilities through their lifecycles can drive more owners towards BIM adoption. This expanding domain opens up new customer profiles for vendors beyond the traditional construction partners.
Increasing need for collaboration, government pushes, opportunities in new geographies and owner/FM domains provide a positive outlook for continued growth of the building information modelling (BIM) market across the globe. Standardization challenges and high investment needs restrain the pace, but overall, BIM adoption is set to rise as its construction efficiency benefits become more evident.
Link: https://www.coherentmarketinsights.com/market-insight/building-information-modelling-market-1351
Key Developments:
- In March 2023, Trimble Inc. is a technology company, launched updated versions of its Tekla software, focusing on constructible building information modeling (BIM), structural engineering, and steel fabrication management. The new releases, including Tekla Structures 2023, Tekla Structural Designer 2023, Tekla Tedds 2023, and Tekla PowerFab 2023, bring notable enhancements aimed at improving construction productivity, efficiency, and overall quality.
- In November 2022, Solibri Inside is a is SaaS based solution providing model checking for users introduced a native feature within Nemetschek authoring tools (Allplan, Graphisoft Archicad, and Vectorworks), allowing designers to perform model checks without exporting the model or using external software
Key Players:
ACCA software, ArCADiasoft, Asite Ltd., Autodesk Inc., AVEVA Group plc, Beck Technology, Ltd., Bentley Systems, Inc., BIMobject, Bricsys NV, Cadmatic Oy, Cadsoft Corp., Computers and Structures, Inc., Dassault Systèmes, DataCAD LLC, Elecosoft, Graphisoft (Nemetschek Group), Hexagon AB, Intergraph Corporation, Kreo, Nemetschek SE, Procore Technologies, RIB Software SE, Robert Mcneel &Associates, Trimble Solutions Corporation, Vizerra SA are the major players.
