Building Information Modelling Market in Trends by Digitalization of Construction Projects

 

The building information modelling (BIM) market focuses on providing a digital representation of the physical and functional characteristics of any built asset such as buildings or infrastructure projects. BIM enhances collaboration between project teams and improves overall productivity across the construction lifecycle stages from conceptual planning to operation. BIM also facilitates clash detections in design, cost estimation, scheduling and helps monitor progress during construction.

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.

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. The increasing demand for advanced construction management solutions from the architecture, engineering and construction industry is a major factor fueling market growth. Rapid urbanization and infrastructure development across emerging economies in Asia Pacific and Latin America is also driving the adoption of BIM solutions to optimize project planning and resource allocation.

Key players operating in the building information modelling market are focusing on expanding their global footprint through strategic partnerships and acquisitions. For instance, in 2022, Autodesk acquired Innovyze to strengthen its water infrastructure solutions portfolio. Nemetschek also acquired Optis to complement its existing BIM and AI-powered construction lifecycle solutions. The growing demand in construction projects across residential, commercial and industrial sectors for minimizing design errors and cost overruns is further providing impetus to the market.

Market key trends
A notable trend gaining traction in the building information modelling market is the integration of BIM with internet of things (IoT) and visualization technologies. This is enabling real-time building performance monitoring and predictive maintenance of built infrastructure. Cloud-based BIM solutions are also increasingly adopted by small and medium contractors for remote collaboration and project coordination. Vendors catering to niche verticals such as oil & gas, precast manufacturing and modular construction are also gaining prominence.

Porter’s Analysis

Threat of new entrants: New players need substantial capital investments to develop software applications.

Bargaining power of buyers: Buyers have moderate bargaining power as there are many established players in the market.

Bargaining power of suppliers: Suppliers have low bargaining power as there are many component providers.

Threat of new substitutes: Threat is medium as there are ongoing evolution in software technologies.

Competitive rivalry: The market is dominated by few international players.

Geographical Regions

North America region dominates the global market in terms of value, holding around 40% of the total market share. This is attributed to growing construction industry and presence of established BIM software developers in the region.

Asia Pacific region is expected to witness highest growth during the forecast period. Increasing construction activities especially in China and India along with government initiatives supporting adoption of building information modelling are driving the market in the region.

 

About Author:

Ravina Pandya, Content Writer, has a strong foothold in the market research industry. She specializes in writing well-researched articles from different industries, including food and beverages, information and technology, healthcare, chemical and materials,  etc

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