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Building Information Modelling (BIM) refers to 3D modeling software that architects, engineers, construction professionals, and building owners use to plan, design, construct, and manage buildings or infrastructure projects. BIM provides an organized, database-driven process that facilitates information sharing, collaboration, and multi-disciplinary coordination among project teams. Key benefits of BIM include improved visualization and detailing capabilities, identification of design and construction errors, facilitated construction scheduling, and reduced costs and time overruns.
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:
One of the major trends gaining traction in the building information modeling market is the integration of artificial intelligence. AI technologies like machine learning and computer vision are being utilized to derive meaningful insights from BIM data and improve productivity. For instance, AI can analyze models and detect clashes, faults, errors or inefficiencies to catch problems at early design stages. It is also being used for predictive maintenance of buildings by monitoring patterns in energy consumption, equipment performance and wear and tear over time. Adoption of AI-powered BIM solutions can enhance decision making, optimize building operations and reduce overall project lifecycle costs.
Porter’s Analysis
Threat of new entrants: The building information modelling market requires high initial investments for software and technological expertise. This poses significant barriers for new players to enter the market.
Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of various BIM software from different vendors. However, switching costs from one vendor to another are low.
Bargaining power of suppliers: Suppliers have low bargaining power as there are numerous software developers and technology providers in this market.
Threat of new substitutes: There exists low threat of substitution as BIM offers unique benefits over traditional 2D modelling for construction projects.
Competitive rivalry: The market is consolidated with big players differentiating through product innovations.
Key players: 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. Autodesk Inc. holds the largest market share due to its robust portfolio of BIM design software like AutoCAD, Revit and Civil 3D.
Key Takeaways
The global Building Information Modelling market is expected to witness high growth, exhibiting a CAGR of 16% over the forecast period, due to increasing infrastructure development projects across the globe.
Regional analysis: North America dominates the global BIM market, owing to mandatory implementation of BIM by public authorities in the US and Canada. Asia Pacific exhibits the fastest growth on account of rising construction activities in China, India and other developing nations.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
- We have leveraged AI tools to mine information and compile it
