The Building Information Modelling market is estimated to be valued at US$ 13448.34 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 Overview:
Building Information Modelling (BIM) is a process involving the generation and management of digital representations of physical and functional characteristics of buildings and civil infrastructure projects. BIM finds wide applications in architecture, structural engineering, MEP engineering, construction and operations. It supports value engineering, structure and MEP modeling, design authoring, advanced energy modeling and analysis.
Market Dynamics:
Rising adoption of BIM in infrastructure and construction projects is expected to drive the growth of the market over the forecast period. BIM improves project collaboration, coordination and workflow between engineers and architects during preconstruction and construction phases. It aids in conflict management, facilitates clash detection and eliminates errors. BIM also helps increase productivity and reduces rework resulting in time and cost savings for the stakeholders involved in infrastructure and building projects. Further, government initiatives and mandates promoting BIM adoption especially in developed regions will continue to provide opportunities for market growth between 2023 and 2030.
SWOT Analysis
Strength: Building Information Modelling helps create a common data environment for all project stakeholders, which improves collaboration and coordination. It allows early detection of design errors or clashes. Building Information Modelling reduces construction time and cost overruns through accurate planning and virtual construction simulation.
Weakness: Adopting Building Information Modelling requires substantial investment in software, training, and technical expertise. Many small and medium construction companies lack resources for the transition. Interoperability issues can arise when sharing Building Information Modelling files across different software platforms.
Opportunity: Governments in various countries have mandated the use of Building Information Modelling for public infrastructure projects to enhance productivity. Rising construction of commercial and residential buildings presents an opportunity to adopt Building Information Modelling for improved project management. Rapid digitization of the construction industry will further drive the demand.
Threats: Open-source and low-cost Building Information Modelling alternatives may erode revenue streams of large software vendors. Economic slowdowns can reduce capital expenditure on new construction projects, affecting the Building Information Modelling market. Strict data security and privacy regulations pose compliance challenges to cloud-based Building Information Modelling services.
Key Takeaways
The Global Building Information Modelling Market Growth is expected to witness high growth, exhibiting a CAGR of 16% over the forecast period, due to increasing construction activities globally driven by rapid urbanization. North America currently dominates the market, followed by Europe. Asia Pacific region is expected to grow at the fastest pace due to rising infrastructure development in major economies like China and India.
Regional analysis
The Asia Pacific region is witnessing exponential growth in the Building Information Modelling market owing to rising urbanization rates and government initiatives to modernize infrastructure. Countries like China, India, and Singapore offer lucrative opportunities with generous public contracts mandating Building Information Modelling use.
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. dominates with its AutoCAD and Revit software suites used widely in the Architecture, Engineering and Construction industries.
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https://www.rapidwebwire.com/building-information-modelling-market-size-share-growth-outlook-2023/
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