The global Building Information Modeling (BIM) Market is estimated to be valued at US$ 9,908.7 million in 2023 and is expected to exhibit a CAGR of 19.1% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Building Information Modeling (BIM) refers to 3D modeling software that helps architects, engineers, construction professionals, and owners visualize, design, construct, and manage buildings and infrastructure projects. BIM provides crucial advantages to various stakeholders in realizing design intent, optimizing project requirements, predicting structures' performance, automating documentation, digitally simulating construction sequences, and facilitating collaborative workflows. With rapid urbanization and infrastructure development globally, BIM has become indispensable for improving productivity, reducing costs and errors, enabling clash detections, and ensuring overall project quality and safety.
Market key trends:
One of the key trends driving the growth of the BIM market is the increasing adoption by architecture, engineering, and construction (AEC) companies globally. Major vendors like Autodesk Inc. have been aggressively promoting the value of BIM in facilitating collaboration, coordination, cost estimation, project scheduling, and design reviews across project lifecycles. Autodesk's Revit and AutoCAD software are now integral to digital design and documentation processes adopted by most large-scale contractors and developers. The growing awareness about time and cost savings through BIM adoption is compelling more small- and medium-sized players in the construction sector to embrace BIM technologies as well.
Porter's Analysis
Threat of new entrants: The Building Information Modelling (BIM) market requires high initial investments and has the presence of well-established players, which poses challenges for new entrants.
Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of substitute products and differentiation in offerings by vendors.
Bargaining power of suppliers: A few major software vendors dominate the supplier landscape, giving them higher bargaining power.
Threat of new substitutes: No direct substitutes exist for BIM as it is an integrated process. However, alternative design and documentation software pose a threat.
Competitive rivalry: The presence of major players leads to intense competition in pricing and innovation.
Key Takeaways
The Global Building Information Modelling (BIM) Market Demand is expected to witness high growth, exhibiting a CAGR of 19.1% over the forecast period 2023-2030, due to increasing construction activities around the world. The market was valued at US$ 9,908.7 million in 2023.
Regional analysis: North America dominated the market in 2023 with the largest share of over 35%, owing to stringent regulatory norms and adoption of BIM in early stages across the US and Canada. Asia Pacific is anticipated to witness the fastest growth due to rising construction projects in China, India, and other developing nations.
Key players operating in the Building Information Modelling (BIM) market include Autodesk Inc., Nemetschek AG, Beck Technology Ltd., GRAITEC, Dassault Systemes SA, AECOM, Synchro Software Ltd., Pentagon Solutions Ltd, Tekla Corporation, and Bentley Systems Inc. Key players are focusing on expanding their product portfolios and offerings through strategic collaborations.
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