BUILDING INFORMATION MODELLING MARKET SIZE & SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2023 - 2030)

Building information modeling (BIM) is a course of action implemented to design and generate the digital representation of the physical structure of a building before its actual formation. In layman’s terms, BIM is a 3D virtual model of building or layout plan. BIM supports visual imaging as well as assists in estimating the budget, man-power requirement, and co-ordination in the workflow. Technical advancements have raised the interest of developers to divert towards smart technologies such as the use of computer-aided tools for designing purposes. Prior to BIM, similar operations were carried with the help of tools/software such as CAD, 3D Max, and allied software.

The global building information modeling (BIM) market is estimated to be valued at US$  9,908.7 million in 2021 and is expected to exhibit a CAGR of 19.1% over the forecast period (2021-2028).

Recent Developments:

In September 2020, Trimble Inc., a US-based software, hardware, and services technology company launched integrated its Trimble Connect, a cloud-based collaboration platform with BIMcollab and Microsoft 365.

Statistics:

Figure 1. Global Building Information Modeling (BIM) Market Value (US$ Mn), by Region, 2020

North America held dominant position in the global building information modeling (BIM) market in 2020, accounting for 35.2% share in terms of value, followed by Europe and Asia Pacific, respectively. This is owing to increased demand of Building Information Modeling (BIM) solution for commercial and personal infrastructures in North America region.

Global Building Information Modeling (BIM) Market: Drivers

Proactive government initiatives to boost the BIM adoption rate is expected to drive growth of the global building information modeling (BIM) market during the forecast period

Governments of many countries have taken proactive initiatives to boost the adoption of BIM. Government regulatory bodies that undertake construction management are focused on the adoption of BIM in countries such as the U.S., Japan, China, and the U.K. According to the U.K. Government regulations, it will become mandatory to implement BIM for public projects by 2016. For this, the U.K. government has developed the BIM Task Group, which provides assistance for both the government and supply chain contractors to bring changes to work practices, making them technically advanced. Furthermore, the People’s Republic of China’s Ministry of Housing and Urban-Rural Development (MOHURD) of is supporting the adoption of new levels of developments for BIM in the construction industry as mentioned in the five-year plan for 2011-2015. This, in turn, is expected to boost China’s design and construction industries. Thus, these factors are expected to drive growth of the global building information modeling (BIM) market during the forecast period.

Rising number of construction activities is expected to propel the global building information modeling (BIM) market growth over the forecast period

Implementation of BIM has made an estimation of budget much easier and reduced maintenance cost to a significant extent. BIM makes project planning sophisticated and easy and makes construction companies and contractors redefine their role in the industry. Generally, the extra expenditure incurred in construction comprises management and operational costs. BIM helps in reducing such expenditures and thereby increasing profit margins. Furthermore, BIM technology offers higher productivity, accuracy, and worksite safety. With increased productivity, the time taken to conclude construction work is reduced greatly. BIM’s enhancement of accuracy results in reduced wastage of materials and increased precision at work. Therefore, these factors are expected to propel the global building information modeling (BIM) market growth over the forecast period.

Global Building Information Modeling (BIM) Market: Opportunities

Rising use of AR/VR technologies in combined with BIM to design green buildings can present lucrative growth opportunities in the global building information modeling (BIM) market

Virtual reality and augmented reality are two advanced technologies that end users to get a virtual experience of its surrounding with the help of specialty gadgets namely VR headset. Current VR devices enable the user to visualize the world and interact with the virtual space and its components. The primary objective of combining VR and BIM is to support BIM multiuse throughout the building lifecycle. The current target is to study how to adapt VR devices and how to establish links for the presentation of information contained in a BIM model.

Training programs at institutional levels can provide major business opportunities in the global building information modeling (BIM) market

Inclusion of training programs at the institutional level or the availability of open-source or lite versions of BIM tools can address this issue and help drive the growth of the market in the coming years. This would make it easier for designers to opt for BIM instead of using conventional methods for building design, thus supporting the growth of the BIM market. Knowledge of the latest trends in the architecture, engineering, and construction (AEC) industry can be made available to the students at the grass-roots level.

Market Trends:

Rising use in agriculture and construction sector

Building information modeling (BIM) is considered one of the most prominent tools in the architecture, engineering, and construction (AEC) industry. With growth in construction activities around the globe, the adoption levels of BIM are increasing considerably. BIM tools, being a form of engineering software, have been developed by most of the leading players in that field. Moreover, BIM manufacturers and developers have reported positive returns on investment and suggested positive feedback over BIM usage. With advancements in the technical aspects in the AEC industry, the market for BIM is expected to soar over the forecast period.

Technological advancements in BIM

With BIM implementation, it becomes much easier to analyze the work plan and estimate the cost and labor requirement for construction projects. 4D and 5D is a key feature of BIM help to analyze the time duration and total cost respectively required for project completion. There have been frequent enhancements in BIM tools, such as the introduction of 6D and 7D features. With 6D, the sustainability of the construction activities can be tracked, including detailed energy analysis and sustainable element tracking. Furthermore, 7D features include lifecycle management of the construction, maintenance plans, and technical support.

Figure 2. Global Building Information Modeling (BIM) Market Share, By solution, 2020

Key Takeaways of the Graph:

• Among Solution the Consultancy Service held dominant position in the market and accounted for 53.8% share in the global building information modeling (BIM) market in 2020. The segment is expected to reach US$ 15,529.1 million in 2028. This is owing to increased demand of Consultancy Service in commercial projects.
• Among End-user, the Architect held dominant position in the market and accounted for 38.2% share in the global building information modeling (BIM) market in 2020. The segment is expected to reach US$ 11,034.4 million in 2028.

Global Building Information Modeling (BIM) Market: Restraints

High capital and maintenance cost of the software is expected to hinder the global building information modeling (BIM) market growth over the forecast period

Building information modeling software is expensive and initial cost ranges from US$ 6,000 to US$ 10,000, which also involves installation and other service-related software maintenance. Such high costs have hindered the deployment of BIM among low-scale contractors or developers.  Furthermore, end users believe that the return on investment for BIM is not marginal, which can lead to a decrease in profit margins and increase in the final construction cost. Thus, such factors are expected to hinder the global building information modeling (BIM) market growth over the forecast period.

Lack of technical expertise is expected to restrain growth of the global building information modeling (BIM) market during the forecast period

Lack of skilled personnel and technical expertise is a major hindering factor in the market. Lack of technical expertise makes it challenging for developers to deploy BIM in construction activities. BIM being a critical tool needs a specialist to design a building model since a slight miss calculation may lead to major mishaps at the workplace. Further, coordination among developers and team leaders undertaking the project is necessary as any misleading information or error may result in certain complications in the project. Hence, such factors are expected to restrain growth of the global building information modeling (BIM) market during the forecast period.

Global Building Information Modeling (BIM) Market: Competitive Landscape

Major companies operating in the global building information modeling (BIM) 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. 

Global Building Information Modeling (BIM) Market: Key Developments

In June 2019, GRAITEC, a BIM software developer, introduced Graitec Advance 2020 Suite for modeling, design, and detailing solutions

In July 2018, Bentley Systems Inc., a BIM software development company, acquired Synchro Software Ltd., a U.K.-based 4D construction software modeling company.