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The Building Information Modelling Market Is Estimated To Witness High Growth Owing To Rapid Urbanization

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Komal Kadam
The Building Information Modelling Market Is Estimated To Witness High Growth Owing To Rapid Urbanization

Building Information Modelling (BIM) refers to a 3D modeling technology and associated set of processes to plan, design, construct and manage buildings and infrastructure projects. BIM helps architects, engineers and construction professionals visualize the end result before actual construction begins and helps identify potential constructability issues. It provides a collaborative environment enabling stakeholders to easily incorporate changes, share information and monitor progress throughout the project lifecycle.

The 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 2023-2030, as highlighted in a new report published by Coherent Market Insights.


Market Dynamics:

Rapid urbanization across the globe has emerged as a key driver fueling demand for residential and commercial construction projects. According to the United Nations, over 68% of the global population is projected to live in urban areas by 2050 with exponential growth in developing economies. This is expected to drive the adoption of BIM technology to streamline project workflows, minimize errors and ensure delivery of projects on schedule and within budget. Additionally, growing focus on sustainability and green construction is prompting project owners and contractors to leverage BIM to simulate building performance, analyze energy usage, prevent waste and certify sustainable structures. BIM also aids in facilities management by providing digital documentation of constructed assets and delivering actionable insights for efficient maintenance and repair work.


SWOT Analysis

Strength: Building Information Modelling offers collaborative work environment, enhances visualization and enables clash detection and issue resolution in three dimensions. It reduces rework, lowers costs and compressed project timelines.

Weakness: High initial investment cost for BIM software and training.Requires change in traditional workflows which creates resistance to adoption.

Opportunity: Growing infrastructure projects globally due to urbanization provides significant growth opportunity for BIM. Government mandates for BIM adoption in construction projects presents new opportunities.

Threats: Availability of open-source and low-cost BIM alternatives poses pricing pressure threats. Lack of standardization across regions and countries challenges multi-national construction projects.


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. The market is competitive with these players introducing innovative solutions to gain market share.


Regional analysis:

The Asia Pacific region is expected to grow at the highest CAGR owing to increasing construction projects in emerging economies like China and India. Government investments in public infrastructure such as smart cities, railroads and airports will drive the demand. North America currently dominates with over 35% share due to early technology adoption in the region.


Key Takeaways

The global Building Information Modelling market is expected to witness high growth, exhibiting CAGR of 16% over the forecast period, due to increasing government mandates for BIM adoption in public infrastructure projects. North America dominates currently due to early technology adoption, holding around 35% of global market share. Asia Pacific is expected to grow at a highest CAGR due to increasing construction activities in China and India to accommodate rapid urbanization.

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Komal Kadam
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