The global building information modeling (BIM) market size was worth around USD 14.72 billion in 2021 and is predicted to grow to around USD 52.5 billion by 2030 with a compound annual growth rate (CAGR) of roughly 13.9% between 2022 and 2030.
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➤ Increasing spending on building up the nation’s infrastructure to drive demand in the market
With more money going into infrastructure projects around the world, the building information modeling (BIM) industry is expected to expand. These systems are essential for every nation’s functioning and involve the establishment and development of large-scale facilities such as water and electricity supply, transportation, and structures. A well-developed network of roads, bridges, and other physical features can facilitate the free flow of people and commodities, lower delivery prices, eliminate productivity bottlenecks, and boost economic competitiveness. Because it has a direct effect on the rate of foreign investment, countries spend more on infrastructure growth.
➤ Slashing market expansion due to excessive implementation costs
High implementation costs of creating information modeling systems may limit the global market’s growth. All of the intangible costs, not only those directly related to the technology or equipment, are factored into the total cost. To fully reap BIM’s benefits, businesses must also allocate resources to a host of other areas, such as vendor management and compliance problems. The goal should be to maximize favorable outcomes by streamlining all of these systems and ignoring any elements that could compromise the technology’s overall performance.
➤ Constantly improving products to fuel expansion
How quickly a company can adapt to the ever-changing demands of its customers is a key factor in the company’s viability. Building information modeling (BIM) industry participants are always trying to integrate better systems to give better user experience and results, which could lead to more growth potential for BIM technology. The BIM-based modeling method is anticipated to be further improved with the incorporation of VR, AI, 3D printing, the IoT, and machine learning.
➤ One of the challenges is managing the cost-effectiveness of small projects.
The demonstration of cost-effectiveness in small-scale projects using BIM systems is one of the main elements that may hinder the expansion of the worldwide market. Companies executing minor projects may choose not to use building information modeling (BIM) software if the return on investment (ROI) is not high. For smaller projects with less funding, BIM providers will need to focus on making sure the system works towards the final objective.
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The Global Building Information Modeling (BIM) Market is segmented based on product, application and region
Global Building Information Modeling (BIM) Market: Product Segment Analysis
● Industrial
● Buildings
● Civil Infrastructure
● Utilities
● Oil & Gas
● Others
Global Building Information Modeling (BIM) Market: Application Segment Analysis
● Consultants & Facility Managers
● AEC Professionals
● Others
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The global Building Information Modeling (BIM) market profiles key players such as:
● Trimble Navigation Ltd.
● Bentley Systems Inc.
● Autodesk Inc.
● AECOM
● Nemetschek AG.
● Beck End-user Ltd.
● Dassault Systemes SA
● Pentagon Solutions Ltd.
● Asite Solutions Limited
???? New Information:
• Building materials manufacturer Sto Corp. announced in September 2022 the release of an upgraded version of its BIM systems for use with the company’s color collection. Architects, designers, and contractors will find the new BIM component useful for coordinating the Sto Color palette with their preferred BIM program.
• Autodesk and Capgemini announced in December 2021 that they had signed a worldwide collaboration agreement that would enable their respective BIM systems and related products to be as advanced as possible.
➤ Expected to see the most expansion in North America
Rising product adoption in North America is fueling the worldwide building information modeling (BIM) industry. This is because more and more enterprises and governments are becoming aware of the benefits that BIM systems can provide. Project owners in the area range from sole proprietors to multinational corporations, with designers and architects utilizing building information modeling (BIM) for a variety of commercial, residential, and public sector projects.
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