by The Building Information Modelling (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 Modelling (BIM) refers to the process of generating and managing digital representations of physical and functional characteristics of buildings. BIM helps in coordination and sharing of information between the project’s stakeholders during its lifecycle. It helps engineers, architects and contractors to detect designing errors and resolve issues in the design and planning phase itself.
Market key trends:
The increasing demand for cost-effective project management and enhanced coordination between project teams is one of the major trends driving the growth of building information modelling (BIM) market. BIM integrates people, systems, business, and workflow under a process to maximize productivity and reduce errors. It provides several benefits such as better visualisation, detailed analysis, improved plan coordination, automated code checking, and increased planning accuracy. BIM minimizes errors and reworks during construction which further reduces project costs. The construction industry is progressively adopting digital tools and technologies to streamline processes and enhance productivity. This has increased the demand for BIM solutions globally.
Global Building Information Modelling Market Is Estimated To Witness High Growth Owing To Rapid Urbanization & Infrastructure Development
Market Dynamics:
The Building Information Modelling Market Demand 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.
Rapid urbanization and infrastructure development: Rapid urbanization and infrastructure development activities across the globe is a major factor driving growth of the global building information modelling market. For instance, according to the United Nations, nearly 68% of the world population is expected to live in urban areas by 2050. This will create demand for commercial and residential buildings resulting in high adoption of BIM for design, development and management of construction projects.
Adoption of BIM in project management: BIM adoption helps in improvement of project management by enabling collaborative working, automating processes, eliminating errors and omissions as well as improving productivity. It provides real-time access to models and documents which reduces time delays and efficiently manages changes that occur during construction. This is positively impacting the growth of the global building information modelling market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
