Building Information Modeling (BIM) Market is Rapidly Growing with Huge Application Scope & Opportunities by 2024-2027

Globally, government across regions have been formulating policies driving phase transition to digitalization when it comes to building designs. Market for BIM software and services is forecast to see consistent growth trend as many countries are across different stages of rolling out favorable policies, subsequently boosting the demand. While countries such as Germany, Japan, Canada, China, Netherlands, Spain, and Portugal have BIM plans for rolling our BIM programs, the other regional countries such as Belgium, Switzerland, Italy, Brazil, Czech Republic, and New Zealand are in recording rise in adoption. Markets of UK, The U.S., Korea, Hong Kong, Singapore, Russia, and Finland among few others have already had BIM policies in place. Major South American countries such as Peru, Mexico, and Chile too have expressed willingness to implement similar mandates in the future.

Building information modeling (BIM) is a 3D visualization of building design which includes plan, elevation, and section of building. BIM is a prominent designing tool in the AEC industry, aiding in the analysis of the quantitative and qualitative aspects of the construction, such as cost estimation, time requirement, and component procurement. Furthermore, BIM also helps undertake operations related to the project post completion, which include maintenance issues and project lifecycle management.

There has been a growth in construction activities across the globe. These activities are diversified, including large buildings, housing apartments, commercial spaces, government complexes, and others. Moreover, construction SMEs are growing at great pace, and have subsequently boosted the market for BIM, globally. Furthermore, government regulatory bodies undertaking construction activities mandated certain laws for construction companies to implement BIM exclusively for public sector buildings. For instance, the BIM Task Group has been formed in order increase the adoption of BIM in the U.K.

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Certain factors restraining the growth of building information modeling market include high costs, a requirement of frequent maintenance, and lack of technical expertise. Since BIM is a critical tool, slight miscalculations in the design may lead to major mishaps at the workplace. Thus, the lack of technical expertise is one of the major factors restraining the growth of the BIM market. The high cost of BIM software and frequent upgrade and reconfiguration requirements are other important factors hindering the market’s growth. With the introduction of cloud-based services, the demand for BIM software is increasing greatly.

The building information modeling market is segmented on the basis of solution type, end-users, end-use segments, and geography. BIM solution segmentation comprises software and consultancy services. The BIM software segment accounted for the majority market share, nearly two-third of the total revenue in 2020. However, the BIM consultancy service is expected to be the fastest-growing market over the forecast period. Based on the software deployment type, on-premise deployment of BIM software currently holds the majority share and is presumed to dominate the BIM software market throughout the forecast period.

Architects, contractors, engineers, and developers are the major end-users adopting BIM solutions. The adoption rate of BIM was found most among architects, followed by engineers, in 2020. However, contractors are expected to witness higher adoption rates than other end-users over the forecast period.

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People in a variety of end-use industries are deploying BIM solutions; these include water and waste water; bridges, roads, and highways; rail transit and aviation; energy generation facilities, houses and apartments; education institute and commercial spaces; government buildings; factories and warehouses; dams; and others. The rail transit and aviation sector held the majority market share in 2020 in terms of revenue generation.