Global BIM in Construction Market Extends at a Healthy CAGR of 15.1% by 2030

Building Information Modelling (BIM) is often called a process or software that allows architects, engineers, and construction (AEC) professionals to design, plan, and construct a building or structure using 3D models. Construction projects that use BIM perform better and produce better results while reducing the risks and delays usually associated with such projects. BIM can support the maintenance of construction skills by planning materials and resources, balancing costs and quality, and sequencing construction processes for maximum productivity. Construction projects are prone to overcharging because of the project's inherent risk. Project delays are frequently caused by unforeseen challenges, primarily due to inadequate planning and execution. For use in modular and prefabricated buildings, BIM has various benefits.

Market Dynamics

Increased Efficiency and Productivity on Construction Sites by BIM Drives the Global Market

Building information modeling software has enhanced efficiency, and production on construction sites is an essential factor propelling the business. BIM comprises 3D modeling, real-time data access on job sites, collision detection, estimate and quantification, and additional applications with software-based user interfaces. Various construction procedures are automated. As a result, they are reducing the magnifying impact of human error throughout pre-construction, construction, and post-construction. Integrating BIM into construction processes also enables accurate planning of tasks, including the time needed for material management and execution. This helps shorten the time required to complete particular activities, reducing the time necessary for the construction process.

Increasing Awareness Regarding the Benefits of BIM Creates Tremendous Opportunities

The building industry is one of the largest consumers of natural resources. Waste is produced in vast amounts due to construction and demolition's (C&D) intensive usage of resources. Most of the present waste management techniques address already existing waste. However, using IoT-based software and BIM, effective resource planning can be carried out, significantly reducing waste generation. The use of BIM has been rising significantly, especially in developing countries. As a result, it is anticipated that opportunities will present themselves during the projection period due to growing awareness of BIM's benefits.

Regional Analysis

North America is the most significant contributor to the global BIM in construction market and is anticipated to grow at a CAGR of 13.9% during the forecast period. The rise of the market for building information modeling in North America will be aided by the fast-growing urban population and the rising investment by governments across the region. The market expansion will probably be helped by the implementation of modern digital technologies as well as a mandate from the government to use BIM software. The region's strong economic position and the government's active backing have led to the widespread use of cutting-edge technologies in the construction industry, further driving the expansion of the region's BIM market.

Europe is expected to grow at a CAGR of 10.9% during the forecast period. The European Union generously funded research and innovation projects under the Horizon 2020 program, which contributed to developing technologies like CREATE-IoT, MONICA, U4Iot, and others. Some European countries, including the UK, France, Sweden, and others, have made the use of BIM mandatory for public and private construction projects to increase the adoption of cutting-edge technology and productivity in the construction industry. For instance, the ICE BIM Action Group, the government-based Task Group, and the Institution of Civil Engineers (ICE) have collaborated to offer an online training program.

The world's largest building market is in Asia-Pacific. The rapid rise in per capita income, expanding urbanization, and the rapid uptake of new technologies are the main forces behind the expansion of the construction industry. A strong commitment is being made to improving the infrastructure in developing nations like Myanmar, Thailand, the Philippines, Vietnam, and others. To encourage the development of smart cities and boost efficiency on construction sites, China and South Korea have been at the forefront of adopting 5G technologies and related cloud-based BIM infrastructure.

Key Highlights

• The global BIM in construction market size was valued at USD 3,320.1 million in 2021. It is projected to reach USD 11,772.8 million by 2030, growing at a CAGR of 15.1% during the forecast period (2022-2030).
• Based on the phase of work, the global BIM in construction market is bifurcated into construction and operation.The construction segment is the highest contributor to the market and is expected to grow at a CAGR of 15.3% during the forecast period.
• Based on end-users, the global BIM in construction market is bifurcated into construction and operation.The Engineers segment is the highest contributor to the market and is expected to grow at a CAGR of 14.5% during the forecast period.
• Based on application, the global BIM in construction market is bifurcated into residential and non-residential.The non-residential segment owns the highest market share and is expected to grow at a CAGR of 14.8% during the forecast period.
• Based on the deployment model, the global BIM in construction market is bifurcated into on-premise and cloud-based.The on-premise segment is the highest contributor to the market and is expected to grow at a CAGR of 14.6% during the forecast period.
• North America is the most significant contributor to the global BIM in construction market and is expected to grow at a CAGR of 13.9% during the forecast period.

Market Segments

Global BIM In Construction Market: Segmentation

By Phase of Work

• Construction
• Operation

By End-User

• Engineer
• Contractor

By Applications

• Residential
• Non- Residential

By Deployment Model

• On-Premise
• Cloud-based

By Regions

• North America
• Europe
• Asia-Pacific
• LAMEA