The global market for Building Information Modeling solutions is set to grow by $13.3bn over the next four years, according to new research
The study by Technavio said the market is estimated to grow at a CAGR of 22.2% over the forecast period driven by the increasing adoption of 5D BIM to manage large-scale construction projects.
3D BIM solutions are already well established in the industry. However, they lack the integration of time and cost dimensions, leading to the emergence of 5D BIM.
Despite the strong forecasted growth, the report cautions that high implementation and operational costs pose a challenge.
More than a third (34%) of market growth for the forecast period will come from North America.
A single source of truth
Building Information Modeling solutions have gained significant traction in the architectural, engineering and construction industry due to their ability to streamline design processes and reduce project timelines.
By utilizing a single, shared digital model, stakeholders can collaborate in real-time, identify potential clashes, and make informed decisions, ultimately leading to a more efficient and productive design process.
BIM solutions also offer advanced features such as automating repetitive tasks, generating accurate estimates, and facilitating easier communication among team members, further contributing to time savings.
Optimizing BIM investment
However, the high implementation and operational costs associated with BIM solutions can be a significant barrier for adoption, particularly for small and medium-sized enterprises (SMEs).
These costs include the purchase of BIM software, hardware upgrades, training, and ongoing maintenance.
To mitigate these expenses, stakeholders can explore various cost-effective BIM implementation strategies, such as cloud-based solutions, outsourcing, and collaboration with BIM service providers.
By carefully evaluating the potential cost savings and benefits of BIM adoption, organizations can make informed decisions and optimize their investment in BIM solutions.
Challenges from open-source BIM
The report says the emergence of open-source BIM platforms pose challenges for market players.
These platforms offer cost-effective alternatives but may lack the advanced features and support provided by proprietary solutions.
Additionally, ensuring interoperability and data security are crucial concerns when integrating open-source platforms with existing systems.
Market players must adapt to these challenges to maintain their competitive edge, the report states.
