The global Building Information Modelling market will reach $22.9bn by 2034, according to a new forecast
A study from Fact.MR shows revenue from the global BIM market is expected to hit $7.9bn in 2024.
The market is forecast to grow at 11.2% CAGR over the next decade.
BIM providers are expanding to diverse regions, including Southeast Asia, Central and South America, and Australia, but North America and East Asia are set to dominate the market over the next decade, the report said.
North America is forecast to hold 24.3% market share by 2034, with 11.4% CAGR from 2024 to 2034.
East Asia is expected to occupy 23.1% of the global market by the end of 2034. There will be strong growth for China and Japan, which expected to expand at 11.7% CAGR over the decade.
Global BIM market drivers
BIM market growth is being driven by demand for greater efficiency in the planning, design and construction of buildings and infrastructure.
Government support and the implementation of BIM software by public and private builders to boost operational efficiency are also contributing factors. Collaborations between contractors and software companies aim to enhance construction efficiency significantly, the report said.
However, the BIM market faces restraints from limited awareness among end users, the high cost of software and a lack of skilled labor, it added.
Other challenges include the need for interoperability between different software platforms, data security and standardization.
Key BIM solution providers include Aecom, Asite Solutions, Beck Technology, Nemetschek and Synchro Software.
Sustainability, costs and regulation driving US BIM market
In the United States, growth is being driven by greater awareness of sustainability and a greater focus on cost-effective construction. The US is forecast to account for 45.6% of the North American market by 2034.
The integration of digital tools, 3D modelling software, cloud computing and data analytics is also contributing to market expansion.
Government regulations mandating BIM usage and the increasing adoption of technological advancements in construction are significant drivers too.
China sees growing awareness of BIM benefits
In China, revenues are being driven by a growing awareness of BIM’s advantages in the construction sector.
Increased urbanization and major infrastructure development necessitate the use of advanced construction management tools. BIM solutions offer the industry greater efficiency, collaboration and cost savings, Fact.MR said.
The standardization of BIM and the influence of experts also play a significant role in market growth.
Furthermore, educational institutions and professional training programs are focusing on BIM to enhance workforce skills.
