The global BIM market is set to more than triple in value over the next decade, according to a new report
Research by Prophecy Market Insights values the global BIM market at $8.45bn in 2024.
It is expected to increase to $26.4bn by 2034.
Enhancing sustainability and energy efficiency
BIM is marking buildings more sustainable and energy efficient throughout their entire lifecycle, the report said.
It can model energy performance under different circumstances, such as differing temperatures and levels of occupancy, to find strategies for reducing energy use.
In addition, it can assess the embodied energy of various building materials and assemblies to lessen the environmental impact of construction.
BIM can be further utilized in designing buildings that are easier to maintain and operate, thus, in the long term, saving energy and reducing water consumption, together with reducing waste generation.
Technological developments
Technology breakthroughs in BIM are making it more affordable and spread to a broader spectrum of building enterprises, the report said.
Cloud computing allows businesses to store BIM models remotely on servers, thereby saving money that would otherwise have been spent on expensive hardware and software.
This opens up the availability of BIM for smaller businesses that cannot afford a large IT infrastructure.
The face of BIM is also changing in the construction industry with the help of virtual reality.
Construction experts will now be able to walk around in a virtual model of a structure before it gets constructed.
This may further enhance communication between many stakeholders and detect problems at the earliest possible moment while developing a design.
Competitive landscape
The global BIM market is characterized by rapid growth, technological innovation and fierce competition, the report said.
Companies are expanding their worldwide presence, focusing on sustainability and diversifying their service offerings to stay competitive.
Key players include:
