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Government Mandates propel Global Building Information Modeling Market Demands

Building Information Modeling Market Size

As per Inkwood Research, the Global Building Information Modeling Market is set to project a CAGR of 13.60% during the forecast period of 2022-2030.

“Browse 56 Market Data Tables and 49 Figures spread over 183 Pages, along with an in-depth TOC on the Global Building Information Modeling Market Forecast 2022-2030.”

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Building Information Modeling (BIM) enables the creation of a precise geometric virtual model with all the structures and components involved in the building. It is projected to be one of the most widely used tools in the Architecture, Engineering and Construction (AEC) Industry. This is attributed to its significant advantages over CAD systems and paper-based design & modeling.

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Government Mandates For BIM Use drive Market Growth

One of the key growth drivers of the global information modeling market is government regulation in major markets like the United States, the United Kingdom, and Singapore. For instance, the UK government has been working toward mandating the use of Level 25 BIM in publicly-funded construction sites. In addition, the government has formed a BIM task group to assist supply-chain contractors and government agencies in ensuring a smooth transition to BIM. With this, the UK government aims to minimize capital costs and wastage of resources during construction.

Whereas in the United States, the US General Services Administration advocates the use of BIM as part of its 3D-4D-BIM program. In addition, the increasing BIM penetration in the US market is attributed to the rising awareness among construction companies. Therefore, with governments advocating the use of BIM for improved management and quality, the adoption rate of the technology has projected high growth rates. Moreover, private and public companies are looking to institutionalize the benefits of BIM by obligating the use of centralized software tools across their supply chain. Such factors drive the global information modeling market growth.

Software is the Dominating Type

BIM solutions are provided to the users in the form of a software. Accordingly, the consumption of the solution is high. Also, BIM solutions have different solutions to cater to the different operations in the AEC industry, including facilities management, construction, sustainability analysis, and architectural design. In addition, market players are offering several kinds of software solutions to meet the requirement of the users in the industry and supplement their operations. Moreover, technological advancements have enabled the integration of more features in BIM.

North America to garner the Largest Market Share

The increasing awareness and government mandates regarding the use of BIM are the key factors propelling the analyzed market’s growth in the region. Also, factors like the emergence of new business models and technological advancements further contribute to market growth. In addition, companies are adopting BIM, given the fast-paced developments in business practices and the continual demand for enhanced performance among stakeholders. Furthermore, the economic prospects of the region offer growth opportunities.

The market rivalry is attributed to the leading market players with diverse product offerings. Some of the key firms in the market include Trimble, Autodesk, Nemetschek, Bentley Systems, etc.

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