Market Forecast: Global BIM Market to exceed $16.3 billion by 2025

BIM (Building Information Modeling), i.e. Building Information Modelling. It is based on intelligent digital 3D models that can provide architectural, engineering, and construction (AEC, Architecture, Engineering & Construction) professionals with insights and tools to plan, design, construct, and manage buildings and infrastructure more effectively.

According to the research report published by Valuates Reports, the global BIM market size will grow from USD 7 billion in 2019 to USD 16.3 billion by 2025, at a CAGR of 15.15%.

Trends Impacting BIM Market Size
BIM is one of the most exciting inventions in the field of AEC, which employs a number of emerging technologies that are set to further transform the AEC field.
BIM is currently combined with powerful design and simulation tools that promote greater collaboration among project teams. BIM allows AEC end-users to communicate throughout the construction process from the pre-construction phase. The utilisation of BIM in the AEC sector is expected to increase the BIM market size.
The development of data storage technology on remote servers and spontaneous inter-user interactions using cloud-based applications are expected to provide lucrative dual opportunities for the growth of BIM market size during the forecast period.
Increasing number of governments are demanding the use of BIM across the region and the construction industry, thereby fuelling the market growth. However, high software costs and limitations of trained professionals are hampering the growth of the BIM market size.
Since BIM is a crucial tool, minor miscalculations in design can lead to serious workplace accidents. Hence, lack of technical expertise is one of the major factors hindering the growth of the BIM market.
BIM is becoming increasingly important in the construction industry due to the development of digitalisation in various industries. With the help of BIM, buildings are mainly constructed during the pre-construction process, where 3D modelling of the structure is planned and the entire flow of the construction project is defined. These buildings are usually constructed on a customised basis. BIM is often used in application builds to reduce cost and time constraints. These features are expected to increase the BIM market size over the forecast period.
Moreover, implementation of stringent building safety laws may help in the adoption of BIM over the forecast period.
On the basis of regional market, North America holds the largest BIM market share. This dominance in the region can be attributed to advanced construction management systems and high adoption of BIM.
Asia Pacific is expected to grow at the highest CAGR during the forecast period. Countries/regions such as Japan, South Korea, Australia, and Singapore have set some mandates for BIM, while countries such as China and India are expected to increase adoption of BIM in the coming years.
Moreover, the Asia Pacific market is expected to grow at the fastest rate due to the use of BIM in large infrastructure and construction projects.