Global Building Information Modeling (BIM) Industry Benefit from Rising Construction Activities Globally

Building information modeling (BIM) is an innovative technology that has completely transformed the way infrastructure, buildings, and utilities are designed, planned, and managed. It is a 3D visual presentation of the drawing, which includes the plan, section, and elevation of a building. BIM is a kind of digital fabrication system, where the real model of the building is constructed digitally with accurate standards and specifications. Presently, BIM systems also incorporate 4D and 5D visual presentations that include time and cost estimations for the building plan.

In recent years, BIM has proven to be a very prominent tool in the field of building technology. In addition, the other segments in which BIM is considered as an important tool in architecture, engineering, and construction (AEC) are light analysis, geographic information, lean construction, and properties and qualities of building components. This technology enables contractors, architectures, and engineers in obtaining a clear picture of the building coupled with a brief visualization. This further helps in the easy implementation of the plan and conveys information in a precise manner. These features have made BIM a game-changing technology in the overall AEC industry.

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According to a research study by Transparency Market Research, in 2014, the global building information modeling industry was worth US$2.76 bn and is anticipated to touch US$11.54 bn by the end by 2022, exhibiting a promising 19.1% CAGR between 2015 and 2022.

How has the BIM Concept Affected the Construction Industry?

The global BIM industry is expected to witness rapid growth in the next few years owing to the tremendous increase in construction activities globally. The long-term estimation of the project, increased efficiency, and rapid workflow are some of the other factors that are expected to propel the global BIM industry. In addition, in developing economies, the government regulatory bodies are pushing for the streamlining of construction activities and encouraging the adoption of BIM technology, which is driving the growth of this industry.

A large number of medium and small AEC enterprises have adopted the BIM technology, which has indirectly fueled the BIM industry. On the other hand, the high cost associated with the software and the constant need for software upgrades are the major factors that are expected to hamper the growth of this market. In addition, the absence of skilled professionals in this field is an important restraining factor for the BIM industry.

The fast-paced development of the global industry and its increasing adoption rates around the world will enable this industry to make significant progress in the next few years. As a result, several multinational corporations have entered the BIM industry to create a niche for themselves. Some of the prominent players operating in the global BIM industry are Tekla Corporation, Dassault Systemes SA, Nemetschek AG, Synchro Software, Pentagon Solutions, GRAITEC, Autodesk Inc., Beck Technology, AECOM, and Bentley Systems Inc.

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