Since the early 2000s, BIM has been playing a vital role in the construction industry by helping the projects with key challenges such as cost overruns, time overruns and improving communication. This research concentrates on how BIM improves the overall efficiency of the projects. This research also focuses on finding the main barriers in BIM implementation and providing solutions to get rid of those barriers. This research deploys mixed-methods approach where secondary data from academic publications, annual reports of industry leaders and case studies were analyzed. The end results of the research show that BIM helps in reducing the cost overruns by 15–20% and helps in reducing the time delays by at least 10–15% when compared with traditional CAD methods. This improvement in project efficiency is because of better visualization, clash detection between different disciplines and better planning through BIM platforms. This research also highlights various barriers such as high initial costs, resistance to change to new BIM technologies and lack of BIM skilled employees as barriers in BIM implementation to small and medium enterprises. Regression analysis further points out the strong relation between BIM implementation and both cost overruns and time delays in projects where BIM adoption helps in reducing time delay and cost overruns to a greater extent. This research also stresses that BIM has a great potential to achieve sustainable and efficient project results with improved stakeholder satisfaction rate along with addressing all the barriers to BIM adoption.