Thanks to Vast Rise in Infrastructure Development Activities, India to Account for Bulk of Sales in Building Information Modelling Market
In terms of revenue, India is presently the leading market building information modeling solutions, accounting for nearly 43% share in the overall revenue of the Australia, New Zealand, and India building information modelling Building Information Modelling Market in 2015. Moreover, the country is expected to remain the leading consumer of building information modeling solutions throughout the forecast period. India’s building information modeling market is primarily driven by the rapid rate of development of the healthcare infrastructure of the country.
The Building Information Modelling Market in Australia is also expected to exhibit adequate growth over the forecast period. Rising use in the construction of bridges, roads and highways is key to the high demand for building information modeling solutions in the country. The Australia building information modelling market will also be driven due to high demand across the rail, transit, and aviation sectors in the next few years.
The encouraging pace of infrastructure development activities across New Zealand is also expected to lead to favorable growth opportunities for the building information modeling. Over the period between 2016 and 2024, the New Zealand Building Information Modelling Market is expected to exhibit a 20.3% CAGR.
This 94 page report gives readers a comprehensive overview of the Building Information Modelling Market. Browse through 27 data tables and 31 figures to unlock the hidden opportunities in this market.:
The vast rise in infrastructure development activities across India, Australia, and New Zealand in the past few years has been complemented with an increased focus on the usage of digital tools for the proper estimation of cost and time required for project completion. As the overall focus on cost and time values continues to rise in the highly competitive construction industry, traditional 3D visualization tools such as AutoCAD, 3DMax, and CATIA are being increasingly replaced by Building Information Modelling Market.
Building information modelling (BIM) is a 3D visual presentation of a technical drawing that includes the plan, elevation, and section of a building. It is a kind of digital fabrication system in which the actual model of the building is digitally constructed with accurate values. Apart from 3D visualization, BIM also covers 4D and 5D, which comprise the time and cost plans of a construction project.
According to Transparency Market Research, the Australia, New Zealand, and India building information modelling (BIM) market was worth US$214.0 mn in 2015 and is expected to reach US$1,335.3 mn by 2024, expanding at a remarkable CAGR of 22.3% from 2016 to 2024.