Skip to main content

Building Information Modelling Market to Surge at 23.9% CAGR 2016–2024

The Australia, New Zealand, and India building information modelling (BIM) market features a low degree of competition owing to a low number of players, observes Transparency Market Research in a recent report. The market features a mix of large as well as mid-level companies, but regional players dominate, accounting for nearly 60% of the overall market. Some of the notable international firms operating in the market, such as Dassault Systèmes SA, Autodesk Inc., Bentley Systems, Inc., and Tekla Corporation, collectively accounted for a nearly 42% of the market in 2015.





Leading players are currently focusing on providing cloud-based building information modelling (BIM) solutions. The rapidly rising demand for cloud-based software products is owing to their advantages such as instantaneous connection to multiple infrastructure development sites, management of information in real-time across the flow of supply chain, and efficient demand planning. Moreover, the companies are entering into strategic collaborations with real estate builders and firms to promote the benefits of BIM and henceforth increase its adoption level. Transparency Market Research states that the Australia, New Zealand, and India BIM market will witness a rapid rise in the introduction of cloud-based BIM solutions in the next few years. The overall market will exhibit a remarkable 22.3% CAGR over the period between 2016 and 2024, rising from a valuation of US$214.0 mn in 2015 to US$1,335.3 mn by 2024.





Request to View Sample of Report –









On the basis of solutions, the market is segmented into software, and professional and consultancy services. The software segment is further divided into on-premise and cloud based building information modelling (BIM). In 2015, the on-premise building information modelling segment accounted for maximum share of around 87% of the revenue of the overall building information modelling (BIM) software.





However, cloud-based building information modelling software is expected to show sustainable growth during the forecast period due to technological advancements and cost effectiveness as compared to on-premise BIM software solutions. In terms of geography, India accounted for around 42.6% of the Australia, New Zealand, and India building information modelling market’s revenue in 2015. The country is expected to remain the dominant consumer of building information modelling solutions over the forecast period as well, exhibiting an exponential 24% CAGR over the period between 2016 and 2024.





The continuous growth in BIM market during the forecasted period can be largely attributed to the strong government initiatives to lift BIM adoption rate and rise in construction activities across all the end-use industries in these regions. In Australia, for instance, the Australian Federal Government’s Infrastructure, Transport and Cities Parliamentary Committee suggested in March 2016 that the use of BIM should be made compulsory for all government funded infrastructure development projects valuing over $50 mn. In New Zealand, the government formed the BIM Acceleration Committee in 2014 to encourage the adoption of BIM through alliances between the government and various stakeholders in the construction sector.





It is estimated that the initial cost of BIM software can go anywhere between US$6,000 to US$10,000, with additional expenses involved for installation and maintenance of the software. Such high costs incurred in implementing BIM software are the key factor why the rate of adoption of BIM among low-scale contractors or developers is low. Apart from this factor, the belief that the returns on investment for BIM are low and can lead to a reduction in the overall profit margins of a construction project is also hindering the widespread adoption of BIM software in New Zealand, India, and Australia.





Request to View Brochure of Report –








Comments

Popular posts from this blog

What Is Digital Marketing?

 What Is Digital Marketing? Digital marketing is that the use of the social media, Internet, search engines, mobile devices, and other channels to succeed in consumers. Some consider digital marketing to be entirely new which needs a replacement way of understanding that how customers behave and new ways of approaching the purchasers compared to the normal marketing. Digital Marketing Channels 1. Website Marketing 2. Pay-Per-Click (PPC) Advertising 3.Content Marketing 4.Email Marketing 5.Social Media Marketing 6.Affiliate Marketing 7.Video Marketing 8.SMS Messaging Digital Marketing As A course and Career The Digital Marketing course will transform you into a complete digital marketer with expertise in the top eight digital marketing domains — search engine optimization, social media, pay-per-click, conversion optimization, digital analytics, content, mobile, and email marketing. Fast-track your career in digital marketing today with practical training you can appl
   5 Tips for Guiding Your Child Through an Escape Room   The most distinguishable characteristics of children are how immensely full of energy and curiosity they are! Compared to adults, they are far more willing to start thinking out of the box and be creative. These factors seemingly make them one of the best players to enjoy an escape room experience.    Taking your child to one of the escape rooms in Prescott this weekend can be a memorable experience for them. Visiting the escapades also undeniably offers you one of the best ways to spend quality time with your family. Furthermore, it also allows your child to test their creativity and problem-solving skills and even enhance their motor skills.    Now, while you take your kid to an escape room game anytime soon, here are 5 essential tips that you need to keep in your mind: 1.    Do your homework! It is always better to prepare yourself before entering the escape room game. So, instead of randomly choosing and

Why Science Labs are Important for Students in School?

Science is a subject which allows students to explore and discover new theories. From a small atom to large universe everything is conceptualize with help of science education. But only theoretical knowledge is not sufficient. Practical knowledge is important to increase engagement and knowledge. Science lab is a place for student which functions to magnify deep understanding of theoretical concepts taught in classrooms. By this effective teaching method, students can gain numerous benefits. Ideal Education Point (New Choudhary public school) believes that ‘Child learn in class but understand in laboratories. Laboratories provide a great experience and high degree of knowledge in developing necessary skills for study and research. Science is a little difficult subject than any other therefore it is must for any school to have a science lab. Know the importance of science labs - • Understand difficult aspects One cannot just read the hefty science books and understand all the meaning