Growing Focus towards Digital Platform for Planning Infrastructure Development Projects to Stimulate Demand for Building Information Modelling (BIM) Solutions
While building information modelling (BIM) has been around for some time and has been typically used on large projects, it is becoming mainstream for projects of all sizes. BIM offers advantages such as more consistent document generation as well as better coordination among the different parties, and therefore its adoption is increasing among architects and contractors. The Australia, New Zealand, and India BIM market is gaining significant traction owing to the rapidly growing infrastructure development activities along with the increasing focus on the usage of digital tools for the accurate estimation of cost and time required to complete the project.
According to a report by Transparency Market Research (TMR), the BIM market in Australia, New Zealand, and India had a valuation of US$214.0 mn in 2015 and is anticipated to reach US$1,335.3 mn by 2024, rising at a tremendous CAGR of 22.3% between 2016 and 2024. A TMR analyst states that due to their time and cost effectivity, BIM solutions are increasingly replacing 3D visualization tools such as 3DMax, CATIA, and AutoCAD.
How are governments playing a vital role in the development of the BIM market in Australia, New Zealand, and India?
The growth of the Australia, New Zealand, and India BIM market can be largely attributed to the favorable government initiatives to boost BIM adoption among end users. To put this in perspective, in March 2016, the Australian Federal Government’s Infrastructure, Transport and Cities Parliamentary Committee proposed that the use of BIM should be made compulsory for all government-funded projects related to infrastructure development valuing above US$50 mn. In New Zealand, the BIM acceleration Committee was formed by the government in 2014 to promote the adoption of BIM through alliances between various stakeholders in the construction industry and the government.
Browse Press Release: http://www.transparencymarketresearch.com/pressrelease/australia-new-zealand-india-building-information-modelling-market.htm
What are the dynamics across different regions in the Australia, New Zealand, and India BIM market?
India will continue to be the leading revenue contributor until 2024. The growth of the India’s BIM market can be attributed to the rapidly developing healthcare infrastructure in the country. Australia is anticipated to witness adequate growth during the forecast period, owing to the rising adoption of BIM in the construction of roads, bridges, and highways. The market in Australia is also augmented by the strong demand across the transit, rail, and aviation sectors. The New Zealand BIM market is estimated to rise at a noteworthy CAGR of 20.3% during the same period, due to the brisk pace of infrastructure development activities across the country.
However, the high costs of implementing BIM software coupled with the belief that the returns on investment are low are inhibiting the growth of the overall market.