Growing adoption of factory automation to provide growth opportunities for technical illustration software market
Latest market study on "Technical Illustration Software Market to 2027 by Component (Solutions and Services); Technology (2D and 3D); Organization Size (SMEs and Large Enterprises); End User (Manufacturing, Aerospace & Defense, Automotive, Healthcare, Energy & Power, and Others); – Global Analysis and Forecast", the technical illustration software market is estimated to reach US$ 6.66 Bn by 2027 from US$ 4.17 Bn in 2018. The report includes a key understanding of the driving factors of this growth and also highlights the prominent players in the market and their developments.
A significant reduction in time and cost can be achieved in the product development cycle with the introduction of technical illustration software. Also, technical illustration software provides easy accessibility to the users, thus reducing extra efforts and increasing efficiency and work quality, thereby driving its adoption. The technical illustration software market is further flourishing due to the rising adoption of portable computing devices at the workplace, coupled with the easy availability of this software overcloud. The rising need for automation in industries such as manufacturing and automotive is expected to create new opportunities for the Global Technical Illustration Software Market during the forecasted period.
In Europe also, The automotive industry in these countries significantly contribute to the country’s GDP. EU is the leading producer of motor vehicles, and several premium automotive manufacturers are based in the region. Moreover, ~300 vehicle assembly and manufacturing facilities are located in ~21 countries across the region. The presence of robust manufacturing sector spread across different countries in the region is resulting in the adoption of technical illustration software. the region has a robust medical instrument manufacturing industry, particularly in Germany, whose medical device industry is the largest in the region and ranks 3rd globally. Such presence of the abovementioned industries is expected to fuel the growth of technical illustration software market in Europe.
APAC is also expected to be the fastest-growing region in the global technical illustration software market during the forecast period. The presence of fast growing countries such as China and India as well as developed countries such as Japan, makes Asia pacific as one of the most promising market for the growth of technical illustration software. The economic growth in developing countries of APAC is quite impressive and these countries are expected to offer ample growth opportunities for the technical illustration software market players during the forecast period of 2019–2027. In addition to this, Owing to the increasing demand for aircraft in the region, the aircraft manufacturers, such as Boeing, are seeking to expand their production capacities in the Southeast Asian countries. Countries such as Malaysia and Thailand are attracting industries from overseas, with an intent to develop their economies. APAC is home to the world’s leading the consumer electronics manufacturing and semiconductor industries. The presence of these industries is anticipated to influence the technical illustration software market positively.
The global market for technical illustration software market is segmented based on the parameters such as component, technology, organization size, end user, and geography. Based on component, the solution segment dominates the technical illustration software market heavily and is expected to dominate the market in the forecast period from 2019 – 2027. On the basis of technology, 3D segment led the market in 2018 with a maximum market share and is expected to continue its dominance during the forecast period. Further, based on organization size, large enterprises segment led the market with the maximum market share. Furthermore, on the basis of end-user, manufacturing segment led the market with highest market share. Key players operating in the market are partnering with the small as well as large and other companies which are helping them to gain customer traction. The major companies offering technical illustration software market include ASA Computers, Inc., Autodesk, Inc., Canvas GFX, Inc., Corel Corporation, Cyient Ltd., Dassault Systèmes, Ignite Technologies, Inc., PTC Inc., QuadriSpace Corporation, and The Technical Drawing Company among others. Several other companies are also offering these technical illustration software for various manufacturers, which is facilitating the market to propel over the years.
Technical Illustration Software Market - Region Breakdown, 2018
The report segments the global technical illustration software market as follows:
Global Technical Illustration Software Market – By Component
Global Technical Illustration Software Market – By Technology
Global Technical Illustration Software Market – By Organization Size
Global Technical Illustration Software Market – By End User
Global Technical Illustration Software Market - By Geography
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