Computer Aided Design (CAD) Market
The global computer aided design (CAD) market was worth US$ 10.25 Billion in the year 2022 and is expected to reach US$ 18.5 Billion by the year 2032 at a CAGR of 6.1% between 2022 and 2032.To get more news about CAD software, you can visit shine news official website.
Virtual Reality (VR) has come up as one of the useful auxiliary technology for 3D CAD as it does facilitate users for seeing how the designs would be working real-time. VR technology does offer the model’s virtual copy, thereby facilitating detection of defects in designs with immense visual experience. The technology benefits the automotive and aerospace sector the most.
On-premise sector accounts for more than 80% of the market share as software users do find it convenient for deploying these solutions as design data and information could be retained easily on these systems.Future Market Insights has entailed these facts with insights in its latest market study entitled ‘Computer Aided Design (CAD) Market’. Its team of analysts and consultants is there to execute using a bottom-up approach in its primary, secondary, and tertiary modes of research.
“With various players shifting to cloud-based architecture for streamlining workflows and increasing design flexibility, the global Computer Aided Design (CAD) market is expected to witness a boost in its sales in the near future.
North America holds more than 30% of the market share. This could be credited to relentless support lent by the government of the US to deploy digitized solutions, which would, in turn, improvise on manufacturing industry’s development in this region.
Europe holds the second-largest market share due to increase in deployment of BIM (Building Information management) solutions on the part of AEC businesses all across the UK.
The Asia-Pacific is expected to grow at the quickest rate in the Computer Aided Design (CAD) market in the forecast period with excessive growth in this region’s design, engineering, and development sectors.
MEA is expected to grow on a good note herein due to 3D CAD software solutions being deployed in e-sports, advanced graphic movies, and oil & gas sectors.
Competitive Analysis
PTC, in October 2019, completed acquisition of Onshape Inc., one of the SaaS product design platforms, as an initiative with regards to transition to cloud-based SaaS platform, thereby setting a base for new platforms.
Autodesk, Inc., in April 2021, did acquire Up Chain, Inc. (a provider of PDM (Product Data Management), PLM (Product Lifecycle Management), cloud-based, and instant-on solutions provider, so as to offer value for manufacturers, suppliers, engineers, and various other stakeholders.
Vention lets industries to customize design and build machinery as per specifications and needs. In other words, it provides cloud-based 3D designing software’s accessible through any of the web browsers and having a library constituting control, motion, structural, and automatic components with assembling and mating.