Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “3D CAD Software Market (By Deployment: On-Premise, Cloud; By Application: AEC, Automotive, Manufacturing, Healthcare, Entertainment & Media, Others) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 - 2026”.
LOS ANGELES, April 18, 2019 (GLOBE NEWSWIRE) -- The global 3D CAD Software Market is forecasted to grow at a stable CAGR around 5.9 % during the forecast period and reach around US$ 14.5 billion by 2026.
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Increased adoption in the automotive sector of computer-based design, combined with a high focus on additive production by manufacturers, has increased the market. Different end-use industries widely choose cloud-based design, which allows them to simplify workflows and offers flexibility in design. Cloud-based products offer real-time work to teams that are spread geographically and reduce overall spending on IT Systems. Specialists like General Motors Co. have migrated into the cloud. A high demand for accurate design, complex prototyping and digitalisation of construction is projected to drive the market in the automotive, aerospace, defence and manufacturing industries.
Many sectors, including engineering, use 3D CAD outsourcing services to concentrate on core products and their development. In addition, developments in 3D printing also fuel the demand for the 3D CAD software, as 3D printing needs the first computer-aided design technology to produce a three-dimensional model. Cross-player competition leads to increased investment that enables players to provide innovative products with technologies and additional capabilities, like IoT and Augmented Reality (AR). These innovative solutions help users to quickly develop designs by connecting digital design with physical products.
Increased funding for the development of different 3D printing technologies is facilitating the production of various products with a wide variety of materials, depending on end user requirements. In addition, VR has been developed as an adequate third-dimensional CAD support technology to allow the users to see how the designs work in the real world. A virtual copy of the model is provided by VR software which gives the user an uninterrupted experience. It also helps to detect design failures, particularly in the car and aerospace sectors, where even small mistakes can cause significant losses.
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In order to gain a competitive advantage on the market, players adopt both inorganic and organic growth strategies as well as developing innovative products. In October 2018, for example, Onshape partnered with Magic Leap for a 3D product design application. This new app will enable engineers to improve their product designs in real time by editing CAD models via the Magic Leap device.
Manufacturing segment dominated the 3D CAD software market
The 3D CAD software market was dominated by the manufacturing sector in 2018, accounting for just over a fourth of the total sales. Development of 4-, 5-and C-axis machines is planned to stimulate three-dimensional manufacturing CAD software because it helps manufacturers design prototypes and simulates parts movements during manufacturing processes. It also enables them to obtain a enlarged model version by getting a 3D view. The automotive industry has a significant share because the industry relies heavily on model prototypes. Increased product development needs in the development process lead to more cloud-based 3D CAD packages. Motors such as Honda Motor, Ltd., Volkswagen AG, Toyota Motors Corporation, Renault, S.A., the General Motors Company and Austin-Martin Lagonda Global Holdings plc implement 3D CAD software for the design and production of their products. Prototypes are developed with this software and enhance the quality of current production schedules.
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Asia Pacific to Grow at Highest Rate in 3D CAD Software Market
In 2018, North America led the world by contributing more than one third of the total income. As the construction industry is constantly growing. Over the forecast period, Asia Pacific is expected to record the highest CAGR. This growth is due to the expansion of regional manufacturing sectors and of the AEC sector. In South Korea and Taiwan, manufacturing continues to rely on traditional product design and manufacturing methods which create a high potential for growth for industrial players. In the engineering design and development industry of India, exponential growth is estimated to encourage modeling and design tools to be introduced during the forecast period, thus boosting growth.
Key Participants
The 3D CAD Software market is consolidated with limited number of manufacturers. The leading companies operating on the market include Dassault Systemes, Siemens PLM Software Inc., Autodesk Inc., PTC Inc. and Oracle Corporation.
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