New York, July 27, 2022 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on “Technical Illustration Software Market to 2027 - Global Analysis and Forecasts 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)” The global technical illustration software market growth is driven by expansion in the manufacturing industry which is expected to embrace technological advancements in order to enhance plant productivity, maintain the edge with the customers, and gain competitive advantage.
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| Market Size Value in | US$ 4.35 billion in 2019 |
| Market Size Value by | US$ 6.65 billion by 2027 |
| Growth rate | CAGR of 5.4% from 2020-2027 |
| Forecast Period | 2020-2027 |
| Base Year | 2020 |
| No. of Pages | 198 |
| No. Tables | 108 |
| No. of Charts & Figures | 88 |
| Historical data available | Yes |
| Segments covered | Component ; Technology ; Organization Size ; End User |
| Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
| Country scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
During the forecast period of 2019 to 2027, the positive growth outlook of the global manufacturing industry is expected to drive the technical illustration software worldwide. However, the challenges related to high maintenance cost may restrain the future growth of the technical illustration software market. Despite these limitations, the growing adoption of factory automation is projected to offer ample growth opportunities for the players operating in the technical illustration software market during the forecast period Some of the leading players in technical illustration software market are highly focusing on strategic market initiatives to enrich their production capabilities as well as to expand their geographical presence across the globe. Also, the players are focusing on receiving numerous strategies to focus strongly on the technical illustration software market. This, in turn, is contributing to the growth of the technical illustration software market.
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North America held the largest share of the technical illustration software market in 2018, and it is expected to continue its dominance during the forecast period of 2019-2027. It has contributed more than 32% to the overall revenue of the technical illustration software market in the year 2018. The Asia Pacific and Europe held the second and third position in the global technical illustration software market in 2018 with market shares of >26% and >23%, respectively. The market in APAC is anticipated to grow at the highest growth rate from 2019 to 2027. Other developing regions such as the Middle East and Africa and South America are also anticipated to offer ample growth opportunities to the technical illustration software market players during 2019-2027.
Wide Spread of Factory Automation
The connected factory is an idea that has been evolving for the past few years. Increasingly, it means expanding the power of the Web to link machines, sensors, computers, and humans in order to enable new levels of information monitoring, collection, processing, and analysis. These devices provide more precision and can translate collected data into insights that, for example, help to determine the amount of voltage used to produce a product or to understand better how temperature, pressure, and humidity impact performance.
Further Industry 4.0 initiative is expected to provide long-term vision and future of manufacturing set-up. Additionally, traditional manufacturing is projected to transform due to the deployment of advanced software technologies across manufacturing operations. Adoption of technical illustration software is known to perfectly fit in the vision of future manufacturing for automated inspection and quality management application.
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The overall technical illustration software market size has been derived using both primary and secondary source. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the technical illustration software market. It also provides the overview and forecast for the global technical illustration software market based on all the segmentation provided with respect to five major reasons such as North America, Europe, Asia-Pacific, the Middle East and Africa, and South America. Also, primary interviews were conducted with industry participants and commentators in order to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultant such as valuation experts, research analysts and key opinion leaders specializing in the technical illustration software market. Some of the players present in technical illustration software market are 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.
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