NEW YORK, May 30, 2018 (GLOBE NEWSWIRE) -- According to the market research report published by P&S Market Research, CAD software market size is expected to cross $11.0 billion by 2023, growing at a CAGR of 6.9% during 2017-2023. Increasing use of CAD software in packaging industry, along with growing product recalls in automotive industry, are some of the key factors positively impacting the growth of the market.
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The shift from license-based to subscription-based model is a major trend in the CAD software market. Due to high cost of CAD software, many small and medium enterprises (SMEs) having limited IT budget are leveraging professional CAD software on quarterly or monthly basis. Since the development and installation of CAD solutions is highly expensive, majority of users of 2D CAD software have now shifted to subscription-based model. CAD subscription-based offerings are eliminating the continuous use of traditional 2D CAD software among users. Moreover, through such models, CAD providers are reshaping their sales strategy to easily allow users to get in touch with an array of offerings provided by them.
Increasing availability of open-source and free version of CAD software is one of the major challenges impacting the growth of CAD software market. Due to high cost of CAD software, many providers are rolling out free versions of their offerings to reach out to large customers. Such free and open-source products are widely being rendered by individual small-scale industries, and small and medium enterprises (SMEs) that have limited budget for designing tools. The growing trend toward rolling out free and open-source CAD software may obstruct the growth of the 3D CAD market.
The players in the CAD software market are undergoing mergers and acquisitions to improve their position in the market. For instance, in June 2017, Dassault Systemes signed a definitive agreement to acquire AITAC BV, which is a Dutch company specializing in marine and offshore engineering software. Further, as part of the deal, Dassault Systemes would also acquire 40% of AITAC’s marine and offshore engineering office in Croatia. The acquisition aims to provide Dassault’s customers experience a 3D master approach towards designing.
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Some of the major players operating in the worldwide CAD software market include Bentley Systems Inc., Autodesk, Inc., Gehry Technologies Inc., Dassault Systèmes, GStarsoft Co. Ltd., PTC Inc., Aveva Group Plc, Hexagon AB, IronCAD LLC and 3D Systems Corp.
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