NEW YORK, July 26, 2017 (GLOBE NEWSWIRE) -- Explore Report Description, TOC on "CAD Software Market by Technology (3D, 2D), by Level (Intermediate, Pro, Beginner), by Application (Automotive, Industrial Machinery, Aerospace, Defense, Electrical & Electronics, Healthcare, Arts, Others) – Global Market Size, Share, Development, Growth and Demand Forecast, 2013-2023" published by P&S Market Research, global CAD software market is estimated to reach $11,097.0 million by 2023, on account of high demand for advanced designing software and significant advancement in technologies, such as cloud based designing tools.
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Computer-aided design (CAD) software is being utilized to create two-dimensional (2D) and three-dimensional (3D) illustrations. The different modelings under 3D CAD include wireframe, surface and solid modelling. CAD is used by professionals such as designers, engineers, drafters, entertainers and architects to create meticulous sketches or technical illustrations. CAD software is getting widely adopted in various application areas such as automotive, industrial machinery, aerospace, defense, healthcare and arts.
As per the findings of the research, 3D CAD held a larger market as compared to 2D CAD technology. The demand for CAD software solutions was the highest from automotive industry and it is also expected to continue being the highest revenue contributor to the global CAD market, during the forecast period. Intermediate CAD software witnessed the highest demand as compared to other categories in 2016. However, both pro and intermediate level of CAD software are expected to grow with similar rates during the forecast period.
Geographically, EMEA has been the largest CAD software market, whereas Asia-Pacific is expected to witness the fastest growth among all regions, during the forecast period. The anticipated growth in CAD software market can be attributed to increasing digitalization, advancement in new technologies, growth in manufacturing industry, and increasing adoption of advanced rendering and simulation tools by designers in the region. Further, due to rapid technological advancements in building infrastructure, and development of precision modeling techniques in industrial machinery and healthcare applications, the region has higher propensity to adopt advanced CAD software solutions at a rapid scale.
The key factors propelling the growth of CAD software market include surging adoption of CAD software in packaging machinery. Packaging machinery helps to complete various phases of the packaging process including filling, wrapping, strapping and labelling. With packaging machines becoming increasingly complex with higher efficiency demand, engineers and designers are adopting CAD software to face unique mechatronic engineering challenges.
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In addition, surge in demand of smart packaging is also a key factor responsible for increasing demand of CAD software in packaging machinery. Smart packaging decreases the loss and wastage of food, owing to which designers are streamlining the communication between electrical engineering controls and mechanical systems through CAD integrated product development solutions. However, availability of free and open-source CAD software may hinder the growth of the CAD software market in coming years. Small & medium enterprises are looking for freeware, leading to widespread adoption of free and open source CAD, which will obstruct the CAD software market growth in future.
The global CAD software market was consolidated in 2016, wherein the top five players accounted for around 86% of the market revenue. Autodesk, Inc. was the global market leader in 2016. The other major companies operating in this market includes Bentley Systems Inc., Dassault Systèmes, PTC, 3D Systems Inc., Aveva Group Plc, and Hexagon.
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