NEW YORK, July 31, 2018 (GLOBE NEWSWIRE) -- According to the market research report published by P&S Intelligence, CAD software market is expected to reach $12,124 million by 2023. Growing focus toward precise designing and complex structure prototyping, advancements in technology, and increasing demand for CAD software in automotive, packaging, and medical verticals are the major factors driving the market growth.
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On the basis of technology, the CAD software market has been categorized into 2D software and 3D software, of which the market for 3D software is projected to grow faster during the forecast period, witnessing a CAGR of 6.7%. This can be attributed to the growing inclination of designers and engineers toward professional prototyping and design creation, especially in precision-demanding domains, such as automotive and medical. Growing need for design efficiency and accuracy, and enhanced product visualization and presentation offered by 3D software are the major factors boosting the growth of the 3D software market.
Browse report overview with 82 tables and 58 figures spread through 138 pages and detailed TOC on "Computer-aided Design (CAD) Software Market by Technology (2D Software, 3D Software), by Deployment Type (Cloud, On-Premise), by Model (Wireframe, Surface, Solid), by Level (Beginner, Intermediate, Pro), by Application (Aerospace & Defense, Arts, Manufacturing, Automotive, Healthcare, Media & Entertainment), by Geography (U.S., Canada, Mexico, Brazil, U.K., Germany, France, Russia, China, Japan, India, South Korea, U.A.E., South Africa) – Global Market Size, Share, Development, Growth, and Demand Forecast, 2013–2023" at:https://www.psmarketresearch.com/market-analysis/cad-software-market
On the basis of model, the CAD software market has been categorized into wireframe, surface, and solid models. With advancements in technology and growing demand for precise designing and visualization of complex models, the market for solid models is expected to witness the fastest CAGR, of 7.4%, during the forecast period. Besides, solid modeling is costlier as compared to wireframe or surface modeling, owing to its detailing and accuracy. Besides, the solid model category is expected to continue holding the largest market share in the coming years.
During the forecast period, the CAD software market is expected to witness the fastest growth in APAC, owing to the growing usage of CAD software across the region for the development of advanced medical devices and diagnostic tools, especially in technologically inclined countries such as China, Japan, and India.
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The key factor propelling the growth of the CAD software market is the surging adoption of CAD in the automotive industry. With millions of connected cars expected to be on road in the coming years, designers are adopting advanced solutions and tools provided by the software to design and develop error-free products. CAD plays a major role in ensuring utmost quality and precision in the manufacturing of automotive parts. It enables complex simulations of new product designs and their function in response to real-world forces while speeding up the time to market.
Some of the key players operating in the CAD software market are Autodesk Inc., Bentley Systems Inc., Dassault Systemes, Trimble Inc., PTC Inc., Gstarsoft Co. Ltd., 3D Systems Corporation, Aveva Group Plc., Hexagon AB, IronCAD LLC, and Siemens AG.
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