LONDON, Dec. 07, 2022 (GLOBE NEWSWIRE) -- According to The Business Research Company’s research on the technical illustration software market, the rise in demand for games with realistic and high-quality graphics is driving the growth of the technical illustration software market. A game is a form of play that is usually undertaken for entertainment purposes and as an educational tool. The increasing demand for realistic and high-quality graphics in games has led to the adoption of technical illustration software as it develops new games with enhanced features and graphics. For example, according to a Japan-based consumer electronics company, Sony Corporation’s business briefing report for 2022, retailers in the US sold 80, 000 units of PlayStation 5 (PS5) in just 82 minutes. Also, as of March 2022, Sony, a Japan-based consumer electronics company, revealed that PS5 global sales passed 19.3 million units. Therefore, the demand for games with realistic and high-quality graphics is driving the technical illustration software market.
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The global technical illustration software market size is expected to grow from $4.21 billion in 2021 to $4.52 billion in 2022 at a compound annual growth rate (CAGR) of 7.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, effecting many markets across the globe. As per TBRC’s technical illustration software market report the market is expected to grow to $5.73 billion in 2026 at a CAGR of 6.1%.
Technological advancements have emerged as a key trend gaining popularity in the market. Technology advancements such as AI generative design, topology optimization, real-time simulation, design exploration, and others elevate 3D modeling tools and change them into design assistants that could participate in the development process as well. Major companies operating in the technical illustration software market are focused on developing new technological solutions to strengthen their position in the market. For example, in April 2020, PTC Inc., a US-based computer software company, launched Creo 7.0, a next-generation 3D computer-aided design (CAD) software that powers artificial intelligence (AI) to quickly produce optimized designs and provide enhanced additive manufacturing capabilities.
Adobe Systems India Private Limited, Autodesk Inc, Canvas GFX Inc., PTC Inc., Cyient Ltd., Dassault Systemes India Private Limited, Ignite Technologies Inc., Lattice Technologies Private Limited, MAA Illustrations, Auto-Trol Technology Corporation, QuadriSpace Corporation, SAP AG, Siemens Product Lifecycle Management Software Inc, and ASA Computers Inc. are major players in the technical illustration software market.
North America was the largest region in the technical illustration software market in 2021. The regions covered in the technical illustration software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
The global technical illustration software market is segmented by component into solution, services; by technology into 2D technology, 3D technology; by organization size into large enterprises, small and medium-sized enterprises (SMEs); by end-user into automotive and machinery, aerospace and defense, architecture, engineering and construction, high-tech and telecommunications, energy, oil and gas, other end-users.
Technical Illustration Software Global Market Report 2022 – Market Size, Trends, And Global Forecast 2022-2026 is one of a series of new reports from The Business Research Company that provide technical illustration software market forecast size and growth, global technical illustration software market segments, technical illustration software market trends, drivers and restraints, leading competitors’ revenues, profiles and market shares in its competitive landscape section for over 3,000 industry reports, covering more than 2,500 market segments and 60 geographies.
The report also gives in-depth analysis of the impact of COVID-19 on the market. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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