The need for meeting these rules and regulations are compelling product developers to adopt 3D CAD software to create quality products.
The global 3D CAD software market is expected to reach USD 13.11 billion by 2022, according to a new report by Key Market Insights. The market is expected to witness a CAGR of 5.8% over the forecast period, owing to increasing adoption of 3D printing and cloud-based CAD solutions has revolutionized the engineering software industry. Moreover, the advent of industrialization has led to the emergence of quality checks and inspection agencies to examine the entire product development and production processes.
This has led manufacturers to meet the requirements of regulatory bodies.
Furthermore, the increased focus on improving productivity by augmenting the design process is expected to boost the adoption of 3D CAD software. The need for product visualization and rapid prototyping is driving market growth.
Additionally, end markets are focusing on outsourcing design and drafting services to boost their productivity. The need for faster time-to-market for offering reliable designs has facilitated the trend of design outsourcing.
As these tools and solutions have become increasingly reliable and accurate over time, several industries such as aerospace, automotive, and manufacturing have transitioned from 2D to 3D solutions.
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The competitiveness in this industry has intensified as solution providers have started collaborating with associated technology providers to expand into new markets. Customers consistently expect upgrades in the existing design and drafting products, as a result of which developers are heavily investing in R&D activities.
Further key findings from the report suggest:
The cloud segment is expected to witness the fastest growth due to the increasing transition from on-premise to cloud-based solutions
The healthcare segment is anticipated to grow at a CAGR of over 7% from 2017 to 2022; this growth can be attributed to increasing regulations such as those imposed by the Food and Drug Administration (FDA) and Dubai Health Authority (DHA) on the development of customized medical devices
The Asia Pacific 3D CAD software market is expected to emerge as the fastest-growing regional market; a huge potential exists for solution providers to tap the local market as the regional manufacturing sector still relies on traditional product designing methods
Key industry players include Dassault Systemes, Autodesk, Inc., PTC, Inc., and Siemens PLM Software, Inc.
Major players are competing through investments in sales and marketing to effectively reach a large number of customers
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