The computer aided design (CAD) software market is witnessing a noteworthy growth and is predicted to reach a value of $11.10 billion, by 2023, at a CAGR of 6.9% between 2017-2023. Shift from license-based to subscription-based model, increasing acquisitions, transition from 2D CAD to 3D CAD and increasing acquisitions are few of the major trends observed in CAD software market. According to the research, the market for 3D CAD technology was larger than market for 2D CAD technology. The automotive industry had the highest demand for CAD software solutions and it is also expected to continue being the highest revenue contributor to the market, during the forecast period. As compared to other categories the intermediate CAD software witnessed the highest demand in 2016. However, both intermediate and pro level of CAD software are likely to grow with almost similar rates during the forecast period.
The computer aided design (CAD) helps in the creation, customization, analysis of a design by using computer systems (or workstations) to CAD software enhances efficiency of the designer, enhances design quality, improves communications through documentation, and is used to build a database for manufacturing. The output of CAD is generally in the electronic files format for printing, machining, or other manufacturing processes. A massive reason behind the growth of the CAD software market is the increase in utilization of CAD software in the packaging industry. Packaging hardware finishes different stages of packaging procedure including wrapping, filling, labeling and strapping. With packaging machines turning progressively complex with higher productivity demand, designers and engineers are embracing CAD software to face unique interesting mechatronic engineering difficulties. Computer aided design software empowers the machinery used for packaging to give unconventional modeling through communication control tools and simulation. Powerful visualization, interface control and profitability are some extra factors that are driving the utilization of CAD software in the machinery used for packaging.
A portion of the key components offering growth chances to the players in the CAD software market include surge in demand for mobile access to 3D CAD, developing ubiquity of cloud-based CAD service extending adoption of SaaS based model. Gigantic open doors for players in this market has been made by the quick improvement of software-as-a-benefit (SaaS) applications. Tablets and smartphones, from different clients, including substantial and little businesses has a colossal interest for getting to CAD information on portable device platforms. Basic drafting and drawing applications equipped for supplanting desktops, to outline their products are in immense request with the continuous adoption of new innovation in the Asia-Pacific region.
Taking into account of the geographical landscape, Asia-Pacific is set to witness the quickest growth during 2017-2023. The expected growth in CAD software market can be credited to the headway in new innovations, ascend in adoption of advanced simulation and rendering tools by designers, expanding digitalization and progression in new technologies in the Asia-Pacific region. Moreover, the area has higher inclination to adopt advanced CAD software solutions at a fast scale because of the quick technological headways in building infrastructure, and improvement of accurate modeling procedures in healthcare and industrial machinery applications.
The major players in the CAD software market includes Autodesk Inc, Bentley Systems Inc., Dassault Systèmes, PTC, Hexagon, Aveva Group Plc and 3D Systems Inc.
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