The Technical Illustration Software Market Is Driven By The Increasing Digitalization And Advance Technologies

According to a new market research report published by Credence Research “Global Technical Illustration Software Market (Component (Solution, Service [Professional, Managed]); Enterprise Size (Large Enterprises, SMEs); Application (Automotive & Machinery, Aerospace & Defense, Architecture, Engineering & Construction, High-Tech & Telecommunications, Energy & Oil & Gas, Medical Equipments, Others)) Market – Growth, Future Prospects and Competitive Analysis, 2019 – 2027”, the technical illustration software market is set to grow with a CAGR of 6.5% during the forecast period, started from US$ 3.22 bn in 2018.

Market Insights

The technical illustration software market is driven by the technological advancement in the illustration software domain. Earlier, the corporate were using the conventional methods of illustration without the computer aid. As the technology evolves the market player moves from the conventional illustration method to the computer aided systems to enhance the quality of the documents and enhance efficiency. Currently, the technology has evolved from the 2D computer aided design to the 3D design and advance technologies such as artificial intelligence to enhance the technical illustration for their product.

The increasing competition among the market players also serves as the major driver accelerating the adoption of the technical illustration software market. The market players are adopting the advance illustration solution to enhance the process of designing and reduce the operational cost. Furthermore, the integration of the advance technologies is further augmenting the market growth.

The technical illustration software market is segmented based on the application into automotive & machinery, aerospace & defense, architecture, engineering & construction, high-tech & telecommunications, energy & oil & gas, medical equipments. Automotive & machinery industry is estimated to account for more than 25% share in the revenue in 2018. The growth of the market is attributed to the increasing digitalization among the automotive companies and streamlines the business operation. On the other hand, medical instrument and equipment market is estimated to grow considerably during the forecast period. The growing demand for enhancing the quality of the documentation to provide the transparent information to the patients and medical professional is driving the market growth.

Asia Pacific’s technical illustration software market is anticipated to grow at a CAGR of over 10% during the forecast period. The market is driven by the increasing adoption of the software solution among the manufacturing sector for designing and advertising application. The growing automotive industry in the region is also acting as a major factor driving the market growth. Furthermore, the presence of the third party designing companies in the region to provide the technical illustration services is further augmenting the market growth.

The prominent players of the technical illustration software market are Autodesk Inc., Adobe Inc., Canvas GFX, Cyient Limited, Corel Corporation, Dassault Systèmes, Lattice Technology, Ignite Technologies, PTC Inc., SAP SE, QuadriSpace Corporation, and Siemens AG.

 

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