The global CAD software market is expected to reach $12,124.0 million by 2023, progressing at a CAGR of 6.6% during 2018–2023. The surging use of CAD software in the packaging industry as well as in the automotive industry is one of the key factors driving the growth of the market.
Insights on market segments
Based on deployment type, the on-premises category held the larger share in the CAD software market in 2017, owing to the inclination of large enterprises traditional method of deploying CAD software, along with their hesitation to make technology shifts, especially where large projects are at hand. Moreover, to keep their design and business data safe and confidential, organizations prefer on-premises deployment over cloud. On the other hand, cloud deployment is expected to witness faster growth in the market during the forecast period, primarily driven by the global rise in internet penetration and the awareness regarding the fact that cloud allows CAD functionality significantly easier to access.
Based on application, the aerospace and defense application held the largest share in the CAD software market in 2017 due to the adoption of the software in the industry to harness state-of-the-art designs for space shuttles, missiles, aircraft, and other weapon systems. To manufacture shuttles and high-tech aircrafts, high accuracy in the designing and formation of critical parts, such as wings and interbody sheets, is paramount. CAD software offers greater precision in designing aircrafts with due diligence, which makes the software important for application designing in the aerospace niche.
Asia-Pacific (APAC) is anticipated to be the fastest growing CAD software market
Geographically, APAC is predicted to record the fastest growth in the CAD software market during the forecast period. This can be attributed to the increasing usage of CAD software for the development of advanced medical devices and diagnostic tools in the region, primarily in China, Japan, and India. Moreover, the swift digitalization, technological advancements, and increasing adoption of advanced rendering and simulation tools by designers are some other factors supporting the growth of the market in the region.
Cloud-based CAD solutions are offering immense growth opportunities to the market players
With more design and engineering firms adopting cloud-based solutions, CAD providers are compelled to offer on-cloud services. Cloud-based solutions enable the software to be loaded and run remotely. This eliminates the need for the software to reside on a workstation or on local network servers. Cloud-based CAD solutions are expected to be increasingly preferred by SMEs, owing to their scalability, flexibility, and economical aspect.
CAD software market competitiveness
The global CAD software market is consolidated in nature, as the market is primarily dominated by three major companies, namely Autodesk Inc., Bentley Systems Inc., and Dassault Systemes. The key market players are looking at mergers & acquisitions, partnerships, and service launches as ways to augment their profits. For instance, in January 2018, Bentley Systems Inc. announced the acquisition of a concrete building design and documentation software company, S-Cube Futuretech Pvt. Ltd., for an undisclosed amount. The addition of S-Cube Futuretech’s applications expands Bentley’s portfolio, specific to the needs of concrete engineering design and documentation software users, in India, Southeast Asia, and the Middle East.
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
Furthermore, in October 2017, 3D Systems Corporation launched D2P (DICOM to PRINT) software that creates patient-specific digital 3D models for precision healthcare applications, including virtual reality visualization, 3D printing, and surgical planning. Some of the other major players in the CAD software market are Trimble Inc., PTC Inc., Gstarsoft Co. Ltd., Aveva Group PLC, Hexagon AB, IronCAD LLC, and Siemens AG.
Global CAD Software Market Segmentation
Market Segmentation by Technology
Market Segmentation by Deployment Type
Market Segmentation by Model
Market Segmentation by Level
Market Segmentation by Application
Market Segmentation by Region