U.S. CAD Software Market To Generate Revenue Worth $4,271.5 Million By 2030
- Published: October 2021
The increasing use of computer-aided design (CAD) software in automotive and packaging sectors is the major growth driver for the U.S. CAD software market. Due to the aforementioned factor, the industry is projected to generate $4,271.5 million revenue in 2030, advancing at a CAGR of 5.7% during 2020–2030.
The U.S. accounts for large-scale industrial production, which has been severely affected by the economic slowdown triggered by the pandemic and subsequent lockdowns. For instance, the automotive industry had already witnessed notable trends such as autonomous driving, connected cars, electric mobility, and shared driving in recent years, which led to the transformation of business models. However, the COVID-19 crisis has created pressure on the sector, where the limited supply of automobile parts and decline in the sales of new vehicles were the two major challenges. This has impacted the U.S. CAD software industry because of the slump in the requirement for this software among automakers.
3D Software Category to Hold Larger Share Throughout Forecast Period
The U.S. CAD software market is categorized into 3D and 2D software, on the basis of technology. Of these, the 3D software category dominated the market during the historical period (2015–2020), and it is expected to retain its dominance during the forecast period (2021–2030). This will mainly be because 3D software works more efficiently and increases the designer productivity. Moreover, 3D modeling solutions offer a much-deeper insight when creating designs.
Moreover, the U.S. market for CAD software is categorized into solid, surface, and wireframe, on the basis of model. Out of these, solid is expected to witness the fastest growth during the forecast period. This will primarily be due to the accuracy of solid-modeling CAD software, which helps designers see the designed object as if it were a real, manufactured product. Models can be seen from various directions and in various views, which helps the designer ensure that the object looks exactly as they want.
Mergers And Acquisitions Are Most-Effective Strategic Measures
Players in the U.S. CAD software market have been involved in mergers and acquisitions to remain competitive. For instance, in September 2021, Bentley Systems Inc. announced that its Seequent business unit has acquired Canadian software company Minalytix, the developer of MX Deposit. The acquisition extends Seequent’s cloud capabilities and solutions for mining, including greenfield exploration, resource development, and mining production.
Similarly, in August 2021, Sandvik AB signed an agreement to acquire CNC Software Inc., a provider of CAD/computer-aided manufacturing (CAM) software, including Mastercam. By acquiring CNC Software Inc., Sandvik would gain the Mastercam software suite with a base of around 270,000 licensees/users, as well as a strong market reseller network and well-established partnerships with machinery and tooling companies.
The major players operating in the U.S. market for CAD software are Dassault Systèmes SE, Autodesk Inc., Bentley Systems Inc., Trimble Inc., PTC Inc., 3D Systems Corporation, AVEVA Group plc, Hexagon AB, IronCAD LLC, CNC Software Inc., and Siemens AG.