Metrology Software Market estimated to grow 6.2% CAGR during the forecast period 2017 to 2027

The metrology software market value totaled ~US$ 860 Mn in 2020, according to Future Market Insights (FMI). Sales in the metrology software market are expected to surpass ~US$ 1.8 Bn by 2031, growing at a CAGR of around 7.0% for 2021 – 31.

The metrology software demand will continue to accelerate as a result of the surging adoption of digital inspection and industrial automation over traditional methods across manufacturing, automotive, aerospace, and other industries.

Besides this, the adoption of 3D metrology software is expected to grow in response to the high demand for industry 4.0 in diverse sectors. According to FMI, the demand for metrology software will represent nearly 3.0% of the overall digital inspection market in 2021.

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Higher Adoption of Measurement Systems by Shipbuilding Industry to Propel Market Growth

Shipbuilding industry is facing challenges associated with increasing measurement surveys and introduction of new measurement systems. This has led the industry towards higher adoption of measurement systems, which in turn, is fuelling market growth of metrology software. Pharmaceutical companies need to maintain accuracy and consistency during medicine production, coupled with following guidelines for best practices imposed by regulatory agencies. This has surged the adoption of precision equipment by healthcare sector, which is driving demand for metrology software by this sector globally. In addition, standards set by international committees on manufacturing companies in terms of instruments, metric parameters, and frequency of measurement is further expected to influence the growth of the global metrology software market through 2027.

Presence of large market players, with their aggressive mergers & acquisitions (M&As) and strength in terms of sales & distribution channel, has resulted into fewer smaller players consolidating their position in the market. Owing to these M&As, market growth is hampered as limited number of players result into standardised products, with acquisitions affecting competitive landscape scenario by reduction in number of players. In addition, new players face challenges in providing all solutions integrated into a single metrology software package. These factors are expected to impede growth of the market during the forecast period.

APEJ to be Fastest Growing Market for Metrology Software by 2027-End

Asia Pacific Excluding Japan (APEJ) is estimated to reflect highest CAGR through 2027, followed by Eastern Europe and Latin America. China’s market share is expected to surpass 30% of APEJ metrology software market. North America is projected to remain the largest market for metrology software during the forecast period. In terms of value, market in this region is anticipated to reach around US$ 463 Mn by 2027-end.

Demand for metrology software is expected to be highest for application in quality control & inspection during the forecast period. Revenues amassed from quality & control inspection in the market is estimated to reach nearly US$ 450 Mn by 2027-end. In contrast, measure & alignment application of metrology software is projected to expand at the highest CAGR through 2027, followed by reverse engineering application.

Market Taxonomy

By Industry Vertical

  • Aerospace and Defence
  • Automotive
  • Consumer Electronics
  • Power and Energy
  • Medical
  • Industrial Manufacturing
  • Others (Media and Entertainment, R&D etc.)

By Application

  • Quality Control and Inspection
  • Measurement  and Alignment
  • Reverse Engineering
  • Virtual Simulation
  • Others (Tool Building etc.)

Industrial Manufacturing will Remain Dominant in Global Metrology Software Market

On the basis of industry vertical, industrial manufacturing is expected to retain its dominance over the global metrology software market during the forecast period. Revenue contribution of industrial manufacturing to the market is estimated to reach around US$ 400 Mn by 2027-end. However, automotive industry vertical is projected to expand at the highest CAGR in the market through 2027, followed by consumer electronics segment.

Key players identified in FMI’s report include 3D Systems, Inc., Carl Zeiss AG, Hexagon, Konica Minolta Inc., Nikon Inc., Renishaw Plc., Rudolph Technologies, Inc., FARO Technologies, Inc., Perceptron Inc., Metrologic Group, Tech Soft 3D, GOM Metrology, Creaform, Optical Gaging Products (OGP), Retecon (Pty) Ltd., Worklogix Middle East, Verisurf Software, Inc., Image Metrology A/S, 3d Digital Corp, Minds Mechanical.

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Key Points Covered in Metrology Software Industry Survey

  • Which region will exhibit high metrology software demand?

South Asia & Pacific is projected to register strong growth in the metrology software market, exhibiting a CAGR of nearly 8.0% during the forecast period. However, North America currently leads the global market, with market share of around 27% in 2021.

  • How much is the global metrology software industry worth?

The metrology software industry was valued at ~US$ 860 Mn in 2020, and is estimated to grow at a healthy pace with a CAGR of around 7.0% from 2021-2031.

  • What will be the demand outlook/ sales forecast for metrology software?

The sales of metrology software is likely to reach ~US$ 1.8 Bn by 2031.

  • What was the last 5 year market CAGR?

The market in last 5 years (2016 – 2020) grew by a CAGR of nearly 6.0%.

  • What are the key trends of metrology software industry?

Key trends shaping the market includes:

    • Healthcare sector to majorly alter the metrology software industry
    • Increasing adoption of cloud computing services

About FMI

Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, the global financial capital, and has delivery centers in the U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.

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