The computer-aided design (CAD) market is on a remarkable growth trajectory and is poised to witness exponential expansion in the coming years. Analysts predict a staggering CAGR of 6.4% for the global computer-aided design (CAD) market, propelling its value to a remarkable US$ 20,039.4 million by 2033. This projected growth is even more impressive when compared to the market size of US$ 10,742.8 million in 2023.
Engineers, architects, designers, and other professionals employ CAD software to build, alter, assess, and visualize 2D and 3D digital models of objects or systems. Also, CAD software is used for boosting design productivity, design quality, communication through record-keeping, and establishing a database for manufacturing.
CAD output usually comes in the form of computer files for printing, machining, or other production procedures. By replacing manual hand-drawn drawings with digital tools, computer-aided design (CAD) redefined the design process. CAD software superseded the need for pencils, paper, and drafting tools. Designers could now create, alter, and save designs considerably more quickly.
Calculations that were previously done by hand may now be performed automatically, minimizing errors and saving time. CAD drawings were not restricted to 2D space and could be examined from various angles to ensure proper fit and design.
Collaboration and sharing information became simpler, enabling real-time collaboration and lowering overall design time. The design process was altered by CAD software, making it more efficient and productive. This enhances the growth potential of the CAD market in the forecast period. The CAD market is being influenced by several trends, including:
- Using AR and VR technology to enhance design representation, collaboration, and consumer experience.
- With its scalability, accessibility, and collaboration benefits, cloud-based CAD software is becoming increasingly prevalent.
- CAD software manufacturers are working on mobile programs that might allow consumers to browse and update designs on smartphones and tablets.
The upsurge in the number of computer-aided design software packages can be credited to the rising demand for designing software packages and widespread acceptance across numerous end-user industries. Moreover, given its ease of use and superior performance over manual drafting, computer-aided design market software provides a cost-effective alternative for manufacturing requirements.
Regional Takeaways from the Market
- The United States has a strong economy and a high demand for advanced design tools in various end-user industries. This contributed to the United States’ share of 19.6% in the global market in 2022.
- India is an emerging market with high demand for computer-aided design (CAD) solutions. It is anticipated that India’s market is predicted to expand with a CAGR of 8.9% in the foreseeable future.
- In the United Kingdom market, the presence of leading technology companies and favorable government policies are contributing to market growth. The United Kingdom market is expected to rise with a CAGR of 5.6% through 2033.
- Germany’s market held a 10.3% share in the global market for computer-aided design (CAD) solutions in 2022. Germany has a high adoption of technology and a well-developed infrastructure. This makes it a suitable market for CAD solutions.
Competition in the Market
The top market participants are investing substantially in research and development to widen their product lines, which might contribute to additional growth in the computer-aided design (CAD) industry.
Market participants are implementing numerous strategic initiatives to extend their presence alongside to major market development such as new product releases, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other companies.
Recent Developments by Key Companies
- As in the news, PTC announced its CREO+ software as a service (SaaS) computer-aided design (CAD) solution and it released the 10th version of its CREO+ software in May 2023. To improve design collaboration and simplify CAD administration, CREO+ combines the power and capability of CREO with new cloud-based technologies.
- Dassault Systèmes and Dassault Aviation signed a long-term partnership agreement in June 2023, aimed at bringing the best possible security, sovereignty, and collaboration on the cloud to major defense programs. This is a key project in the Future Combat Air System.
Key Segments Covered in the Computer-Aided Design (CAD) Industry Analysis
By Design Type:
- 3-D
- 2-D
By Operating System:
- Windows
- Unix
- Linux
- Mac OS X
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- The Middle East & Africa
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