CAD Software Market Growth Factors, Applications, Regional Analysis, Key Players and Forecasts by 2023

Posted on 2019-07-25 by P&S Intelligence in Software, Technology // 0 Comments

CAD Software Market

The CAD software market is expected to reach $12,124.0 million by 2023, according to P&S Intelligence.

Growing focus toward precise designing and complex structure prototyping, advancements in technology, and increasing demand for CAD software in automotive, packaging, and medical verticals are the major factors driving the market growth.

On the basis of technology, the CAD software market has been categorized into 2D software and 3D software, of which the market for 3D software is projected to grow faster during the forecast period, witnessing a CAGR of 6.7%. This can be attributed to the growing inclination of designers and engineers toward professional prototyping and design creation, especially in precision-demanding domains, such as automotive and medical. Growing need for design efficiency and accuracy, and enhanced product visualization and presentation offered by 3D software are the major factors boosting the growth of the 3D software market.

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During the forecast period, the CAD software market is expected to witness the fastest growth in APAC, owing to the growing usage of CAD software across the region for the development of advanced medical devices and diagnostic tools, especially in technologically inclined countries such as China, Japan, and India.

The key factor propelling the growth of the CAD software market is the surging adoption of CAD in the automotive industry. With millions of connected cars expected to be on road in the coming years, designers are adopting advanced solutions and tools provided by the software to design and develop error-free products. CAD plays a major role in ensuring utmost quality and precision in the manufacturing of automotive parts. It enables complex simulations of new product designs and their function in response to real-world forces while speeding up the time to market.

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Some of the key players operating in the CAD software market are Autodesk Inc., Bentley Systems Inc., Dassault Systemes, Trimble Inc., PTC Inc., Gstarsoft Co. Ltd., 3D Systems Corporation, Aveva Group Plc., Hexagon AB, IronCAD LLC, and Siemens AG.

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