With the emergence and long-term Impact of COVID-19, the Global 3D CAD Software Market to reach USD 14.76 Billion by 2027
Bizwit Research & Consulting LLP’s Recent Analysis on Global 3D CAD Software Market is poised to raised USD 14.76 billion by 2027. Major growth factors for the 3D CAD software market include increased use in the automotive sector, growing focus on additive manufacturing by manufacturers and the introduction of a cloud-based platform for 3D CAD software. Numerous companies are shifting towards cloud-based architecture to increase design flexibility and streamline workflows. For example, in October 2019, PTC acquired a Software as a Service (SaaS) product design platform named Onshape Inc. in order to transition to a cloud-based SaaS platform and attract new customers. Furthermore, growing end-uses of 3D CAD software technology in packaging, automotive, aerospace and manufacturing sector are expected to propel the market forward in coming years. However, lockdowns imposed due to COVID-19 pandemic has slowed down various end-use industries including manufacturing, automation, etc. which has negatively affected the 3D CAD software market. Also, the high cost associated with computer-aided designing may hamper the market growth.
Geographically, North America is dominating the global 3D CAD Software market owing to the US government’s support for deploying digitization solution in the manufacturing sector. Also, the presence of major market players is contributing significantly to the region’ market growth. Furthermore, Asia Pacific is expected to register the highest CAGR from 2021 to 2027 attributable to the growth of various end-use industries such as engineering, design and development sectors in the region
The Global 3D CAD Software Market is highly competitive owing to the presence of several key manufacturers such as Autodesk Inc., Bentley Systems, Inc., Bricsys NV, Graphisoft, Hexagon AB, Oracle, PTC, Schott Systeme GmbH, Siemens, ZWSOFT Co., Ltd.
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Global 3D CAD Software Market Size study, by Deployment (Cloud, On-premises), by Application (AEC, Manufacturing, Automotive, Healthcare, Media & Entertainment, Others) and Regional Forecasts 2021-2027
Key findings of the study suggest:
- Global 3D CAD Software Market is anticipated to grow with a healthy growth rate of more than 6.5% over the forecast period 2021-2027
- In the Deployment segment, On-premise emerged as the leading market segment in 2021.
- North America is the leading/significant region across the world in terms of market share owing to the owing to the US government’s support for deploying digitization solution in the manufacturing sector. Also, the presence of major market players is contributing significantly to the region’ market growth.
- Asia-Pacific is expected to grow at a higher rate during 2021-2027
Bizwit Research & Consulting has considered the following segments for the study:
- Media & Entertainment
- North America
- Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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