The global technical illustration software market was valued at US$ 3,275.0 Mn in 2017 and is expected to expand at a CAGR of 4.7% from 2018 to 2026, according to a new report published by Transparency Market Research (TMR) titled “Technical Illustration Software market– Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026.” North America is expected to hold the dominant revenue share in the market with the region expanding at a CAGR of above 4.4%. The global technical illustration software market is largely driven by strong demand from manufacturing and automotive industry.
Growing adoption of cloud based deployment models, and strong demand for technical illustration software solutions from manufacturing and automotive industry driving the market
Technical illustration software is largely used by designers and illustrators to design products before prototyping it. Technical illustration software is mainly part of product lifecycle management (PLM) software; however, it is also available in the market as a standalone solution. This illustration software is easy to use and contains several tools and features that might be helpful to the illustrators. The technical illustration software market is largely driven by continuous demand from the manufacturing end-use segment as well as from automotive end-use segment. Each year, a considerable number of new products are being developed.
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These products range from device design to cloth design. Technical illustration software is required for all these projects. The software provides a clear picture about the product’s technicality before it is rolled out for prototyping. Automotive end-user is also a strong driver for the market. As per TMR analysis, in 2017, the global automotive end-user segment accounted for more than 20% of the total market. New automobile design projects initiated by various automobile vendors during last the 1-2 years has given an impetus to the technical Illustration software market. Apart from automotive and manufacturing, third party technical illustration service providers are also actively using illustration software in order to efficiently deliver design and illustration services to clients.
Deployment of cloud-based technical illustration software on the rise across all end-user segments
Technical illustration software solutions can be deployed on premise as well as on cloud. Currently, on premise software solution occupies the largest share in the overall market. However, according to TMR, cloud based deployment model is expected to strongly grow in the coming years. The reason for this is the growing need to have flexibility to access product designs from anywhere, Furthermore, comparatively lower cost is another major factor responsible for the strong deployment of cloud based technical illustration software.
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Competition in the technical illustration software market limited to the four or five major players
The technical illustration software market is highly concentrated with big players such as Adobe Systems Incorporated, Autodesk Inc., and PTC Inc. occupying significant market share. These players have a strong customer base and market reach. These companies have partnerships with renowned resellers such as Amazon which in turn helps them to efficiently penetrate the market. New players are expected to enter the market; however, TMR believes that they will be acquired by the big players or might find it challenging to gain as well as maintain their market share.
North America dominance of the technical illustration software market projected to continue
In terms of geography, the technical illustration software market is segmented into five regions, namely, North America, South America, Middle East & Africa, Asia Pacific, and Europe. Among these, North America is expected to hold a major share of more than 30% of the market in the year 2018. North America is expected to remain the largest market for technical illustration software due to the growing number of new product development projects across the region.
Major players operating in the global technical illustration software market are Autodesk Inc. Dassault Systemes , PTC Inc., Canvas GFX, Inc., Corel Corporation, Siemens Product Lifecycle Management Software Inc., QuadriSpace Corporation, Auto-Trol Technology Corporation, and Cyient. These players are focusing on acquisitions and new strategic collaborations in order to increase their market share in this market.
This post was originally published on Food and Beverage Herald