September 29, 2018

CAD Market Set to Could Grow to $14 Billion by 2026

The global computer-aided design market is set to grow by 6.8 percent over the next eight years, to $14 billion in U.S. dollars.

That’s the research finding of a report recently published by Credence Research, a consulting and research firm in San Joes, Calif.

The growth will come mostly as the result of the rising adoption of modern engineering design and drafting across nearly all industrial verticals, according to the report. This includes electronics, mechanical design, and architectural design. Evolution in CAD software has also made the technology capable of producing sophisticated virtual worlds in end-use applications such as media and entertainment and construction sector among others, according to the report.

“CAD has constantly evolved since its inception at the beginning of 1960. Currently, advanced 3-D CAD design enables organizations to visualize proposed product structure in the form of 3-D models without building a physical prototype. Similarly, CAD aids users to experience product design at each stage of its development, thereby reducing overall production cost by significant amount,” the report states.

Three-quarters of CAD users currently use the applications for 3-D design, according to the statement.

A user works on an early CAD system.

“This is primarily due to constant focus on improving productivity by augmenting the design process,” the report states.

North America was the largest market for CAD in 2017, accounting for more than one-third of the overall market value generated worldwide. But the Asia Pacific region is set to demonstrate the highest growth throughout the forecast period, primarily due to rapidly growing automotive, manufacturing, construction and other industries across the region, the report states.

The CAD market momentum has been further fueled by rapid penetration of commercial computer numerical control (CNC) systems across industrial machinery processes.

CNC machines are used to automate numerous machining processes in industrial sector; operating such systems from paper plans was laborious and error-prone. CAD software enabled organizations to produce those machine processes with greater ease, mathematically defining shapes by integrating with CNC systems with enhanced accuracy and productivity. Considering significant benefits, major industry players such as Ford Motor Co., Renault SA and Lockheed Martin Corporation among others started developing in-house CAD systems from 1960s.

A number of CAD developers are currently deploying some means of accessing the designed data on mobile platforms. Mobile access have become one of the most vital aspects that organizations and consumers look for in almost every technology, according to Credence Research.

Another promising trend in CAD market is cloud subscription of software, the report states. Advancement in cloud storage driving CAD technology, enabling designers and developers saving their designs on cloud platforms. The benefits offered by cloud CAD software include ease of updating the software, higher mobility, increased storage capacity and significant cost reductions. For instance, Autodesk developed Fusion 360, in 2016, which is partially cloud based product requiring fractional part of consumers’ systems hard drive. These user-friendly advancements in CAD software technology provided much needed impetus to the market growth.

 

The post CAD Market Set to Could Grow to $14 Billion by 2026 appeared first on 3D CAD World.

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