According to a new market research report published by Credence Research “Computer Aided Design (CAD) Market (Technology Type – 3-D Design and 2-D Design; Offering – Software and Services; End-use Application – Automotive, Aerospace & Defense, Industrial Machinery, Electrical & Electronics, Media & Entertainment, Healthcare and Construction & Architecture) – Growth, Future Prospects and Competitive Analysis, 2018 - 2026”, the global CAD market is set to grow with a CAGR of 6.8% throughout the forecast period to reach US$ 14.03 Bn by 2026.
Browse the full report at https://www.credenceresearch.com/report/computer-aided-design-cad-market
Market Insights
The overall computer aided design (CAD) market is set to demonstrate growth of 6.8% across the forecast period from 2018 to 2026, primarily due to rising adoption of modern engineering design and drafting across almost all industrial verticals. The 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. Evolution in CAD software made it capable of producing sophisticated virtual worlds in end-use applications such as media & entertainment and construction sector among others.
The overall CAD market segmented based on technology, offering and end-use application. By technology type, market led by 3-D design accounting close to 3/4th of the total market value. This is primarily due to constant focus on improving productivity by augmenting the design process. North America was the largest market for CAD in 2017. Region accounted for over 1/3rd of the overall market value generated worldwide. Further, Asia Pacific 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 CAD market momentum further fueled by rapid penetration of commercial Computer Numerical Control (CNC) systems across industrial machinery processes. CNC machines 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 considerably easier and mathematically defined shapes by integrating with CNC systems along with enhanced accuracy and productivity. Considering significant benefits, major industry players such as Ford Motor Company, Renault SA and Lockheed Martin Corporation among others started developing in-house CAD systems from 1960s.
Mobile access have become one of the most vital aspects that organizations and consumers look for in almost every technology. Number of CAD developers are currently deploying some means of accessing the designed data on mobile platforms. Another promising trend in CAD market is cloud subscription of software. 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.
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