CAD Software Market to Register 6.6% CAGR during 2020–2030
The global computer-aided designing (CAD) software market is predicted to reach a value of $18.7 billion in 2030, increasing from $9.3 billion in 2019, progressing at a 6.6% CAGR during the forecast period (2020–203. The market is being driven by the rising usage of CAD software in the packaging industry and increasing adoption of the technology in the automotive industry. On the basis of technology, the market is categorized into 3D software and 2D software.
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Between these two, the 3D software category accounted for the major share of the market in 2019. The 3D CAD software is widely being adopted because of the rising number of professionals in the designing field, majorly in healthcare, aerospace & defense, and automotive industries. This software further offers a number of advantages over 2D CAD, such as improved product presentation and visualization. 3D CAD software aids in accelerating the deployment cycle of the product with optimization and virtual testing.
The CAD software market is divided into arts, media & entertainment, healthcare, manufacturing, aerospace & defense, and automotive, when application is taken into consideration. The healthcare industry is predicted to register the fastest growth during the forecast period, as with the help of the 3D CAD software, 3D models can be created from data that is acquired from medical images, including MRI and CT scans. The software is also being used for planned surgeries, majorly those involving the implantation of prostheses and medical devices.
The CAD software market is being led by North America, on the geographical front. The region is further predicted to dominate the market during the forecast period, because of the increasing adoption of CAD software in the aerospace & defense industry for product prototyping. The software is used for facilitating the process of creating, imaging, and refining aircraft designs. The Asia-Pacific region is projected to register the fastest growth during the forecast period, due to the increasing adoption of the software in India, Japan, and China for healthcare applications.
A major factor leading to the growth of the CAD software market is the rising usage of the CAD software in the packaging industry. Packaging involves the designing, planning, wrapping, developing, bottling, or boxing of goods customers and industrial, military, and manufacturing industries as well. As packaging machines are becoming complex, designers and engineers are using the CAD software for meeting mechatronic engineering challenges, thereby leading to the growth of the market.
Other than the packaging industry, the software is also being utilized extensively in the automotive industry, which is further resulting in the growth of the CAD software market. As the focus on quality has increased over brand value, manufacturers are trying to decrease the burden of product recalls. The expected proliferation of connected cars on roads in near future is further making engineers to use innovative solutions and tools that are supported by CAD software for facilitating the development and design of products.
In conclusion, the market is growing due to the increasing use of CAD software in the packaging and automotive industries.
