Technical Illustration Software Market Research Report- Forecast till 2025
Market Highlights
Technical illustration software market 2020 is all set to accrue a growth rate of 4.6% between 2019 and 2025 (review period), reveals Market Research Future (MRFR). The market is projected to reach a size of USD 3.89 Billion by 2025, adds the new study by MRFR. We will provide covid-19 impact analysis with the report, offering an extensive market evaluation post the coronavirus disease outbreak.
COVID-19 Analysis
The COVID-19 outbreak has uprooted almost every business across the globe, with the companies in the information and communication technology industry being no exception. Manufacturing operations have ceased in light of the lockdown that have been imposed by governments to reduce the spread of the novel coronavirus. The pandemic has weakened the supply chain of ICT leaders like IBM, Intel, Apple and Qualcomm, to name a few. On the bright side, the ICT industry is anticipated to make a solid comeback, with digitization-based markets gaining impetus despite the SARS-CoV-2 outbreak. Technical illustration software market can be one such market that can remain fortified throughout the review period.
Prime Boosters and Main Restraints
Technical illustration software is viewed as a critical component by illustrators that design technology products, helping with the development of 2D as well as 3D designs. All the unrequired details are omitted and there is significant artistic freedom while using stylistic devices that are involved in the illustration process. Its use post pandemic has increased in automotive, healthcare, aerospace & defense, IT & telecommunication, energy & utility, on account of the curbed mobility of people and the boom in IoT and other technologies like AI and Big Data.
The technical illustration software market growth is boosted by the evolving entrepreneurial ecosystem across diverse verticals coupled with the expansion of entertainment verticals. The soaring demand for SaaS-backed travel and expense management software as well as pricing strategies adopted by leading vendors can also induce significant market growth in the years ahead.
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Segmentation:
The segmental review of the technical illustration software industry consists of Component, Organization Size as well as End User.
Component-wise market sections are service and solution. The types of services available in the market are managed services and professional services. Professional services are integration services, training services and support and maintenance services. The increasing number of business using technical illustration solutions for precision of technical design is leading to immense market growth.
Organization size ranges discussed in the study are small & medium enterprise as well as large enterprise. Between these, the SMEs/small &medium enterprises segment can surge at a better rate in the coming years.
The key end users in the market for technical illustration software are aerospace & defense, automotive, energy & utility, IT & telecommunication, healthcare, among others. It is expected that the aerospace & defense segment can observe the maximum growth over the given period.
Regional Insight
North America, APAC/Asia Pacific, Europe and RoW/the rest of the world are the top markets for technical illustration software.
The North American market can witness an exponential growth in the years to come, thanks to the surge in technical projects combined with the mounting need to author technical documentation. The escalating demand for cost-effective and comprehensive solutions in the US can also stimulate the growth of the technical illustration software market. The growing need to shorten the time and cut down the cost of designing technical products has led to higher deployment of these software and solutions in the region.
The European market is dependent on the rising use of higher quality technical illustration tools as well as multi-format support to edit SVG import and export, metadata, split and tabbed views. Mounting number of enterprises in the region along with the surging number of illustrators working in these companies can also benefit the market during the assessment period.
In APAC, the market can expand at the fastest rate in the following years, owing to the large number of multination companies adopting technical illustration software and solutions. India is one of the most successful markets in the region, because of the rising use of cloud-based technical illustration software among companies. In addition, the need for affordable software solutions across small medium real estate agencies can also promote business growth across the region.
Leading Companies
MRFR lists down the top companies in the technical illustration software industry, such as Nbg Drafting & Design (US), The Technical Drawing Company (US), Canvas GFX (US), MAA Illustrations (India), Dassault Systems (France), SAP SE (Germany), Lattice Technology (Japan), Autodesk (US), Corel (Canada), Cyient (India), Ignite Technologies, Inc. (US), Illustration Limited (UK), PTC (US), Adobe Systems (US), QuadriSpace (US), and more.
Latest News
January 2020
Canvas GFX Inc., a renowned technical illustration software firm, has launched its latest product called Canvas X3 CADComposer. This is the first product to be developed following the company’s partnership with Dassault Systèmes’ Spatial. Canvas X3 provides technical illustrators the ability to better manipulate 3D CAD models, without requiring time-consuming training or expensive CAD software.
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Technical Illustration Software Market Research Report: By Component (Software and Service), By Organization Size (Small and Medium Enterprise, Large Enterprise), By End-user (IT & Telecommunication, Healthcare, Aerospace & Defense, Energy & Utility, Automotive and others) and Region (North America, Europe, Asia-Pacific, Middle East & Africa and South America) – Forecast till 2025
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