Global CAD Software Market is Projected to Grow at A CAGR of 6.9% During 2019-2026
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The Global CAD Software Market held a market size of $9.56 billion in 2019 and is anticipated to grow at a CAGR of 6.9% from 2019 to 2026.
On the basis of regional analysis, North America is expected to be the leading region owing to the growing manufacturing sector in the U.S. and the growing adoption of cloud-based CAD software in the automotive industry.
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The surging adoption of computer-aided design in the packaging, healthcare, and the automotive sector is expected to drive the market growth over the forecast period. Moreover, the increasing uptake of virtual platforms for product development in the manufacturing and automotive manufacturing sector is projected to support the demand for CAD software. Automotive companies are using 3D CAD software in product manufacturing and designing as the software improves product quality.
The global CAD Software market has been divided into technology, deployment type, model, and application. The technology segment has been segmented into 2D software and 3D software. The deployment type segment has been divided into cloud and on-premise. The model segment has been bifurcated into surface, solid, and wireframe. Moreover, based on application, the global CAD software market has been segmented into manufacturing, healthcare, aerospace & defense, automotive, media & entertainment, and others.
Based on geography, the global CAD Software market has been categorized into North America, Europe, Asia-Pacific, South America, and Middle East & Africa. North America has been classified into the U.S. and Canada. Europe region has been segmented into the UK, Italy, Germany, France, and the Rest of Europe. Asia-Pacific region has been bifurcated into, Japan, India, South Korea, China, and Rest of Asia-Pacific. In addition, the South America region has been divided into Argentina, Brazil, Mexico, and the Rest of South America. Moreover, the Middle East & Africa has been segmented into, Africa, GCC countries and the Rest of the Middle East.
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On the basis of regional analysis, North America is expected to be the leading region owing to the growing manufacturing sector in the U.S. and the growing adoption of cloud-based CAD software in the automotive industry. The Asia pacific CAD software market is expected to account for the highest CAGR over the forecast period. The market growth in the region is mainly due to the developing healthcare sector in countries such as India and China and rising uptake of CAD software in the medical device field and automotive sector.
Prominent players functioning in the market includes Autodesk Inc., Dassault Systemes, Nanosoft, Cadonix Ltd., Kubotek USA, 3D Systems Corporation, Avera Group plc, PTC Inc., Trimble Inc., Hexagon AB, Oracle Corporation, SolidWorks Corporation, ZWCAD Software Co., Ltd., Siemens PLM Software, Inc., and Bentley Systems, Inc. Key players in the CAD software market have adopted strategies such as mergers & acquisitions, product updates and launches, and partnerships to strengthen their market presence.
Recent Development by Major Players:
- In September 2019, Nanosoft released the latest version of its DWG-compatible CAD software nanoCAD Plus-11. This software is augmented for production drafting and design, and for developing high-performance CAD applications.
- In November 2018, PTC Inc. announced the acquisition of Frustum for about 70 million. With this acquisition, the company incorporated Frustum’s generative design technology into its Creo CAD portfolio.
- In May 2017, Cadonix Ltd introduced Arcadia, a cloud-based CAD tool for automotive electrical wiring design, report documentation, and analysis.