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CAD Software Market Will Reach $12.1 Billion by 2023

10-02-2018 11:26 AM CET | IT, New Media & Software

Press release from: P&S Intelligence

The global CAD software market is growing at a CAGR of 6.6% during 2018–2023 and will reach $12.1 billion by 2023. Growing focus toward precise designing and complex structure prototyping, advancements in technology, and increasing demand for CAD software in automotive, packaging, and medical verticals are the major factors driving the market growth.

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On the basis of technology, the CAD software market has been categorized into 2D software and 3D software, of which the market for 3D software is projected to grow faster during the forecast period, witnessing a CAGR of 6.7%. This can be attributed to the growing inclination of designers and engineers toward professional prototyping and design creation, especially in precision-demanding domains, such as automotive and medical.

On the basis of model, the CAD software market has been categorized into wireframe, surface, and solid models. With advancements in technology and growing demand for precise designing and visualization of complex models, the market for solid models is expected to witness the fastest CAGR, of 7.4%, during the forecast period. The key factor propelling the growth of the CAD software market is the surging adoption of CAD in the automotive industry.

During the forecast period, the CAD software market is expected to witness the fastest growth in APAC, owing to the growing usage of CAD software across the region for the development of advanced medical devices and diagnostic tools, especially in technologically inclined countries such as China, Japan and India.

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Some of the key players operating in the CAD software market are Autodesk Inc., Bentley Systems Inc., Dassault Systemes, Trimble Inc., PTC Inc., Gstarsoft Co. Ltd., 3D Systems Corporation, Aveva Group Plc., Hexagon AB, IronCAD LLC and Siemens AG.

About P&S Intelligence

P&S Intelligence, a brand of P&S Market Research, is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.

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