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India CAD Software Market Share, Business Growth 2021: Statistics and Growth, Regional Analysis, Development History & Forecast

10-13-2021 07:42 PM CET | Advertising, Media Consulting, Marketing Research

Press release from: P&S Intelligence

India CAD Software Market Share, Business Growth 2021:

The expansion of the construction sector, on account of factors, such as the implementation of initiatives by the government for facilitating infrastructure development and increasing foreign direct investment (FDI), is fueling the demand for computer-aided design (CAD) software in India. According to the India Brand Equity Foundation (IBEF), India will be home to the third largest construction industry in the world by 2022. The organization also reported that the government allocated Rs. 111 lakh crore or USD 1.4 trillion under the National Infrastructure Pipeline (NIP) for FY2019–2025.

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The CAD software is being increasingly required in the construction industry for facilitating accurate designs and precise measurements, carry out advanced analysis of the designs, and spot flaws in the designs. Moreover, the CAD software enables construction managers to get a better insight into designs, reduce chances of error, achieve faster project completions, and higher project accuracy and efficiency. Therefore, with the rise in construction activities, the requirement for CAD software is set to surge in the country in the coming years.

Apart from the central government, many state governments are also taking initiatives aimed at facilitating infrastructure development, which is resulting in huge investments being made in various sectors, such as construction, automotive, healthcare, and aerospace. Moreover, many states in the country are focusing on implementing new industrial policies, which are predicted to push up the requirement for CAD software and consequently fuel the advancement of the Indian CAD software market. For example, the Gujarat Industrial Policy 2020 was announced by the Gujarat government in August 2020.

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With the help of this policy, the government aims to empower various industries to establish high-quality standards for products and increase exports, facilitate sustainable and state-of-the-art industrial infrastructure development, bolster micro, small, and medium enterprises (MSMEs) and fuel cluster development, promote innovation, entrepreneurship, and R&D, and allow industries to focus heavily on the adoption of cleaner and sustainable manufacturing practices. Thus, this policy will accelerate infrastructure development, which will, in turn, propel the Indian CAD software market at a CAGR of 8.2% from 2020 to 2025.

Furthermore, the revenue of the market is expected to rise from $445.6 million in 2019 to $696.9 million by 2025. Depending on technology, the market is divided into 2D software and 3D software categories. Of these, the 3D software category contributed higher revenue to the market in 2019, and it is predicted to exhibit faster growth in the coming years as well. This is credited to factors, such as the faster designing ability of the 3D CAD software. Additionally, this software provides realistic and accurate 3D drawings and reduces time and costs. This technology also enables effective collaboration with end-users and various non-technical colleagues.

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