Technical Illustration Software Market Size and Growth Factors Research and Projection 2029: Adobe (THE U.S.), PTC (THE U.S.), Lattice Technology (Japan)

Technical Illustration Software Market Snapshot:

The technical illustration software market is expected to grow with a CAGR of 6.7% during the forecast period. 

Technical illustration software is extensively used by small and large organizations to display their products in an enhanced manner. Its ability to provide 2D and 3D illustrations and digital and interactive replicas with utmost precision, comprising HTML animations, technical 3D animations, and infographics, and display complex structures and processes in a simplified manner drives its demand across the industrial verticals.

With the advent of technology, the business dynamics have changed significantly, enabling businesses to adapt to the changing circumstances. As per an article published by one of the leading players, PTC, about 70% of the companies have or are planning to strategize for a digital transformation as a competitive necessity.

Companies are using aggressive strategies to gain customers and earn revenue, digitalization being the prime one. As stated in the report ‘The IT Industry Outlook 2020’, published by CompTIA, Inc.,  the organizations focus mainly on four pillars, which are 57% on software development, 51% on cybersecurity, 47% on data, and 45% on infrastructure, for digital transformation. Several companies are using a customer-centric approach by showcasing their products using a 2D or 3D technology to improve the user experience. The report also states that the user experience enhancement is one of the critical aspects of the software development of an organization. Thus, changing business dynamics fosters market growth. 

Incorporation of the latest technological trends such as cloud computing, augmented reality, virtual reality, and 3D painting fosters market growth. As per the article ‘The Digital Transformation Initiative – Maximising returns on Digital Investments’, published by the World Economic Forum, the total investment expenditure on emerging technologies is anticipated to reach approximately USD 2.4 trillion by 2020. It also states that the Internet of Things (IoT) will be one of the largest emerging technologies, with over 42% of the total investment expenditure.

Technical Illustrators use drafting tools, automated equipment, and software, such as Creo from PTC, Adobe Acrobat from Adobe, CorelDRAW from Corel, and Canvas, to provide blueprints and detailed sketches. They are mainly used by a trained professional with adequate knowledge about the tools and equipment; however, the lack of skilled labor restrains the market growth. As per an article by the World Economic Forum, the European ICT sector anticipates about 756,000 unfilled jobs by 2020. Additionally, rapid technological advancements prompt the need for enhancing the skills as per the changing technology, further widening the gap. The article also stated that more than 54% of the employees lagged in terms of changing technology and needed significant reskilling.

North America dominates the technical illustration software market on account of the presence of key players such as Adobe, PTC, QuadriSpace, Corel, Canvas GFX, Ignite Technologies, and Autodesk. As per the report ‘The IT Industry Outlook 2020’, published by CompTIA, Inc., the U.S. technology industry is projected to reach USD 1.7 trillion by the end of 2020. The region is one of the fastest adopters of technology and is backed by the presence of suitable technological infrastructure and increasing government spending. As stated by the report ‘Doing Business 2020’ by the World Bank,  the U.S. ranks 2nd in the economic environment.

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The Major Prominent Players Covered in this Report:
Adobe (THE U.S.)
PTC (THE U.S.)
Lattice Technology (Japan)
QuadriSpace (THE U.S.)
Corel (Canada)
Canvas GFX (THE U.S.)
Cyient (India)
Ignite Technologies (THE U.S.)
DassaultSystèmes (France)
Autodesk (THE U.S.)
Siemens (Germany)
SAP (Germany)

Technical Illustration Software Market Segmentation-
By Type- Bitmap/Raster, Vector,
By Technology- 2D, 3D,
By Component- Solution, Services,
By Organization Size- Large Enterprise, Small and Medium-Sized Enterprises (SMEs),
By End-User- Automotive and Machinery, Aerospace and Defense, Architecture, Engineering, and Construction, High-Tech and Telecommunications, Energy, Oil and Gas

Growing Domestic Demand and Expanding Pharmaceutical Sector to Drive the Demand for Technical Illustration Software in the APAC Region
Asia-Pacific region is anticipated to hold the largest market share in the global Technical Illustration Software market during the forecast period 2019-2029. The growth in this region can be attributed to the presence of emerging economies like India, China, Japan, Vietnam, and Indonesia, which account for the largest share in this region. India is one of the largest producers of Technical Illustration Software and a major exporter of the product to various countries across the globe. India accounts for around 80% of the world’s exports of Technical Illustration Software. The favorable climatic conditions and growth of agricultural inputs and allied services like cold storage and warehousing in India are prompting higher production.

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Key Questions Answered in The Report:
What will the Technical Illustration Software market growth rate?
What are the key factors driving the global Technical Illustration Software market?
Who are the key manufacturers in the Technical Illustration Software market space?
What are the market opportunities, market risk, and market overview of the Technical Illustration Software market?
What are sales, revenue, and price analysis of top manufacturers of the Technical Illustration Software market?
Who are the distributors, traders, and dealers of the Technical Illustration Software market?
What are the market opportunities and threats faced by the vendors in the global Steerable Medical Devices Industry?
What are sales, revenue, and price analysis by types and applications of the Technical Illustration Software Industry?
What are sales, revenue, and price analysis by regions of Technical Illustration Software industry?
What are the driving factors contributing to market growth during the short, medium, and long term?

Key Technical Illustration Software Market Trends:
- The report identifies, determines, and forecasts the Global Technical Illustration Software Market segments based on their type, sub-type, technology used, applications, end-users, and regions.
- Industry to Industry Holds Largest Share in the Technical Illustration Software Market
- It examines the micro-markets based on their growth trends, development patterns, future prospects, and contribution to the overall market.
- Demand from Regional / geographical is Expected to Drive the Growth
- Rising Adoption of Market Segments in this Growth
- North American, Europe is Expected to Witness Higher Growth Rate over the Forecast Period
- It studies the competitive developments such as partnerships and collaborations, mergers and acquisitions (M&A), research and development (R&D) activities, product developments, and expansions in the Global Technical Illustration Software Market.

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