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Generative Design Market Trends, Business Growth And Major Players And Forecast To 2033
Generative Design Market Trends
According to The Business Research Company's, The generative design market size has grown rapidly in recent years. It will grow from $3.18 billion in 2023 to $3.78 billion in 2024 at a compound annual growth rate (CAGR) of 18.8%. The growth in the historic period can be attributed to the increased adoption of generative design across industries, growth in demand for lightweight, high-performance structures in various industries, increased focus on sustainability and environmental concerns, and rise in regulatory approvals and standards compliance.
The generative design market size is expected to see rapid growth in the next few years. It will grow to $7.57 billion in 2028 at a compound annual growth rate (CAGR) of 18.9%. The growth in the forecast period can be attributed to the growing emphasis on product performance and optimization, expansion into new industries, accelerating digital transformation across industries, and demand for customized and personalized products. Major trends in the forecast period include the integration of artificial intelligence (AI) and machine learning (ML) algorithms, adoption of cloud-based generative design platforms, hybrid design approaches, integration of generative design with additive manufacturing technologies, and democratization of generative design tools.
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Market Drivers and Trends:
A rise in sales of commercial vehicles is expected to propel the generative design market going forward. Commercial vehicles refer to any type of motorized vehicle that is used primarily for transporting goods, passengers, or performing services for financial gain or business purposes. The surge in the sales of commercial vehicles can be attributed to increased consumer demand, the expansion of the EV industry, and favorable financing options, fueling demand for innovative engineering solutions. Generative design optimizes the structural integrity and efficiency of commercial vehicles, reducing weight and fuel consumption while enhancing performance and safety. For instance, in December 2022, according to the National Automobile Dealers Association, a US-based trade organization that represents franchised new-car and truck dealerships, the sale of commercial trucks in the USA reached 476,000 units in 2022, reflecting a 3.8% increase compared to 2021. Therefore, the rise in sales of commercial vehicles is driving the growth of the generative design market.
Major companies operating in the generative design market are increasing their focus on developing innovative technological solutions, such as generative AI-featured elements, to gain a competitive edge in the market. A generative AI-featured element refers to the integration of artificial intelligence (AI) capabilities within the generative design process to enhance its functionality and performance. It allows generative design software to leverage advanced AI algorithms and machine learning techniques to generate, evaluate, and refine design solutions autonomously. For instance, in May 2023, Evolv AI, a US-based software company, launched a series of generative AI features that were accessible in beta. The first feature introduced was a description-to-design element, which allowed businesses to instantly create visual web page changes from simple text descriptions within Evolv AI's web editor. This innovation revolutionized the personalization and experimentation landscape. The technology used is generative AI, which leverages machine learning techniques to automatically generate design variations based on textual descriptions. This innovation empowers businesses to create visual web page changes instantly from text descriptions, revolutionizing personalization and experimentation.
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• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
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• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
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• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
Dassault Systèmes SE, Hexagon AB, Synopsys Inc., Autodesk Inc., Cadence Design Systems Inc., ANSYS Inc., Parametric Technology Corporation, The MathWorks Inc., Bentley Systems Inc., Altair Engineering Inc., Materialise NV, MSC Software Corporation, Desktop Metal Inc., ESI Group, CoreTech System Co. Ltd., Innovyze Inc., SoftInWay Inc., ESTECO SpA, Concepts NREC, HBM nCode, Volume Graphics GmbH, Opticore AB, SimScale GmbH, Onshape Inc., Caracol AM, nTopology Inc., Diabatix, Granta Design Limited, Lattice Technology Inc.
Generative Design Market 2024 Key Insights:
• The generative design market size is expected to see rapid growth in the next few years. It will grow to $7.57 billion in 2028 at a compound annual growth rate (CAGR) of 18.9%.
• Surge In Commercial Vehicle Sales Fuels Demand For Generative Design Solutions
• Embracing Generative AI-Featured Elements For Enhanced Performance And User Experience
• North America was the largest region in the generative design market in 2023
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