Metrology Software Market - Precision Engineering Practices Promoting Application Of Metrology Software In North America

The global metrology software market is estimated to be valued at about US$ 814 Mn in 2017 and is projected to cross US$ 1,450 Mn by 2027 end. Revenue is expected to increase at a CAGR of 6.2% during the forecast period (2017–2027).

Increasing demand from the ship building and healthcare verticals is set to boost the demand for metrology software in North America

Increasing usage of metrology software across the ship building and healthcare verticals is expected to provide support in increasing the demand for metrology software in the North America region. North America’s ship building industry is facing challenges in terms of increasing measurement surveys and addition of new measurement systems, which is why the industry is moving towards increasing usage of measurement systems and hence the need for metrology software. Also, a growing need of pharmaceutical companies to maintain consistency and accuracy during the production of medicine coupled with guidelines issued by regulatory agencies for best practices have resulted in increasing adoption of precision equipment and metrology software by this sector.

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Guidelines on international standardisation of metrology have aided in the expansion of the metrology software market

The standards set by international committees in terms of the instruments to be used, the metrics parameters, the frequency of measurement etc. is expected to support an increase in demand for metrology software by manufacturing companies. Several committees provide measurement standards in North America and some of these include North American Cooperation in Metrology (NORAMET), National Institute of Standards and Technology (NIST), and Dimensional Metrology Standards Consortium (DMIS). These committees release documents at regular intervals defining updated standards of measurement that need to be adopted by all manufacturers. This factor is also boosting growth in demand for metrology software, which is regulated with recent guidelines released.

Entry barrier for new players to enter the market may restrict market growth in North America

The presence of large and strong players in the market such as Rudolph Technologies Inc., FARO Technologies Inc. etc. that are aggressive in terms of mergers and acquisitions and have strength in terms of their sales and distribution channels, provides a significant challenge to small and new players with limited resources. New players also find it difficult to provide all solutions bundled in a single metrology software package, which can cater to the breadth and depth of the entire product line of an end-user affecting decision-making while giving contracts.

Precision engineering practices promoting application of metrology software in North America

Adoption of precision engineering practices by manufacturers in North America with a focus on accuracy and reliability in the manufacturing of products has resulted in an increase in the application of metrology software in the region. The different types of metrology software used in the precision engineering process include image processing, surface and roughness measurement, nanoscale metrology, optronics, intelligent data analysis, 3D shape measurement and more.

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Global Metrology Software Market Attractiveness by Industry Vertical, 2017–2027

In terms of revenue, the automotive segment is projected to be the most attractive segment in the global metrology software market during the forecast period. The automotive segment is expected to register high Y-o-Y growth rates throughout the forecast period and is expected to register a CAGR of 6.5% between 2017 and 2027. The industrial manufacturing segment was valued at US$ 210.9 Mn in 2016 and is expected to remain dominant in terms of revenue throughout the forecast period.

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This release was published on openPR.