Globally, the technical illustration software market is expected to grow with a CAGR of 6.5% during the forecast period from 2019 to 2027, starting from US$ 3.22 bn in 2018. Strict government regulations across the globe drive the market to enhance the quality of the documentation and visuals. Government across the world has implemented several rules and guidelines to improve documentation quality and provide customers transparency. For instance, European Union formed regulations and warranty issues demanding higher quality documentation to increase the transparency of information and benefits for customers. This information will enable the customers to thoroughly assess the overall benefits and risks of the products and services. This is driving the demand for technology among organizations.
The rapidly changing entrepreneurial ecosystem across the organization is a significant driver of the market's growth. Besides, the growing demand for technical illustration software across fashion and medical device manufacturing companies is developing multiple new market growth opportunities. However, the technical illustration software solution's high initial and maintenance costs inhibit the market growth. Moreover, the lack of technical expertise is a significant constraint in the market's growth.
Market Synopsis
Services are Estimated to Grow Significantly During the Forecast Period
The technical illustration software market is bifurcated based on the component into solutions and services. The solution market dominated the market with more than 73% share in the overall market in 2018. The market's growth is attributed to the widespread adoption of customized illustration software across the industry verticals. The integration of advanced technologies is further estimated to drive the demand for the solution market. On the other hand, the services market is estimated to grow substantially during the forecast period. The growing demand among enterprises for a third-party service provider to outsource the technical illustration task is driving the market growth.
North America Led the Technical Illustration Software Market
North America accounted for over 32% of the technical illustration software market in 2018. The increasing digitalization drives the market among organizations in the region. In addition, the wide-scale adoption of the Computer-Aided Engineering/Computer-Aided Design (CAE/CAD) software is also a significant driver of the market's growth. Furthermore, a government initiative to enhance the documentation quality is also accelerating the demand for the technical illustration software market.
The major vendors in the technical illustration software market are Autodesk Inc., Adobe Inc., Canvas GFX, Cyient Limited, Corel Corporation, Dassault Systèmes, Lattice Technology, Ignite Technologies, PTC Inc., SAP SE, QuadriSpace Corporation, and Siemens AG.
Historical & Forecast Period
This research report presents the analysis of each segment from 2017 to 2027, considering 2018 as the base year for the research. In addition, compounded Annual Growth Rate (CAGR) for each respective segment was calculated for the forecast period from 2019 to 2027.
Report Scope by Segments
The technical illustration software market report provides market size and estimates based on market dynamics and key trends observed in the industry. In addition, the report provides a holistic view of the global Technical Illustration Software market based on component, enterprise size, application, and geography.
Frequently Asked Questions:
The market for Technical Illustration Software is expected to reach US$ XX by 2027.
The Technical Illustration Software market is expected to see significant CAGR growth over the coming years, at 6.5%.
The report is forecasted from 2019-2027.
The base year of this report is 2021.
Adobe Inc., Autodesk Inc., Canvas GFX, Corel Corporation, Cyient Limited, Dassault Systemes, Ignite Technology, Lattice Technology, PTC Inc., QuadriSpace Corporation are some of the major players in the global market.
