Global Technical Illustration Software Market to amass $6.66 Bn by 2027

December 04, 2019


According to the latest study titled ‘Technical Illustration Software Market to 2027 - Global Analysis and Forecasts by Component (Solutions and Services); Technology (2D and 3D); Organization Size (SMEs and Large Enterprises); End User (Manufacturing, Aerospace & Defense, Automotive, Healthcare, Energy & Power, and Others)’ available with Market Study Report LLC, the global technical illustration software market is estimated to accumulate US $6.66 billion by the year 2027.
 

Technical illustration software is used by illustrators and designers to design products with technical specifications before it is rolled out for prototyping. It is user-friendly and contains various tools and features that might be helpful to the illustrators. Growing adoption of factory automation is the key factor driving the growth of technical illustration software market.
 

According to the study, technical illustration software market was worth US $4.17 billion in 2018 and is anticipated to grow with a CAGR of 5.4 % over the forecast time period. However, this growth might be restrained, owing to high maintenance cost of these software.  
 

Based on component type, the global technical illustration software market is segmented into solutions and services. Whereas based on technology, the industry is divided into 2D and 3D. In terms of organization size, technical illustration software market is split into small & medium enterprises (SMEs) and large enterprises. The report states that large enterprises segment contributed substantially towards the market growth in 2018.
 

Speaking of end-user spectrum, the industry is bifurcated into aerospace & defense, manufacturing, healthcare, automotive, energy & power, and others. Technical illustration software market from manufacturing segment is presumed to expand significant over the forecast period, cites the report.
 

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Considering the geographical landscape, North America dominated the global technical illustration software market and accounted for 32% revenue share in 2018. Asia Pacific and Europe simultaneously held the second and third position with the market share of over 26% and 23%, respectively. Additionally, Asia Pacific technical illustration software market is also presumed to register accelerated growth in the upcoming years.
 

Some of the vendors that operate in technical illustration software market are The Technical Drawing Company, Corel Corporation, Canvas GFX Inc., Dassault Systems, Cyient Ltd., Ignite Technologies Inc., PTC Inc., Autodesk Inc., QuadriSpace Corporation, and ASA Computers Inc. among others.


Frequently Asked Questions (FAQ) :

Technical illustration software is user-friendly and contains various tools and features that might be helpful to the illustrators. Growing adoption of factory automation is the key factor driving the growth of technical illustration software market.
The technical illustration software market was worth US $4.17 billion in 2018 and is anticipated to grow with a CAGR of 5.4 % over the forecast time period, thereby reaching US $6.66 billion by the year 2027.
Based on component type, the global technical illustration software market is segmented into solutions and services. Whereas based on technology, the industry is divided into 2D and 3D. In terms of organization size, the technical illustration software market is split into small & medium enterprises (SMEs) and large enterprises. The report states that large enterprises segment contributed substantially towards the market growth in 2018. Speaking of end-user spectrum, technical illustration software market from manufacturing segment is presumed to expand significant over the forecast period, cites the report.
Companies that show prominence in the competitive landscape of technical illustration software market are The Technical Drawing Company, Corel Corporation, Canvas GFX Inc., Dassault Systems, Cyient Ltd., Ignite Technologies Inc., PTC Inc., Autodesk Inc., QuadriSpace Corporation, and ASA Computers Inc. among others.