The global CAD software market is expected to reach $12,124.0 million by 2023, progressing at a CAGR of 6.6% during 2018–2023. The surging use of CAD software in the packaging industry as well as in the automotive industry is one of the key factors driving the growth of the market.
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Geographically, APAC is predicted to record the fastest growth in the CAD software market during the forecast period. This can be attributed to the increasing usage of CAD software for the development of advanced medical devices and diagnostic tools in the region, primarily in China, Japan, and India. Moreover, the swift digitalization, technological advancements, and increasing adoption of advanced rendering and simulation tools by designers are some other factors supporting the growth of the market in the region.
With more design and engineering firms adopting cloud-based solutions, CAD providers are compelled to offer on-cloud services. Cloud-based solutions enable the software to be loaded and run remotely. This eliminates the need for the software to reside on a workstation or on local network servers. Cloud-based CAD solutions are expected to be increasingly preferred by SMEs, owing to their scalability, flexibility, and economical aspect.
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Furthermore, in October 2017, 3D Systems Corporation launched D2P (DICOM to PRINT) software that creates patient-specific digital 3D models for precision healthcare applications, including virtual reality visualization, 3D printing, and surgical planning. Some of the other major players in the CAD software market are Trimble Inc., PTC Inc., Gstarsoft Co. Ltd., Aveva Group PLC, Hexagon AB, IronCAD LLC, and Siemens AG.
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