Market Scenario:
According to Market Research Future (MRFR), the global Technical Illustration Software Market Growthis expected to reach USD 3.89 billion with a CAGR of 4.6% from 2019 to 2025 (forecast period). The report provides a precise evaluation of the global situation, the economic situation, and the COVID-19 analysis of the overall industry.
Technical illustration software provides technical drawings as well as scientific and medical illustrations of products. The software provides a range of features that illustrators need to design technology products. The software helps to create both 2D and 3D designs. It enables the creation of detailed technical illustrations with absolute accuracy and control, from project creation and authoring to the publishing of technical documentation. The software is commonly used in the technical drawing of medical equipment and the manufacturing of machines. All unnecessary specifics are omitted with technical illustration software. In addition, the software offers artistic freedom to use different stylistic devices to support the purpose of illustration. Most technical illustration software has advanced technical illustration tools, multi-format support, metadata editing capabilities, tabbed and split views, and SVG import and export capabilities.
Global technical illustration software is powered by the changing entrepreneurial ecosystem of various verticals and the flourishing entertainment verticals. Technical illustration software makes it simple for illustrators to design technology products within a stipulated timeframe. In addition, a range of software providers provides cost-effective solutions that can easily be bought by small and medium-sized businesses that typically have budget constraints. The main constraint is the availability of free tools in the market. However, these free tools do not have the extensive features and capabilities needed by the illustrators to design complex technical products. Thus, even after the availability of free tools, businesses invest in proprietary software. In turn, this minimizes the effect of restraint on the overall growth of the market.
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Competitive Outlook:
Notable players in the global technical illustration software market are Adobe Systems (US), Lattice Technology (Japan), Autodesk (US), Illustration Limited (UK), QuadriSpace (US), SAP SE (Germany), PTC (US), Dassault Systems (France), Corel (Canada), The Technical Drawing Company (US), MAA Illustrations (India), Cyient (India), Canvas GFX (US), Ignite Technologies, Inc. (US) and Nbg Drafting & Design (US).
Segmentation:
The global market for technical illustration software has been segmented based on component, organization size, and end-user.
Based on components, the global technical illustration software market has been segmented into solution and service. The service segment is further split into professional services and managed services. Professional services comprise integration services, support, and maintenance services, as well as training services. Managed services are technical designing services provided by third-party providers. The solution segment held the largest share in the overall industry in 2018. Enterprises are deploying such solutions for achieving technical design precision.
By organization size, the global technical illustration software market has been segmented into small and medium enterprises and large enterprises. The small and medium enterprise segment is set to register the higher CAGR during the forecast period, 2019–2025
By end-users, the global technical illustration software market has been segmented into IT & telecommunication, healthcare, aerospace & defense, energy & utility, automotive, and others. The aerospace & defense segment is projected to post the highest CAGR during the forecast period.
Regional Analysis:
Region-wise, the global technical illustration software market has been segmented into the Asia Pacific, North America, Europe, the Middle East & Africa, and South America.
North America is leading the market in terms of market share in the global market for technical illustration software. Some of the factors responsible for the market's growth include the continued demand for comprehensive technical illustration software solutions by companies operating in healthcare, manufacturing, and aerospace & defense verticals. The emergence of many software providers in the market is another factor that greatly contributed to the North American market's growth in 2018. North America has been segmented into the United States, Canada, and Mexico. According to the MRFR report, the US is projected to have the largest market share, followed by Canada and Mexico. The market for technical illustration software in this region is estimated to rise due to the growing demand for such solutions among the various industry verticals.
Europe took the second spot in the market. For this study, Europe has been divided into the United Kingdom, Germany, France, Italy, and Europe. Among these, the UK held the largest share of the overall market. However, the rest of Europe is predicted to report the highest CAGR in the forecast period.
Industry News
In May 2019, Canvas GFX teamed up with Spatial, a subsidiary of Dassault Systems. The partnership has helped the company streamline the process of converting CAD files from top CAD software providers to illustrations and visualizations for service documentation.
In May 2019, Cyient teamed up with OneStrand, Inc. to provide interactive technical publication solutions. With this collaboration, Cyient delivers technical data to global customers in the aerospace, defense, and transport industries in a range of formats based on customer needs, whether print or electronic. Clients also leverage new services throughout the product life cycle and can better manage engineering technical data from initial creation to archiving.
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Table of Contents:
1 Executive Summary
2 Scope of the Report
2.1 Market Definition
2.2 Scope of the Study
2.2.1 Research objectives
2.2.2 Assumptions & Limitations
2.3 Markets Structure
Continued….
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