The global computer-aided design (CAD) software market attained a valuation of $9.3 billion in 2019 and it is predicted to advance at a CAGR of 6.6% between 2020 and 2030. According to the forecast of P&S Intelligence, a market research company based in India, the market will generate a revenue of $18.7 billion by 2030. The growing adoption of the CAD software in automotive and manufacturing industries is one of the major factors driving the progress of the market.
The automotive industry has witnessed a massive rise in the demand for high-quality products and components over the last few years. This factor when coupled with the growing focus of automotive manufacturers on reducing the occurrence rate of product recalls is causing a sharp surge in the demand for the integration of CAD software in automobile manufacturing processes. Moreover, many automakers are increasingly incorporating CAD supported-advanced tools and solutions for facilitating the development and design of connected car components.
Apart from the above-mentioned factor, the burgeoning usage of the CAD software in the packaging industry is also fueling the expansion of the CAD software market across the globe. Packaging processes involve the designing, planning, boxing, wrapping, or bottling of products for various end users such as individual customers and military, industrial, and manufacturing industries. These operations along with the associated product filling, strapping, labeling, and wrapping processes are completed with the help of packaging machinery.
As these machines are becoming more and more complex, designers and engineers are rapidly adopting the CAD software for meeting the mechatronic engineering challenges. The adoption of this software allows the unconventional modeling of these packaging equipment via communication and simulation control tools. Additionally, the mushrooming demand for smart packaging is further boosting the requirement for CAD software around the world, which is, in turn, propelling the expansion of the market.
Depending on technology, the CAD software market is divided into 3D software and 2D software categories. Of these, the 3D CAD software category will exhibit faster growth in the market in the coming years. This will be because of the various advantages of the 3D CAD software over the 2D one such as its ability to provide improved product presentation and visualization and the rising requirement for greater accuracy and precision in product drawings all over the world.
Furthermore, and the surging adoption of the 3D technology in several application areas is fueling the advancement of this category in the market. Across the globe, the CAD software market will demonstrate the fastest growth in the Asia-Pacific (APAC) region in the forthcoming years. This is credited to the burgeoning adoption of this software in various regional countries such as India, China, and Japan, primarily for several healthcare and automotive applications.
Hence, it can be said with full surety that the market will exhibit huge expansion all over the world in the coming years, mainly because of the increasing usage of the CAD software in the automotive and packaging industries.
