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Global technical illustration software market size to grow at a CAGR of 6.2% during the forecast period
The global technical illustration software market size to grow from USD 3.8 billion in 2019 to USD 5.1 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 6.2% during the forecast period. The global market is expected to have significant growth potential, due to the changing entrepreneurial ecosystem of various verticals, and the increasing demand for more realistic games with rich graphics and animation is driving big gaming companies to develop new games with enhanced graphics and features. However, increasing competition in the technical illustration software may limit market growth.
Solution segment to lead the technical illustration software market in 2019
The solution segment is expected to gain traction across all regions during the forecast period, as the technical illustration software designs and creates visual representations for the products and services of any organization. Further, the visual representations are used in technical publications and manuals, which enable organizations to make their brand stand out and look unique. Technical illustration software provides users with many features needed to design perfect technical illustrations for their products.
Managed services to grow at the highest growth rate during the forecast period
Managed services play a significant role, as they are client-specific and help streamline clients’ business processes. Managed Service Providers (MSPs) take care of all hardware and software functions, while organizations are only responsible for updating and installing business applications. All the pre- and post-deployment questions and needs of clients are taken care of by managed services. Organizations mostly outsource such services, so that they can focus on their core business functions and increase their efficiency.
The High-tech and telecommunications to grow at the highest growth rate during the forecast period
The high-tech and telecommunications industry comprises enterprises working in various fields, including semiconductor, telecommunications, computing and network, technology suppliers, security, control and instrumentation, contract manufacturing services, Original Equipment Manufacturers (OEMs) and Original Design Manufacturers (ODMs)/Electronics Manufacturing Service (EMS), and white goods. High-tech goods include control and telecommunication systems and consumer goods. In today’s highly competitive global market, organizations working in the high-tech and telecommunications industry are not only offering more products to consumers but also driving a greater vision to transform the way people live and utilize these products. This end user is fast-paced, innovative, complex, and highly competitive. Technical illustration software is used worldwide by high-tech and telecommunications enterprises to create compelling technical illustrations.
North America to lead the technical illustration software market in 2019
North America leads in the adoption of the technical illustration software and provides excellent opportunities for growth of the technical illustrations software market. North America has always been an early adopter of new technology or software, and the North American market grows at a faster rate initially as compared to any other region.
The booming digitalization across industries is driving the demand for technical illustration software in North America along with surging demand for graphics software by businesses. The manufacturing industry in North America is also a great consumer of the Computer-Aided Design/Computer-Aided Engineering (CAD/CAE) software for designing composite styles, optimizing production line, and manufacturing complex parts and associated ancillaries.
In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in the technical illustration software market.
The following list provides the breakup of primary respondents’ profiles:
- By Company Type: Tier 1: 35%, Tier 2: 45%, and Tier 3: 20%
- By Designation: C level Executives: 35%, Director Level: 25%, and Others: 40%
- By Region: North America: 45%, Europe: 20%, APAC: 30%, and Rest of the World: 5%
Major vendors in the global technical illustration software market include Adobe (US), PTC (US), Lattice Technology (Japan), QuadriSpace (US), Corel (Canada), Canvas GFX, (US), Cyient (India), Ignite Technologies (US), Dassault Syst?mes (France), Autodesk (US), Siemens (Germany), and SAP (Germany).
- The report includes an in-depth competitive analysis of the key players in the technical illustration software market, along with their company profiles, recent developments, and key market strategies.
- The report segments the global technical illustration software industry by component, organization size, vertical, and region.
Key benefits of buying the report:
- The report would provide the market leaders/new entrants in the technical illustration software market, information on the closest approximations of the revenue numbers for the overall market and subsegments.
- The report would also help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies.
- It also helps stakeholders understand the pulse of the market and provides them with information on the key market drivers, restraints, challenges, and opportunities.