May 29, 2020 3:39 AM ET
iCrowd Newswire – May 29, 2020
Latest market study on “Technical Illustration Software Market to 2027 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); – Global Analysis and Forecast”, the technical illustration software market is estimated to reach US$ 6.66 Bn by 2027 from US$ 4.17 Bn in 2018. The report includes a key understanding of the driving factors of this growth and also highlights the prominent players in the market and their developments.
Growing adoption of factory automation to provide growth opportunities for technical illustration software market
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APAC is also expected to be the fastest-growing region in the global technical illustration software market during the forecast period. The presence of fast growing countries such as China and India as well as developed countries such as Japan, makes Asia pacific as one of the most promising market for the growth of technical illustration software. The economic growth in developing countries of APAC is quite impressive and these countries are expected to offer ample growth opportunities for the technical illustration software market players during the forecast period of 2019–2027. In addition to this, Owing to the increasing demand for aircraft in the region, the aircraft manufacturers, such as Boeing, are seeking to expand their production capacities in the Southeast Asian countries. Countries such as Malaysia and Thailand are attracting industries from overseas, with an intent to develop their economies. APAC is home to the world’s leading the consumer electronics manufacturing and semiconductor industries. The presence of these industries is anticipated to influence the technical illustration software market positively.
A significant reduction in time and cost can be achieved in the product development cycle with the introduction of technical illustration software. Also, technical illustration software provides easy accessibility to the users, thus reducing extra efforts and increasing efficiency and work quality, thereby driving its adoption. The technical illustration software market is further flourishing due to the rising adoption of portable computing devices at the workplace, coupled with the easy availability of this software overcloud. The rising need for automation in industries such as manufacturing and automotive is expected to create new opportunities for the Global Technical Illustration Software Market during the forecasted period.
Market Initiatives was observed as the most adopted strategy in global technical illustration software market. Few of the recent market initiatives are listed below:
2019: Canvas GFX announced its partnership with Spatial to streamline the transformation of computer-aided design (CAD) files into compelling illustrations as well as visualizations for service documentation. Spatial (US) is a subsidiary of Dassault Systèmes (France).
2018: PTC introduced latest version of Creo 5.0, for providing five new features for the rapidly digital transformation of product design as well as key productivity enhancements.
2017: Corel Corporation launched CorelDRAW Technical Suite 2017, which is basically designed to meet the growing requirement of technical illustrators. This new suite comprises of impressive collection of unique tools precisely designed for the proper workflow of technical communicator’s.
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Keywords: Technical Illustration Software Market, Technical Illustration Software, Technical Illustration Software Market 2020, Technical Illustration Software Market 2027