Technical Illustration Software Market Dynamics, Development Status and Outlook | COVID-19 Analysis

Market Highlights

Global Technical Illustration Software Market is estimated to reach USD 3.89 Billion by 2025, exhibiting a CAGR of 4.6% during the forecast period (2019–2025).

The Global Technical Illustration Software Market is expected to grow due to the rising need for effectively designing technical products within stipulated timeframes. The technical illustration software is a tool that has the capability of easily designing a complicated framework of mechanical products. The solution has dedicated illustration and design tools along with file format capability. Additionally, the software offered by the solution provider can be easily integrated with legacy software.

Segmentation:

The Global Technical Illustration Software Market Forecast has been segmented based on Component, Organization Size, End User, and Region.

Based on the Component, the technical illustration software market has been segmented into software and services. The software segment accounted for the larger share in the overall market in 2018

Based on Organization Size, the technical illustration software market has been segmented into the small and mid-size enterprises and large enterprises. The small and mid-size enterprise segment is expected to register the higher CAGR during the forecast period, 2019–2025

Based on End Users, the technical illustration software market has been segmented into IT & telecommunication, healthcare, aerospace & defense, energy & utility, automotive, and others. The aerospace & defense segment is expected to record the highest CAGR during the forecast period.

Regional Analysis

The COVID-19 analysis of the technical illustration software market has been conducted for North America, Europe, Asia-Pacific, the Middle East & Africa, and South America.

North America is expected to be the largest market for technical illustration software during the forecast period. North America has been segmented into three countries, namely the US, Canada, and Mexico.

The US is the leading market in North America, holding the largest market share and is expected to register substantial growth during the forecast period. Significant demand for comprehensive and cost-effective solutions is driving the US technical illustration software market. The need to save overall time and cost in designing technical products has led to an increase in the deployment of technical illustration software solutions in the country. Canada is expected to register the highest CAGR during the forecast period due to expected growth in various industry verticals in the coming years.

Europe is expected to hold the second position (in terms of market share) in the overall market during the forecast period. In Europe, the UK is expected to account for the largest share due to the growing number of enterprises in the country and their rising need among illustrators working in these enterprises. The rest of Europe is expected to register the highest CAGR during the forecast period.

The market in Asia-Pacific is expected to register the highest CAGR during the forecast period. In Asia-Pacific, key countries under the scope of the study are China, Japan, and India. India is expected to register the highest CAGR during the forecast period due to the increasing deployment of cloud-based technical illustration software among enterprises. Moreover, the increasing need for cost-effective software solutions, specifically in small- & mid-sized real estate agents, is also a key factor for the growth of the market in the region.

The Middle East & Africa market segment is expected to remain stagnant during the forecast period due to limited investments in such software solutions. The Middle East & Africa include countries like Saudi Arabia, South Africa, the UAE, and Qatar, among others.

The South American technical illustration software market is expected to grow at a considerably higher CAGR than the Middle East & Africa. Countries that are part of South America include Brazil, Venezuela, Chile, Argentina, and Colombia, among others

Key Players

The key players of the global technical illustration software market are Adobe Systems (US), Autodesk (US), Illustration Limited (UK), SAP SE (Germany), Lattice Technology (Japan), PTC (US), Dassault Systems (France), The Technical Drawing Company (US), MAA Illustrations (India), Cyient (India), Corel (Canada), QuadriSpace (US), Canvas GFX (US), Ignite Technologies, Inc. (US) and Nbg Drafting & Design (US).