Technical Illustration Software Market Opportunities and Latest Innovations | COVID-19 Impact

Market Highlights

Market Research Future (MRFR) studied the Technical Illustration Software Market 2020 and the effect of COVID-19 on the market. Long term consequence and short term effect of COVID-19 on the technical illustration market can elaborated in the report. MRFR findings shows that the world market of technical illustration software is likely to rise at 4.6% CAGR in the assessment period. The technical illustration software market can value at USD 3.89 Billion by 2025.

COVID-19 Analysis

The COVID-19 outbreak has uprooted almost every business across the globe, with the companies in the information and communication technology industry being no exception. Manufacturing operations have ceased in light of the lockdown that have been imposed by governments to reduce the spread of the novel coronavirus. The pandemic has weakened the supply chain of ICT leaders like IBM, Intel, Apple and Qualcomm, to name a few. On the bright side, the ICT industry is anticipated to make a solid comeback, with digitization-based markets gaining impetus despite the SARS-CoV-2 outbreak. Technical illustration software market can be one such market that can remain fortified throughout the review period.

Prime Boosters and Main Restraints

Technical illustration software is viewed as a critical component by illustrators that design technology products, helping with the development of 2D as well as 3D designs. All the unrequired details are omitted and there is significant artistic freedom while using stylistic devices that are involved in the illustration process. Its use post pandemic has increased in automotive, healthcare, aerospace & defense, IT & telecommunication, energy & utility, on account of the curbed mobility of people and the boom in IoT and other technologies like AI and Big Data.

The technical illustration software market growth is boosted by the evolving entrepreneurial ecosystem across diverse verticals coupled with the expansion of entertainment verticals. The soaring demand for SaaS-backed travel and expense management software as well as pricing strategies adopted by leading vendors can also induce significant market growth in the years ahead.

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Segmentation:

The segment study of the Technical Illustration Software global Market is done by End User, Component, and Organization Size.

The Component-based segments of the technical illustration software global market are solution and service. The service segments of the technical illustration software market are professional services and managed services. Professional services include support and maintenance services, integration services, and training services. The increase in number of enterprises deploying these solutions to achieve technical design precision can impel the expansion of the Technical Illustration Software market.

The Organization Size based, the technical illustration software market segments are small and medium enterprise and large enterprise. The small and medium enterprise segment can thrive at a high CAGR in the evaluation period.

The End Users based, the technical illustration software market segments are healthcare, energy & utility, IT & telecommunication, automotive, and aerospace & defense among others. The aerospace & defense segment can gain the highest traction across the forecast period.

Regional Insight

North America, APAC/Asia Pacific, Europe and RoW/the rest of the world are the top markets for technical illustration software.

The North American market can witness an exponential growth in the years to come, thanks to the surge in technical projects combined with the mounting need to author technical documentation. The escalating demand for cost-effective and comprehensive solutions in the US can also stimulate the growth of the technical illustration software market. The growing need to shorten the time and cut down the cost of designing technical products has led to higher deployment of these software and solutions in the region.

The European market is dependent on the rising use of higher quality technical illustration tools as well as multi-format support to edit SVG import and export, metadata, split and tabbed views. Mounting number of enterprises in the region along with the surging number of illustrators working in these companies can also benefit the market during the assessment period.

In APAC, the market can expand at the fastest rate in the following years, owing to the large number of multination companies adopting technical illustration software and solutions. India is one of the most successful markets in the region, because of the rising use of cloud-based technical illustration software among companies. In addition, the need for affordable software solutions across small medium real estate agencies can also promote business growth across the region.

Leading Companies

MRFR lists down the top companies in the technical illustration software industry, such as Nbg Drafting & Design (US), The Technical Drawing Company (US), Canvas GFX (US), MAA Illustrations (India), Dassault Systems (France), SAP SE (Germany), Lattice Technology (Japan), Autodesk (US), Corel (Canada), Cyient (India), Ignite Technologies, Inc. (US), Illustration Limited (UK), PTC (US), Adobe Systems (US), QuadriSpace (US), and more.

Latest News

January 2020

Canvas GFX Inc., a renowned technical illustration software firm, has launched its latest product called Canvas X3 CADComposer. This is the first product to be developed following the company’s partnership with Dassault Systèmes’ Spatial. Canvas X3 provides technical illustrators the ability to better manipulate 3D CAD models, without requiring time-consuming training or expensive CAD software.

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