The Asia-Pacific (APAC) computer-aided design (CAD) software market is predicted to generate a revenue of $4. 0 billion by 2024, progressing at a 9. 4% CAGR during the forecast period. The increasing adoption of CAD software in the automotive and packaging industries due to the surging need for precise designs for product prototyping is one of the key factors behind the growth of the market.
New York, Nov. 06, 2019 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Asia-Pacific CAD Software Market" - https://www.reportlinker.com/p05796701/?utm_source=GNW
On the basis of technology, the market is bifurcated into 2D and 3D software. Of these, the 3D software bifurcation is projected to hold the majority of the market share during the forecast period.
Three-dimensional CAD software offers better visualization and precise design capabilities, as well as reduces the errors in the product development process. Although 2D CAD software is useful in simulating and monitoring the basic subsystem and general component arrangement, it is not proficient in providing the exact interface, fit, and function of assembly components, which, in turn, is accelerating the adoption of 3D technology among CAD software users in the APAC region. On the basis of deployment type, the CAD software market in APAC is classified into cloud-based and on-premises.
Out of these, in 2018, the on-premises classification held more than 60.0% share in the market, due to the higher amount of customization and improved security features provided by on-premises CAD software. However, during the forecast period, the cloud-based classification is predicted to exhibit faster growth in the CAD software market in APAC on account of the increasing preference of large and small manufacturing and designing firms for cloud CAD solutions for data management and improved scalability. In every industry, the applications of artificial intelligence (AI) and machine learning are surging at a tremendous rate.
The integration of AI in CAD is creating ripples in the designing sector, as designers are using the generative design technology to automate the procedure. With CAD software, users can easily reverse-engineer a product from its image at a faster pace. Besides, AI helps users produce highly accurate designs with realistic view while using generative design methods, wherein the software helps in design process automation. The designs thus made are more complex as compared to traditional designs, and thus need additive manufacturing to be converted into the physical form.
One of the key trends being observed in the APAC CAD software market is the rapid end-user shift toward subscription-based from license-based models. The traditional CAD software licensing model is expensive, and as a result small and medium enterprises (SMEs) with low IT budget, most of the time, find it difficult to integrate the software in their work atmosphere. Hence, to lower the dependence on this model, organizations have shifted toward subscription-based CAD software. Since SMEs make up over 90.0% of the total registered enterprises in the region, a huge number of market players are rapidly focusing on subscription-based CAD software models to cater to this expanding customer base.
Read the full report: https://www.reportlinker.com/p05796701/?utm_source=GNW
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