/EIN News/ — New York, US, Aug. 03, 2021 (GLOBE NEWSWIRE) — Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Global Technical Illustration Software Market information by Organization Size, by Components, by End-user and Region – forecast to 2027” the market is estimated to create exponential valuation of USD 3.89 Billion by 2025, registering an impressive CAGR of 4.6%.
Market Scope:
The technical illustration software market demonstrates positive prospects, mainly due to rapidly growing research projects. Scientific artists are increasingly using illustration solutions to create impact with attractive visuals.
Science often benefits from good illustration and graphic design. Rising adoption of this zoological illustration and scientific illustration in various researches to gain the attention they deserve substantiates market growth. With the increasing uptake of technical illustration software in research papers, posters or public display, visual communication, conference presentations, and lab meetings, the market share is projected to escalate further.
Dominant Key Players on Technical Illustration Software Market Covered Are:
- Autodesk (US)
- Adobe Systems (US)
- Illustration Limited (UK)
- Lattice Technology (Japan)
- SAP SE (Germany)
- PTC (US)
- The Technical Drawing Company (US)
- Dassault Systems (France)
- MAA Illustrations (India)
- Corel (Canada)
- Cyient (India)
- QuadriSpace (US)
- Ignite Technologies Inc. (US)
- Canvas GFX (US)
- Nbg Drafting & Design (US)
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Market USP exclusively encompassed:
Market Drivers
Growing Adoption in Engineering Designing Boost Market Size
Increasing uses of technical illustration software for designing engineering structures in machinery, automotive & aerospace, and construction & architecture industries drive the market growth. Additional factors pushing the technical illustration software uptake include the growing focus on quality & accuracy and the rise in research & development spending.
Technical illustration software tools are crucial for advanced manufacturing. The software typically fits for exacting designing due to its extreme precision and interactive visuals. There is a wide drive in nearly all industries for the development of smaller and more complex components. Booming aviation and automotive industries offer robust opportunities. Additionally, the rapid industrialization and increasing demand for 3D images foster market share.
Lack of Awareness for the Benefits of Illustration Software Acts as a Major Setback
Despite the promising prospects, the technical illustration software market witnesses several challenges. These growth impeding factors include the high costs associated with the purchase and upgrades of technical illustration software and lack of expertise. Nevertheless, increasing uses of technical illustration software in various industrial designing would support the market growth throughout the review period.
Browse In-depth Market Research Report (141 Pages) on Technical Illustration Software Market:
https://www.marketresearchfuture.com/reports/technical-illustration-software-market-9555
Segmentation of Market covered in the research:
The market is segmented into components, organization size, end-users, and regions. The component segment is sub-segmented into solutions and services. The sub-segment service is further bifurcated into professional services (integration services, support, and maintenance services) and managed services (technical designing services).
Of these, the solution segment accounts for the largest market share, mainly due to the vast deployment of these solutions in enterprises for achieving technical design precision. The organization size segment is sub-segmented into small and medium enterprises and large enterprises. The end-user segment is sub-segmented into IT & telecommunication, healthcare, aerospace & defense, energy & utility, automotive, and others.
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Regional Analysis
North America dominates the global technical illustration software market. The largest market share is led by the increasing adoption of technical illustration software in various end-user verticals for publication, animation, or presentation applications, gaining finer control for purpose-built technical illustration with micro-precision.
Besides, the strong presence of major software providers is another factor contributing to the market’s growth significantly. Other factors responsible for the market rise include continuous demand for comprehensive technical illustration solutions by enterprises operating in manufacturing, healthcare, and aerospace & defense verticals.
Vast technological advances and automation in manufacturing sectors and faster automation of the software in automotive manufacturing facilities create substantial market demand. With the increasing demand for illustration solutions in the field of animation, graphics designing, and web development, the US holds the highest market share, followed by Canada and Mexico.
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COVID-19 Impact on the Global Technical Illustration Software Market
Technical illustration software market revenues remained reassuringly robust even during the COVID-19 crises. Lockdown mandates allowed social media content creators a high level of comfort working in the realm of social media. Social media enthusiasts increasingly started using illustration solutions to design innovative photograph-based posts and create news blasts to target specific audiences on various social media channels.
Besides, the rise in online web services, social media, gaming, and streaming services propelled the market growth, increasing the demand for technical illustration software to incorporate motion graphics into their content. Market dynamics have become quite diversified more than ever. Similarly, the ability to respond to market challenges has become more important than ever in post-pandemic periods.
Competitive Analysis
The technical illustration software market is witnessing several strategic approaches, such as mergers & acquisitions, collaboration, expansion, and product launches. Key market players make strategic investments in research and development activities and fostering their expansion plans.
For instance, recently, on Jan. 06, 2021, OpenAI, an artificial intelligence research laboratory, launched its new AI-enabled technical illustration software named DALL-E that creates images from textual descriptions. DALL-E also creates and illustrates photos described intelligibly, rendering preferred methods of users. Interestingly, OpenAI’s another new system, CLIP, is used in conjunction with DALL-E to understand and rank the images in question, though it’s a little more technical and harder to understand.
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