In 2018, the global technical illustration market was valued at approximately US$ 4.17 billion and is projected to experience a compound annual growth rate (CAGR) of 5.4% from 2019 to 2027, reaching an estimated US$ 6.66 billion by 2027.
The anticipated growth of the global manufacturing sector during the forecast period from 2019 to 2027 is expected to significantly boost the demand for technical illustration software worldwide. Nevertheless, the market may face challenges due to high maintenance costs, which could hinder its expansion. Despite these obstacles, the increasing trend towards factory automation is likely to create numerous opportunities for stakeholders in the technical illustration software market throughout the forecast period. Key players in this sector are actively pursuing strategic initiatives aimed at enhancing their production capabilities and broadening their geographical reach. Additionally, these companies are implementing various strategies to strengthen their position in the technical illustration software market, thereby contributing to its overall growth.
The technical illustration software market is categorized based on several factors, including component, technology, organization size, end user, and geographical region. In terms of end users, the market is divided into several sectors: manufacturing, aerospace & defense, automotive, healthcare, energy & power, and others. The manufacturing sector has consistently held the largest market share throughout the forecast period, while the healthcare sector is anticipated to exhibit the fastest growth rate. When considering organization size, the market is segmented into small and medium-sized enterprises (SMEs) and large enterprises. In 2018, large enterprises accounted for a significant portion of the global technical illustration software market. Geographically, the market is divided into North America, Europe, Asia Pacific, the Middle East & Africa, and South America.
North America dominated the technical illustration software market in 2018, contributing over 32% of the total revenue, and is expected to maintain its leading position throughout the 2019-2027 forecast period. The Asia Pacific region and Europe followed, holding the second and third largest shares of the market in 2018, with contributions of more than 26% and 23%, respectively. The Asia Pacific market is projected to experience the highest growth rate from 2019 to 2027. Additionally, emerging markets in the Middle East and Africa, as well as South America, are also expected to present significant growth opportunities for technical illustration software providers during the forecast period.
The overall size of the technical illustration software market has been determined through a combination of primary and secondary research methods. The research process begins with comprehensive secondary research, utilizing both internal and external sources to gather qualitative and quantitative data related to the technical illustration software market. This research provides an overview and forecast of the global market based on the various segments across five key regions: North America, Europe, Asia-Pacific, the Middle East and Africa, and South America. Furthermore, primary interviews with industry participants and experts are conducted to validate the data and analysis. Participants typically include industry professionals such as vice presidents, business development managers, market intelligence managers, and national sales managers, as well as external consultants like valuation experts, research analysts, and key opinion leaders specializing in the technical illustration software market. Notable companies operating in the technical illustration software market include ASA Computers, Inc., Autodesk, Inc., Canvas GFX, Inc., Corel Corporation, Cyient Ltd., Dassault Syst?mes, Ignite Technologies, Inc., PTC Inc., QuadriSpace Corporation, and The Technical Drawing Company, among others.