Extensive adoption of professional services among end-users to ensure effective functioning of CAM software solution by the process drives growth of market.
PORTLAND, OR, UNITED STATES, December 10, 2021 /EINPresswire.com/ — Growth of the global Computer Aided Manufacturing Industry is mainly driven by factors such as rise in use of computer aided manufacturing in packaging machinery, surge in industrialization, and increase in investments of R&D activities in the Computer Aided Manufacturing Industry. However, availability of free and open-source Computer aided manufacturing is expected to impede the market growth. Conversely, increase in adoption of cloud-based solutions and technological advancements in Computer aided manufacturing are expected to present major opportunities for market expansion in the future.
According to a recent report published by Allied Market Research, titled, “Computer Aided Manufacturing Industry by Component, Deployment Type, Enterprise Size, Design Type, Application, and Region: global opportunity analysis and industry forecast, 2021–2028,” the global market size was valued at $2,689 million in 2020, and is projected to reach at $5,477 million by 2028, growing at a CAGR of 8.4% from 2021 to 2028.
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In 2020, the 3D segment dominated the Computer Aided Manufacturing Industry share, and is expected to maintain its dominance in the upcoming years owing to growing demand for integrated suite facilitating programming five-axis machines rises significantly as it provides information about how a machine executes while performing actual job, which, in turn, is expected to boost demand for 3D computer aided manufacturing. Key market players are following the trend of enhancement of product portfolio by additional functionalities in 3D Computer aided manufacturing, which propels growth of the segment. However, the 3D segment is expected to witness highest growth.
By application, the global CAM market share was dominated by the machine tool industry segment in 2020, and is expected to maintain its dominance in the upcoming years. This is attributed to benefits of Computer aided manufacturing for the machine tool industry such as faster machining cycles, machining of elements by non-machining experts, higher quality finishing, increased operator productivity, improved material utilization, and longer tool life.
Post COVID-19, size of the Computer Aided Manufacturing Industry is estimated to grow from $2,879 million in 2021, and is projected to reach $5,477 million by 2028, at a CAGR of 8.4%. The current estimation of 2028 is projected to be lower than pre-COVID-19 estimates. The COVID-19 outbreak has considerable impact on the growth of the Computer Aided Manufacturing Industry, as adoption of computer aided manufacturing have decreased in the face of unprecedented circumstances. This is attributed to decrease in spending by vendors serving the automobile and aerospace industry. However, the market is anticipated to gain traction in post pandemic as the market players have introduced updated Computer aided manufacturing products during the pandemic to meet increased demand for automation which drives the CAM market growth. For instance, in April 2020, DP Technology launched ESPRIT 2020, a comprehensive product update for its computer-aided manufacturing (CAM) software.
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KEY FINDINGS OF THE STUDY
• On the basis of component, the solution segment accounted for the highest revenue in 2020, however, the services segment is expected to witness highest growth rate in the forecasted period.
• By design type, in 2020 the 3D segment dominated the Computer Aided Manufacturing Industry size and is expected to exhibit significant growth during the forecast period.
• Depending on application, the machine tool industry generated the highest revenue in 2020. However, the others segment is expected to witness highest growth rate in the forecasted period.
• Region wise, the CAM market was dominated by North America region. However, Asia-Pacific is expected to witness significant growth in the upcoming years.
Some of the key computer aided manufacturing industry players profiled in the report include Autodesk Inc., Mastercam, SolidCAM Ltd., EdgeCAM, ZWCAD Software Co., Ltd., GRZ Software, BobCAD-CAM, Inc., Cimatron Group, Camnetics, Inc., MecSoft Corporation, Dassault Systèmes, and Siemens Product Lifecycle Management Software Inc. This study includes Computer Aided Manufacturing Industry trends, Computer Aided Manufacturing Industry analysis, and future estimations to determine the imminent investment pockets.
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