Technical Illustration Software Market Growing at a CAGR 6.2% | Key Player Lattice Technology, QuadriSpace, PTC, Adobe Systems, Corel

Technical Illustration Software Market Growing at a CAGR 6.2% | Key Player Lattice Technology, QuadriSpace, PTC, Adobe Systems, Corel

“Adobe (US), PTC (US), Lattice Technology (Japan), QuadriSpace (US), Corel (Canada), Canvas GFX, (US), Cyient (India), Ignite Technologies (US), Dassault Systèmes (France), Autodesk (US), Siemens (Germany), and SAP (Germany).”
Technical Illustration Software Market by Type, Technology, Component (Solution, Services), Organization Size, End-User (Automotive & Machinery, Aerospace & Defense, High-Tech & Telecommunications), and Region – Global Forecast to 2024

The global Technical Illustration Software Market size is expected to grow from USD 3.8 billion in 2019 to USD 5.1 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 6.2% during the forecast period. The technical illustration software industry is highly competitive, with the presence of a large number of market players comprising top-tier and mid-tier companies. The technical illustration software industry is gaining traction and profitable for vendors. Several organizations in different verticals have realized the benefits of technical illustration software and implemented technical illustration software to speed up the production process by eliminating manual machine inputs.

Large enterprises to account for a larger market size during the forecast period

Large enterprises are the early adopters of the technical illustration software technology, as they have a large number of vendors and service providers in the market and possess strong budget capabilities. In addition to this, large enterprises are investing in technical illustration software and associated services to cater to the dynamic customer needs, streamline business operations, and enhance the experience of the stakeholders. Moreover, the affordability of resources and huge investment enable these organizations to leverage the benefits of technical illustration software.

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The automotive & machinery vertical is projected to account for the largest market size during the forecast period

The factor contributing to the highest market share of automotive and machinery industry is continually improving manufacturing processes through the adoption of various technological innovations for ensuring they deliver quality products. The automotive and machinery industry is continually evolving to offer vehicles powered with advanced IT technologies which can exceed customer expectations. Automobile manufacturers emphasize on continually improving their manufacturing processes through the adoption of various technological innovations for delivering quality products.

The major technical illustration software market vendors include Adobe (US), PTC (US), Lattice Technology (Japan), QuadriSpace (US), Corel (Canada), Canvas GFX, (US), Cyient (India), Ignite Technologies (US), Dassault Systèmes (France), Autodesk (US), Siemens (Germany), and SAP (Germany). These players have adopted various growth strategies, such as partnerships, agreements, and collaborations; and new product launches, to further expand their presence in the global technical illustration software market. New product launches, partnerships, and collaborations have been the most adopted strategies by the major players from 2016 to 2019, which helped them innovate their offerings and broaden their customer base.

PTC (US) is a global software and services company that delivers solutions to enable their industrial customers digital transformations, thereby helping them provide better design, as well as manufacture and operate their products. The company offers Creo Illustrate in the technical illustration software market to create 3D technical illustrations, 2D drawings, and interactive animated sequences that reflect product configurations and support formats from hard copy to Augmented Reality (AR). PTC Creo Illustrate helps create rich 3D technical illustrations, 2D drawings, and interactive animated sequences that reflect the current product configurations and support formats from hard copy to AR.

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Corel is a Canadian software specializing in graphics processing. In July 2018, KKR, a leading global investment firm, acquired Corel Corporation from Vector Capital, a leading technology-focused private equity firm. The company’s CorelDRAW Technical Suite 2019 is the latest edition of Corel’s comprehensive graphics suite. CorelDRAW is designed to maximize technical illustration and drafting workflows. CorelDRAW produces precise illustrations, including assembly instructions and complex schematics from original designs or existing 3D CAD renderings. Corel has offices in the US, UK, Germany, Taiwan, China, and Japan. The company’s products are available through a well-established network of international resellers, retailers, original equipment manufacturers, online providers, and on the company’s websites.

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