Technical Illustration Software Market Growing at CAGR of 6.2% | Key Players Lattice Technology, PTC, Adobe Systems, Corel Corporation, Cyient

Technical Illustration Software Market Growing at CAGR of 6.2% | Key Players Lattice Technology, PTC, Adobe Systems, Corel Corporation, Cyient

“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 market 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.

The services segment is projected to grow at a higher CAGR during the forecast period. Services refer to the support offered by technical illustration software companies to assist their customers in using and maintaining the software efficiently. Services aim at training and developing expertise, providing timely upgradations to platforms, and helping customers integrate their platforms with other IT solutions.

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The technical illustration software market by service is segmented into professional and managed services. Organizations are adopting managed services to reduce their operational and labor cost as they hire managed service to create high quality detailed technical illustrations.  Managed service providers are the skilled professionals who provide technical illustrations for any manual, including user manuals, maintenance manuals, installation manuals, and product manuals.

The large enterprise segment is projected to grow at a higher CAGR during the forecast period. Enterprises with more than 1,000 employees are categorized as large enterprises. They 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.

Large enterprises use various technical illustration software to design manufacturing parts with proper details. These details help designers and artists test every possible change in the initial phase and make the necessary changes that are required. This is done with the help of digital prototyping, 3D visualization, and simulation.

In terms of geographic coverage, the global technical illustration software market has been segmented into four major regions, namely, North America, Asia Pacific (APAC), Europe, and Rest of the World (RoW). APAC is projected to be the fastest-growing region in the market, owing to the rise in the adoption of advanced technologies, growing Gross Domestic Products (GDPs) in countries, steady advancement, and development in their economies. APAC includes some of the most potential markets for the technical illustration software market, such as China, Japan, South Korea, Indonesia, Thailand, Malaysia, Singapore, and others.

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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.

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