TECHNICAL ILLUSTRATION SOFTWARE MARKET ESTIMATION AND FUTURE PROSPECTS

TECHNICAL ILLUSTRATION SOFTWARE MARKET

The global technical illustration market is supposed to grow from USD 3.8 Billion to USD 5.4 Billion by 2024, which is the end of the forecast period by a compound annual growth rate or CAGR of 6.2%. Changing entrepreneurial ecosystem of various verticals, along with the ever-increasing demand for games with clearer and more realistic graphics and animation is the driving force behind big companies that is making them develop new games with enhanced graphics and animations. This, in turn is playing a major role in augmenting the Technical Illusion Software Industry.

Key Market points

Based on the component the segment to hold the largest market size during the forecast period.

Technical illustrations require technical drawings and scientific and medical illustrations at large. Previously, these technical drawings and illustrations were made without the aid of computers. But in recent times, technology has penetrated the market and has influenced the education, work environment, skills and roles of technical illustrators. Technical illustrators generally use the same software as graphic designers. The two categories of illustration software are rastor and vector, where rastor based programs are primarily used for digital painting.

Managed Services to grow within the highest CAGR during the forecast period

Managed services play a critical role as they are client-specific and help streamline client’s business processes. Managed Service Providers or MSP’s manage all the hardware and software functions, while the organizations are only responsible for updating and installing business applications. All the pre-development and post-development questions are handled by the MSP’s and all the client’s needs are handled are taken care by the managed services.

North America to hold the largest market size during forecast period

North America holds the largest market for technical Illustration Software and it provides great technical opportunities of growth for the technical illustration software market. North America is known to be an early adopter of new technology, and that is why the Technical Illustration Software Market has great potential here.

Key Market Vendors

The Key Market Vendors of technical illustration software are

• Adobe
• PTC
• Lattice technology
• QuadriSpace
• Corel
• Canvas GFX
• Dassault System
• Ignite Technologies
• Cyient
• AutoDesk
• Siemens
• SAP

Recent Market developments

• In May of 2019, Canvas GFX teamed up with Spatial, a subsidiary of the Dassault System. The integration between Canvas and Spatial streamlines converting CAD files from the best CAD software into fantastic illustrations and visualization for service documentation.
• In May 2019, Cyient teamed up with OneStrand Inc. to offer interactive technical publication solutions. The partnership successfully combines Cyient’s global reach in authoring, illustrating and designing with converting technical publications with OneStrand’s global S1000D Software and technical services.
• In March 2018, PTC launched Creo 5.0 which is the latest release of its CAD software which helps users to go from concept of manufacturing to one design environment. It enables companies to fasten product innovation and build better products quicker by reusing the very best designs and replacing assumptions with facts.