CHICAGO, Oct. 1, 2019 /PRNewswire/ -- According to a new market research report "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", published by MarketsandMarkets™, 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 market 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 it to speed up the production process by eliminating manual machine inputs.
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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.
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.
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North America to account for the highest market share during the forecast period
North America accounts for the highest market share in the Technical Illustration Software Market. North America leads in the adoption of technical illustration software and provides excellent opportunities for growth of the technical illustrations software market. North America has always been an early adopter of new technology or software, and the North American market grows at a faster rate initially as compared to any other region. The booming digitalization across industries is driving the demand for technical illustration software in North America along with a surging need for graphics software by businesses.
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).
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