About CAD Market in Aerospace and Defense Industry
CAD is a software tool that is used to achieve accuracy in designing and modeling of products and components of an organization. CAD solutions are widely adopted by several industries such as the automotive, aerospace and defense, industrial machinery, electrical and electronics, and others. These solutions allow end-users to develop prototypes of their products digitally before the start of the production. They also help engineers, architects, and design professionals to draft industry-specific products that enhance the overall product development.
Technavio’s analysts forecast the global CAD market in aerospace and defense industry to grow at a CAGR of 6.13% during the period 2016-2020.
Covered in this report
The report covers the present scenario and the growth prospects of the global CAD market in aerospace and defense industry for 2016-2020. To calculate the market size, the report considers the revenue generated from the report considers the revenue generated from the sales of cad software licenses and services.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global CAD Market in Aerospace and Defense Industry
Technavio recognizes the following companies as the key players in the global CAD market in aerospace and defense industry: Autodesk, Dassault Systèmes, PTC, and Siemens PLM Software.
Other Prominent Vendors in the market are: BricsCAD, Encore, Graebert, RealCAD, Solvespace, and TurboCAD.
Commenting on the report, an analyst from Technavio’s team said: “End-users, especially the aerospace and defense industry, are gradually shifting from 3-D to 4-D CAD models. Globalization has increased the competition among CAD solution vendors, and the lack of product differentiation is further intensifying the competition for maximum market share. Vendors are incorporating additional features and functionalities in their solutions to improve customer experience.”
According to the report, the growing need for providing quality products at a faster rate has led to an increase in demand for CAD software. CAD software helps improve the time-to-market by reducing the product development cycle and testing time. The software also improves the speed of the product design cycle and produces reliable and cost-effective products by reducing the analysis time. It eliminates the need to develop multiple prototypes.
Further, the report states that many SMEs are struggling to adopt CAD software, as it requires high initial investment. SMEs prefer cost-effective CAD software from open-source communities or local vendors, rather than investing large amounts of money in commercial CAD. Though large enterprises adopt CAD to reduce their operational costs and improve product quality, many SMEs are reluctant to adopt CAD software because of the high costs involved.
Autodesk, Dassault Systèmes, PTC, Siemens PLM Software, BricsCAD, Encore, Graebert, RealCAD, Solvespace, TurboCAD.