The report "Computer-Aided Manufacturing Market by Component (Solution and Services), Organization Size, Deployment Type, Industry Vertical (Automotive, Aerospace & Defense, High-Tech, Industrial Equipment, Energy & Utilities), and Region - Global Forecast to 2023", The CAM market is expected to grow from USD 2.3 billion in 2018 to USD 3.4 billion by 2023, at a CAGR of 7.6% during the forecast period. Growing demand for automation of manufacturing process, production of customized products, and increasing use of CAM solution in the arena of fashion and lifestyle, prosthodontics, and prosthetics and orthotics are some major factors driving the growth of the CAM market.
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Automotive industry vertical is expected to
hold the largest market size in the global CAM market during the forecast
period
Automotive industry
vertical is continually evolving to offer vehicles powered with advanced IT technologies,
which can exceed customer expectations. Automobile manufacturing requires
advanced technological methods and processes. Use of CAM solution enables
automakers reduce production time and cater to global demand of customers. For
instance, automotive companies such as Bentley Motors (UK), Ford (US), and BMW
(Germany) have adopted the CAM technology to manufacture their own car parts.
With the growing complexity of the parts involved in the vehicles, automotive
vertical is expected to be characterized by innovative production and design
concepts which could lead the increase in adoption of CAM technologies.
The services segment is expected to grow at
the fastest CAGR during the forecast period
CAM services have a wide scope of
usage for efficiently carrying out various tasks performed in the entire
manufacturing process of an organization. CAM services help the businesses
bridge legacy systems to modern applications, deliver best experience to the
engineer, mechanist, and manufacturers. This has created opportunities for
vendors to provide services to enterprises across different industry verticals
and help them deal with complexities occurred while configuring the CAM
solution.
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Europe
is estimated to have the largest market size during the forecast period
Europe
is estimated to account for the highest share of the market in 2018 and the
trend is expected to continue till the forecasted year i.e. 2023. The region
comprises developed countries, such as the UK, Germany and France, and is
considered the most advanced region in terms of adopting automation
technologies. The region is hub for the
automotive industries as they are creating adequate need of CAM solution and
services. Europe region exhibits a wide presence of key industry players
offering CAM solutions and its financial position enables it to invest majorly
in the leading tools and technologies for effective business operations.
Major
vendors offering CAM solutions and services across the globe Autodesk (US),
Dassault Systèmes (France), Hexagon (Sweden), Siemens (Germany), 3D Systems
(US), PTC (US), HCL (India), CNC Software (US), OPEN MIND Technologies
(Germany), DP Technology Corp. (US), MecSoft
(US), SolidCAM (US), NTT DATA ENGINEERING SYSTEMS Corporation (Japan),
BobCAD-CAM (US), ZWSOFT (China), and SmartCAMcnc (US).
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