Thursday, May 26, 2022

Computer-Aided Manufacturing Market Driving Factors, Industry Growth, Key Vendors and Forecasts to 2023

According to a research 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" published by MarketsandMarkets, 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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By component type, the solutions segment is expected to hold the largest market size during the forecast period

CAM solution enables enterprises to efficiently design and manufacture products with the help of CNC machines. CAM helps organizations to minimize errors in designing and manufacturing processes. Computer-Aided Manufacturing market solutions can be easily integrated with the designing tool, thereby providing enhanced ability to adapt changes and increase the efficiency of manufacturing processes. the solution enables organizations to manage design changes in an easy and fast manner. The solution empowers various stakeholders in an organization, including machinists, designers, and engineers, to carry out their tasks effectively, thereby, reducing the overall time taken in the manufacturing of a product. The Computer-Aided Manufacturing has been segmented into components, which include solutions and services. Services are further categorized into training and education and support and maintenance.

The cloud deployment type is expected to grow at a higher CAGR during the forecast period

Cloud-based services reduce the overall costs while providing highly flexible and scalable access to solutions. Security of manufacturing operations is higher in on-premises deployment type. However, cloud-based CAM solution enables organizations to reduce the overall costs associated with solution, IT infrastructure, storage, and technical staff. The cloud-based solution is a good option for organizations with limited budgets, as cloud offers enhanced speed and scalability.

Automotive industry vertical is expected to have the largest market size during the forecast period

In today’s highly competitive automotive industry, companies are looking forward to adopting smart manufacturing technologies for reducing the manufacturing cycle time. Automobile manufacturers emphasize on continually improving their manufacturing processes through the adoption of various technological innovations for ensuring the delivery of quality products. Technological innovations, latest machines, equipment, and use of CAM solution in automobiles manufacturing processes have helped automakers and fabricators to reduce the production time significantly and enhance the overall efficiency of manufacturing.

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North America is expected to account for the largest market size during the forecast period

North America is expected to hold the largest market size and dominate the Computer-Aided Manufacturing market from 2018 to 2023. North America is a major hub for technological innovations and an early adopter of new technologies. Increased adoption of cloud-based CAM solution for enhancing manufacturing process and automating production has boosted the Computer-Aided Manufacturing in North America. The presence of major players in the region also supports the demand and awareness regarding the CAM/CAD/CAE technologies. Adoption of IT as well as enabling technologies in process industries is rising owing to the need to track the real-time data and improve visibility and control on production activities. Key factors driving growth in North America are shifting toward automated production, an established ecosystem for manufacturing practices and continuous Research and Development (R&D) investments by manufacturers to drive innovation into their manufacturing processes.

 

Key Computer-Aided Manufacturing Market Players

The major vendors include 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).

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

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Mr. Aashish Mehra
MarketsandMarkets™ INC.
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