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).
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