MCAD market growth projected
Analyst forecast puts CAGR at 10+ percent over next three years.Comments Off on MCAD market growth projected
Analysts at market intelligence firm, TechNavio, forecast the Global Mechanical Computer-aided Design market will grow at a CAGR of 10.3 percent over the period 2011-2015. According to its report, Global Mechanical Computer-aided Design Market 2011-2015, one of the key factors contributing to this growth is increasing demand from discrete manufacturing industries. The market has also been witnessing that vendors are developing platforms for interoperability, to provide integrated software. However, the lack of standardization could pose a challenge to the growth of this market, the report contends.
“The Global Mechanical Computer-aided Design (MCAD) vendors are developing interoperability platforms to integrate MCAD with other applications,” an analyst from TechNavio’s Engineering team said. “Integration of MCAD and electronic CAD (ECAD) is one of the emerging trends in the market. Many end-users prefer integrated MCAD and ECAD software which resolves various conflicts in the market. This integrated software reduces product development time and also reduces operating expenses.”
According to the report, the Global MCAD market is driven by discrete industries such as industrial machinery, automotive, electronics, and aerospace and defense. In addition, the global discrete industry is growing at a faster rate in developing countries than developed countries and is therefore enhancing demand for MCAD software.
Further, the report also discusses that the increasing demand for open-source software affects the growth of the commercial vendors in the global MCAD market.