(MENAFN- GlobeNewsWire - Nasdaq) New York, Dec. 09, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report 'Technical Illustration Software Global Market Report 2022: Ukraine-Russia War Impact' -
, Lattice Technologies Private Limited, MAA Illustrations, Auto-Trol Technology Corporation, QuadriSpace Corporation, SAP AG, Siemens Product Lifecycle Management Software Inc, and ASA Computers Inc.
The global technical illustration software market is expected to grow from $ 4.21 billion in 2021 to $ 4.52 billion in 2022 at a compound annual growth rate (CAGR) of 7.5%.The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, effecting many markets across the globe. The technical illustration software market is expected to grow to $ 5.73 billion in 2026 at a CAGR of 6.1%.
The technical illustration software market consists of sales of technical illustration software by entities (organizations, sole proprietors, and partnerships) that are used to absorb complex information quickly to display technical illustrations and animations.Technical illustration software provides technical communication that delivers technical information through the means of visual aids to a non-technical audience.
The technical illustration is easy to understand, visually appealing, and can be navigated. This software produces diagrams, images, and schematics to convey various technical objects.
The main technologies of technical illustration software are 2D technology and 3D technology. 2D technology is used to visually understand technical information. It refers to a 2-dimensional computer-aided design that displays length and height without depth. The different components include solutions and services and involve various organisation sizes, such as large enterprises and small and medium-sized enterprises (SMEs). It is employed in automotives and machinery, aerospace and defense, architecture, engineering and construction, high-tech and telecommunications, energy, oil and gas, and other end users.
North America was the largest region in the technical illustration software market in 2021. The regions covered in the technical illustration software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The rise in demand for games with realistic and high-quality graphics is driving the growth of the technical illustration software market.A game is a form of play that is usually undertaken for entertainment purposes and as an educational tool.
The increasing demand for realistic and high-quality graphics in games has led to the adoption of technical illustration software as it develops new games with enhanced features and graphics.For example, according to a Japan-based consumer electronics company, Sony Corporation's business briefing report for 2022, retailers in the US sold 80, 000 units of PlayStation 5 (PS5) in just 82 minutes.
Also, as of March 2022, Sony, a Japan-based consumer electronics company, revealed that PS5 global sales passed 19.3 million units. Therefore, the demand for games with realistic and high-quality graphics is driving the technical illustration software market.
Technological advancements have emerged as a key trend gaining popularity in the technical illustration software market.Technology advancements such as AI generative design, topology optimization, real-time simulation, design exploration, and others elevate 3D modeling tools and change them into design assistants that could participate in the development process as well.
Major companies operating in the technical illustration software market are focused on developing new technological solutions to strengthen their position in the market. For example, in April 2020, PTC Inc., a US-based computer software company, launched Creo 7.0, a next-generation 3D computer-aided design (CAD) software that powers artificial intelligence (AI) to quickly produce optimized designs and provide enhanced additive manufacturing capabilities.
In July 2019, Kohlberg Kravis Roberts & Co., a US-based investment firm, acquired Corel Corporation for an undisclosed amount. This acquisition will help Corel to accelerate its growth profile and innovation on a global scale. Corel Corporation is a Canada-based software development company.
The countries covered in the technical illustration software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The technical illustration software market research report is one of a series of new reports that provides technical illustration software market statistics, including technical illustration software industry global market size, regional shares, competitors with technical illustration software market share, detailed technical illustration software market segments, market trends and opportunities, and any further data you may need to thrive in the technical illustration software industry. This anomaly detection market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
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