Growth of Machine Tools Sector to Boost the Global CAD Market in Industrial Machinery Industry Through 2020, Reports Technavio. Technavio publishes a new market research report on the global CAD market in the industrial machinery industry from 2016-2020. Technavio ICT analysts highlight the following three factors that are contributing to the growth of the global CAD market in industrial machinery industry market: Increase in government initiatives in machine tools sector Involvement of inspection agencies in product development Increase in government initiatives in machine tools sector “As of 2015, the global machine tools market was worth more than USD 80 billion. The machine tools sector is one of the major end-users of CAD in the industrial machinery industry,” says Amrita Choudhury, a lead analyst at Technavio for product lifecycle management research. A major driver in the global packaging machinery market is the increase in demand for smart packaging. All these factors have increased the consumption of packaged foods, which has led to an increased demand for packaging machinery. Globally, companies hired inspection agencies such as Lloyd's Register to provide inspection service for their product development. This has encouraged industrial machinery manufactures to develop quality products with the adoption of CAD. About Technavio Technavio is a leading global technology research and advisory company. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
LONDON–(BUSINESS WIRE)–Technavio analysts forecast the global CAD market in industrial machinery industry to grow at a CAGR of more than 7% during the forecast period, according to their latest report.
Global CAD market in industrial machinery industry to grow at a CAGR of more than 7% during the period 2016-2020.
The research study covers the present scenario and growth prospects of the global CAD market in industrial machinery industry market for 2016-2020. To calculate the market size, the report considers the revenue generated from the sales of CAD software licenses and services. In addition, it considers the revenue earned by software providers, service providers, and value-added resellers.
The US and China are the major manufacturing hubs using computer-aided design (CAD) software. China and the US together contributed about 45% to the global R&D spending in 2015.
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Technavio ICT analysts highlight the following three factors that are contributing to the growth of the global CAD market in industrial machinery industry market:
- Increase in government initiatives in machine tools sector
- Involvement of inspection agencies in product development
Increase in government initiatives in machine tools sector
“As of 2015, the global machine tools market was worth more than USD 80 billion. Governments across countries have undertaken various initiatives to enhance the growth of the machine tool sector. The machine tools sector is one of the major end-users of CAD in the industrial machinery industry,” says Amrita Choudhury, a lead analyst at Technavio for product lifecycle management research.
Two major initiatives by the Indian government, namely Skill India and Make in India, identify the machine tools industry as the backbone of the Indian manufacturing sector, especially discrete manufacturing sectors such as the automotive, plastic machinery, and medical electronics. In Japan, the Ministry of…
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