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(Wireless-NewsWire.Com, July 21, 2022 ) 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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Automotive industry vertical is expected to hold the largest market size in the global CAM market during the forecast period
Automotive industry vertical is continually evolving to offer vehicles powered with advanced IT technologies, which can exceed customer expectations. Automobile manufacturing requires advanced technological methods and processes. Use of CAM solution enables automakers reduce production time and cater to global demand of customers. For instance, automotive companies such as Bentley Motors (UK), Ford (US), and BMW (Germany) have adopted the CAM technology to manufacture their own car parts. With the growing complexity of the parts involved in the vehicles, automotive vertical is expected to be characterized by innovative production and design concepts which could lead the increase in adoption of CAM technologies.
The services segment is expected to grow at the fastest CAGR during the forecast period
CAM services have a wide scope of usage for efficiently carrying out various tasks performed in the entire manufacturing process of an organization. CAM services help the businesses bridge legacy systems to modern applications, deliver best experience to the engineer, mechanist, and manufacturers. This has created opportunities for vendors to provide services to enterprises across different industry verticals and help them deal with complexities occurred while configuring the CAM solution.
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Europe is estimated to have the largest market size during the forecast period
Europe is estimated to account for the highest share of the market in 2018 and the trend is expected to continue till the forecasted year i.e. 2023. The region comprises developed countries, such as the UK, Germany and France, and is considered the most advanced region in terms of adopting automation technologies. The region is hub for the automotive industries as they are creating adequate need of CAM solution and services. Europe region exhibits a wide presence of key industry players offering CAM solutions and its financial position enables it to invest majorly in the leading tools and technologies for effective business operations.
Major vendors offering CAM solutions and services across the globe Autodesk (US), Dassault Systčmes (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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