World News: 12:25 GMT Monday 27th May 2019. [Research and Markets via Globe Newswire via SPi World News]
Dublin, May 27, 2019 (GLOBE NEWSWIRE) -- The report has been added to offering. The global generative design market stood at $ 137 million in 2018 and is projected to grow to $ 290 million by 2024, exhibiting a CAGR of over 13% during the forecast period, owing to the increasing demand for environment friendly architecture and enhanced production efficiency.Innovative advancements such as 3D printing, machine learning and big data are expected to positively affect the growth of the market. Moreover, generative design software helps to solve engineering problems and offers innovative design solutions, which is likely to fuel the global generative design market through 2024. The generative design market can be segmented based on component, deployment mode, application, vertical and region. Based on the component, the market can be bifurcated into solution and services. The solution segment dominated the market in 2018, as it helps to reduce manufacturing time and cut costs of operations.Based on the deployment mode, the market can be segmented into cloud and on-premise. The on-premise segment accounted for the largest market share in 2018, as it offers flexibility of customizing software as per the requirements of the organization.On the basis of vertical, the market can be segmented into automotive, aerospace & defense, industrial manufacturing and others. The automotive sector accounts for the largest share in the global generative design market, owing to the high demand for advanced design software for reducing production and material costs. Generative design is gaining traction and expanding to various regions including Asia-Pacific, North America, Europe, South America and the Middle East & Africa. In 2018, North America dominated the global generative design market, on the back of adoption of advanced technologies and presence of leading players in the market. Major players operating in the global generative design market include Autodesk, Inc., Desktop Metal, Inc., nTopology Inc., Altair Engineering Inc., Dassault Systemes SE, Bentley Systems, Ansys, MSC Software, ESI Group, etc. Major companies are developing advanced technologies and launching new products in order to stay competitive in the market.Other competitive strategies include mergers & acquisitions and new product developments. In 2019, Autodesk collaborated with HP and GE to design generative design software tools, which are compatible with 3D printers.
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Related Topics: CAD, CAM and CAE Software
Globe Newswire: 12:25 GMT Monday 27th May 2019
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