PUBLISHER: Orion Market Research | PRODUCT CODE: 1433373
PUBLISHER: Orion Market Research | PRODUCT CODE: 1433373
Global Metal Fabrication Software Market Size, Share & Trends Analysis Report by Product Type (On-Premises and Cloud), by Deployment (Subscription Based and One-Time Purchase), and by End-User (Construction, Electronics, Automotive, Aerospace & Defense, and Others) Forecast Period (2023-2030)
The global metal fabrication software market is anticipated to grow at a considerable CAGR of 5.5% during the forecast period. Metal fabrication software helps manufacturers streamline their design, planning, and manufacturing processes. It can also automate and integrate key processes, such as quoting and estimating, inventory management, and production scheduling. The rising automation in metal fabrication industry is a key factor driving the growth of the global market. The adoption of robotics, computer-aided engineering, and ERP software helps in making manufacturing facilities safe, enhances productivity, and reduce the labor cost. A lack of qualified people and advances in additive construction technologies have hindered the growth market.
Delay in manufactured products, issues in supply chain, manually managed factories, and money spent on training and consulting are some of the common challenges faced by manufacturing industries. Metal fabrication software promotes the industry to deliver product on time by carefully managing the supply chain as the metal fabrication software can be deployed on cloud and thus will strore all the data which can be easily accessed by the user instantly. Additionally, it also helps in tracking the products and shipments in real time with the available geospatial dat. The rising adoption of CNC machine tools for shaping and moldering of metals and advancement in technology such as jerk control, AI contour control or motion control software functions are also enhancing the productivity and reduces manufacturing cost thus contributing to the growth of the global metal fabrication software market.
The global metal fabrication software market is segmented based on deployment model and end-user. Based on deployment model, the market is segmented into on-premises, cloud based. Based on the end-user, the market is segmented into manufacturing, construction, telecom, electronics, automotive, aerospace & defense, machinery.
The growing demand for metal fabrication software in construction industry due to high requirement of metal fabrication in construction industry has driven the growth of this market segment. The increasing investment in infrastructure projects, especially in developing economies such as India, China, and Brazil has made significant contributing to the growth of the construction sector. Structural steel fabrication is gaining traction in the construction industry, owing to its various advantages. Structural steel is a green structural construction material that proactively contributes to the carbon reduction and increase energy efficiency. Steel structures used for construction can be recycled and reused for other applications, thereby promoting sustainable development in construction sector.
The global metal fabrication software market is further segmented based on geography, including North America (the US and Canada), Europe (Italy, Spain, Germany, France, and others), Asia-Pacific (India, China, Japan, South Korea, and others), and the Rest of the World (the Middle East & Africa and Latin America).
The advanced IT infrastructure of the country along with high investment in infrastructure projects is a key factor driving the growth of the regional market. According to the Associated General Contractors (AGC) of America, Inc., Construction is a major contributor to the US economy. There were more than 919,000 construction establishments in the US in the 1st quarter of 2023. The industry employs 8.0 million employees and creates nearly $2.1 trillion worth of structures each year. Construction is one of the largest customers for manufacturing, mining and a variety of services.
The major companies serving the global metal fabrication software market include Fishbowl, Inc., Global Shop Solution, Miles IT, Inc. (Striven), NetSuite Inc., and Realtracks among others. The market players are considerably contributing to the market growth by the adoption of various strategies, including mergers and acquisitions, partnerships, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in February 2023, White Rock made its first purchase when it acquired Precision Metal Manufacturing (PMM), a precision sheet metal fabricator near Denver.