PUBLISHER: The Insight Partners | PRODUCT CODE: 1070801
PUBLISHER: The Insight Partners | PRODUCT CODE: 1070801
The visualization and 3D rendering software market was valued at US$ 2,300.5 million in 2021 and is projected to reach US$ 7,433.6 million by 2028; it is estimated to grow at a CAGR of 18.2% from 2021 to 2028.
The visualization and 3D rendering software tools help users in designing basic three-dimensional models of objects. The visualization and 3D rendering software assists in the product designing, real-time marketing, and training apart from multiple other capabilities. Businesses and individual users across the world are using visualization and 3D rendering software tools to improve operations and increase productivity and usage of resources to their full extent by identifying problem areas and aspects that need improvements. The tools are being widely employed in various land-centric industries, such as engineering & construction, manufacturing, and transportation & logistics, as well as in many other industries such as media & entertainment, healthcare, and education. The increase in need for cost-effective technologies has increased the adoption of visualization and 3D rendering software.
A few of the factors driving the growth of the global visualization and 3D rendering software market are the growing demand for 3D animation and 3D content, rising 3D display devices, and technological advancements in AR and VR. Further, the growing adoption and integration of technologies, such as artificial intelligence and machine learning, in visualization and 3D rendering software to boost the accuracy of 3D content is complementing the visualization and 3D rendering software market growth. All these factors are anticipated to offer ample growth opportunities for visualization and 3D rendering software market players during the forecast period.
Impact of COVID-19 Pandemic on North America Visualization and 3D Rendering Software Market
North America is technological advanced region owing to which the penetration of advanced technologies including visualization and 3D rendering software is high. Before the COVID-19 outbreak, the visualization and 3D rendering software market was growing at a steady pace, and adoption rate by various end users was increasing. However, the onset of COVID-19 pandemic spurred the demand for visualization and 3D rendering software from the media & entrainment segment, as the sector witnessed an increase in demand for on-demand entertainment services, such as on-demand video services and gaming, from the masses from 2020. However, the adoption of visualization and 3D rendering software was marginally lower from the construction segment owing to lower revenues in 2020. Meanwhile, as the economy started to revive from late Q4 of 2020, the visualization and 3D rendering software market is experiencing growth in adoption rate from various end users.
The visualization and 3D rendering software market is broadly segmented into five major regions-North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America led the global visualization and 3D rendering software market in 2020. The growth of the visualization and 3D rendering software market in the region is attributed to a few factors such as favorable government policies and positive outlook toward the new technology adoption. Further, the presence of robust digital infrastructure and major market players propels the visualization and 3D rendering software market in North America. In terms of market size, Europe ranks second in the global visualization and 3D rendering software market.
Europe has the presence of well-developed countries that favors the adoption and application of new technologies. Also, the existence of the manufacturing & construction industry increases the penetration of visualization and 3D rendering software in the region. The APAC is projected to witness an impressive growth rate in visualization and 3D rendering software market during 2022-2028.
Autodesk Inc.; Christie Digital Systems USA, Inc.; Dassault Systemes; NVIDIA CORPORATION; Chaos Group; Luxion Inc.; OTOY Inc.; Next Limit; Act-3D. (LUMION); and Thea Render by Altair are among the key players operating in the global visualization and 3D rendering software market.
The overall global visualization and 3D rendering software market size has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the visualization and 3D rendering software market. The process also serves the purpose of obtaining an overview and forecast of the visualization and 3D rendering software market with respect to all the segments. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data and gain more analytical insights into the topic. The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers-along with external consultants such as valuation experts, research analysts, and key opinion leaders-specializing in the visualization and 3D rendering software market
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