Allied Market Research recently published a report, as per the report, the g — lobal visualization and 3D rendering software market was pegged at $1.48 billion in 2019, and is projected to reach $7.96 billion by 2027, growing at a CAGR of 23.1% from 2020 to 2027.
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Drivers, restraints, and opportunities
Surge in demand for virtual modeling and building design and rise in demand for architecture planning for smart cities drive the growth of the global visualization and 3D rendering software market. Moreover, increase in demand for real-time rendering and quick decision-making capabilities supplemented the growth of the market. However, lack of IT infrastructure, less demand in the underdeveloped nations, and privacy issues hamper the market growth. On the contrary, increase in adoption of cloud-based 3D rendering services and surge in demand for high-level gaming and videography would open lucrative opportunities for the market players in the future.
Impact of COVID-19 on Visualization and 3D Rendering Software Market:
• Owing to the COVID-19 outbreak, the market witnessed a sudden downfall with strict lockdown measurement imposed by several governments and shutdown of travel to prevent transmission of the virus.
• To prevent the spread of infection, real estate companies temporarily closed their construction activities, which hampered the demand for 3D rendering software.
However, the demand is expected to increased post-pandemic as construction activities would resume.
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The stand-alone segment held the lion's share
By product type, the stand-alone segment held the largest share in 2019, accounting for nearly two-thirds of the global visualization and 3D rendering software market. This is due to rise in adoption of stand-alone software among various industries to enable extensive implementation and output generation from input data. However, the plugin segment is expected to register the highest CAGR of 24.0% during the forecast period, owing to increase in demand for faster software installation and product development process.
The research & training segment to manifest the highest CAGR through 2027
By application, the research & training segment is projected to portray the highest CAGR of 25.6% during the forecast period, owing to rise in demand for planning and execution of detailed visual representation of several research objects such as instruments, internal body organs, and microparticles. However, the architectural & visualization segment held the lion's share in 2019, contributing to more than one-third of the global visualization and 3D rendering software market. This is due to rise in adoption of this software in construction and real estate industries for visualization of their projects to their customers to increase profits and enhance market value.
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North America dominated the market
By region, the market across North America held the largest share in 2019, accounting for more than one-third of the market. This is due to rise in demand for advanced 3D imaging tools among the North American countries and increase in adoption of visualization & 3D rendering software among different industries. However, the global visualization and 3D rendering software market across Asia-Pacific is expected to register the highest CAGR of 24.5% from 2020 to 2027, due to rise in demand for high-definition 3D viewing experience among the end-users, increase in construction activities, and rise in spending on different real estate projects in developing nations of the region.
Major market players
• Autodesk, Inc.
• Altair Engineering, Inc.
• Dassault Systemes
• Cebas Visual Technology Inc.
• Corel Corporation
• NVIDIA Corporation
• Luxion Inc.
• Next Limit Technologies
• OTOY Inc.
• SAP SE
• Robert McNeel & Associates
• Siemens AG
• Webmax Technologies
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