WILMINGTON, DE, UNITED STATES, December 1, 2023 /EINPresswire.com/ — According to a recent report published by Allied Market Research, titled, “Computer aided manufacturing market by Component, Deployment Type, Enterprise Size, Design Type, Application, and Region: global opportunity analysis and industry forecast, 2021–2028,”
The global market size was valued at $2,689 million in 2020, and is projected to reach at $5,477 million by 2028, growing at a CAGR of 8.4% from 2021 to 2028.
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Growth of the global computer aided manufacturing market is mainly driven by factors such as rise in use of computer aided manufacturing in packaging machinery, surge in industrialization, and increase in investments of R&D activities in the computer aided manufacturing market.
However, availability of free and open-source Computer aided manufacturing is expected to impede the market growth. Conversely, increase in adoption of cloud-based solutions and technological advancements in Computer aided manufacturing are expected to present major opportunities for market expansion in the future.
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The competitive environment of Computer Aided Manufacturing (CAM) Industry is further examined in the report. It includes details about the key players in the market’s strengths, product portfolio, Computer Aided Manufacturing (CAM) Market share and size analysis, operational results, and market positioning. It comprises the actions taken by the players to grow and expand their presence through agreements and entering new business sectors. Mergers and acquisitions, joint ventures, and product launches are some of the other techniques used by players.
ZWCAD Software Co., Ltd.
Siemens Product Lifecycle Management Software Inc and Many More
Region wise, the CAM market was dominated by North America region. However, Asia-Pacific is expected to witness significant growth in the upcoming years.
Post COVID-19, size of the Computer aided manufacturing market is estimated to grow from $2,879 million in 2021, and is projected to reach $5,477 million by 2028, at a CAGR of 8.4%. The current estimation of 2028 is projected to be lower than pre-COVID-19 estimates. The COVID-19 outbreak has considerable impact on the growth of the Computer aided manufacturing market, as adoption of computer aided manufacturing have decreased in the face of unprecedented circumstances. This is attributed to decrease in spending by vendors serving the automobile and aerospace industry.
However, the market is anticipated to gain traction in post pandemic as the market players have introduced updated Computer aided manufacturing products during the pandemic to meet increased demand for automation which drives the CAM market growth. For instance, in April 2020, DP Technology launched ESPRIT 2020, a comprehensive product update for its computer-aided manufacturing (CAM) software.
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