LONDON — (BUSINESS WIRE) — December 4, 2014 — TechNavio, a tech-focused research firm has published a new report on the Global MCAD Software Market, which is expected to grow at a CAGR of 10.81 percent from 2014-2018.
The new report indicates that increased popularity of cloud-based MCAD software will be a trend to watch in this market over the projected period.
“Many SMEs are turning to cloud-based MCAD software because it is more cost-effective. By hosting the software over the cloud, end-users can significantly reduce their server, maintenance, and physical storage costs and can improve the efficiency of their product development cycle,” says Faisal Ghaus, Vice President of TechNavio.
Additionally, intense competition in the market has led several vendors to incorporate additional features and functionalities into their software, like developing 4D CAD solutions that will increase operational performance.
“4D CAD improves the project execution strategy, thus leading to better constructability and also enables the sequencing of construction schedules with granular level information,” says Ghaus.
“Effective deployment of 4D CAD solutions is also expected to enable effective manageability of resources while staying on track with project schedules.”
The market is also witnessing an increase in the adoption of both ECAD and MCAD software for product design.
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Founded in 2003, TechNavio has about 200 analysts globally and develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries.
TechNavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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