Visualization and 3D Rendering Software Market Value to Surpass USD 7.96 Billion by 2027
Increase in demand for virtual modelling & building design and surge in demand for architecture planning for smart cities boost growth of global market.
PORTLAND, PORTLAND, OR, UNITED STATES, November 10, 2022 /EINPresswire.com/ — According to the report published by Allied Market Research, the global visualization & 3D rendering software market was estimated at $747 million in 2016 and is expected to hit at $2.90 billion by 2023, registering a CAGR of 21.7% from 2017 to 2023. The report provides a detailed analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and changing market trends.
Surge in demand for virtual modeling, and increasing penetration of cloud computing have driven the growth of the global visualization & 3D rendering software market. On the other hand, lack of proper IT infrastructure and less demand for 3D rendering software in underdeveloped nations impede the growth to certain extent. However, rise in demand for high definition gaming & videography and growing adoption of simulation-based research & learning are expected to usher in a plethora of opportunities in the market.
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The construction & real estate segment is expected to garner a significant share during the forecast period. This is attributed to increase in growth of real-estate sector in emerging countries such as India, Brazil, and China. In addition, high demand for virtual modeling and building design in real-estate and architecture sectors are expected to fuel the visualization and 3D rendering software market growth in the future. Moreover, the healthcare and life science industry has witnessed increase in adoption of visualization & 3D rendering software across various regions, owing to increase in need for 3D anatomical models for life science studies and pre-surgical needs.
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The visualization and 3D rendering software market was dominated by North America in 2019, and is expected to retain its position during the forecast period. This is attributed to rise in demand for advance 3D imaging tools among the North American countries and increase in adoption of visualization & 3D rendering software among different industries. However, Asia-Pacific is expected to witness significant growth rate during the forecast period, owing to rise in demand for high-definition 3D viewing experience among the end users and increase in construction and rise in spending on different construction and real estate projects in developing nations of Asia-Pacific.
Key players in the industry-
The key market players analyzed in the market report include Act-3D B.V., Autodesk, Inc., Webmax Technologies, Siemens AG, Embodee Corp., SAP SE, Otoy Inc., Sphere 3D, 3D Virtualization, and Luxion Inc. These market players have taken recourse to several strategies including partnership, expansion, collaboration, joint ventures, and others to heighten their stand in the industry.
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Key Findings of the Study –
• By deployment model, the on-premise segment accounted for the visualization and 3D rendering software market share in 2019.
• Region wise, North America generated the highest revenue in 2019.
• Depending on type, the stand-alone segment accounted for the visualization and 3D rendering software market share in 2019.
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