Demand for Visualization and 3D Rendering Software and Impact of COVID-19……..


The global visualization & 3D rendering market size is projected to reach USD 5.63 billion by 2025, according to a study conducted by Grand View Research, Inc., progressing at a CAGR of 22.5% during the forecast period. Rising need for innovative and cost-effective technologies for visualization and simulation is revving up the adoption of visualization & 3D rendering software. The software is used for various applications such as product design & modeling, animation, and visualization & simulation. These solutions help in real-time marketing, product designing, and training among several other applications. Benefits such as cost optimization, time management, and real-time reviewing are expected to propel the market. The software allows enterprises to provide attractive and customized products and services.
Artificial Intelligence (AI), Virtual Reality (VR), and Augmented Reality (AR) solutions are anticipated to substantially contribute while responding to the COVID-19 pandemic and address continuously evolving challenges. The existing situation owing to the outbreak of the epidemic will inspire pharmaceutical vendors and healthcare establishments to improve their R&D investments in AI, acting as a core technology for enabling various initiatives. The insurance industry is expected to confront the pressure associated with cost-efficiency. Usage of AI can help in reducing operating costs, and at the same time, can increase customer satisfaction during the renewal process, claims, and other services. VR/AR can assist in e-learning, for which the demand will surge owing to the closure of many schools and universities. Further, VR/AR can also prove to be a valuable solution in providing remote assistance as it can support in avoiding unnecessary travel. The report will account for Covid19 as a key market contributor.
Availability of 3D content and proper infrastructure play a pivotal role in the development of the market. Presence of a robust wireless connectivity in regions such as North America has facilitated widespread adoption of visualization & 3D rendering software. Hence, the regional market is anticipated to witness substantial growth over the coming years. Additionally, presence of prominent visualization & 3D rendering companies such as Autodesk, Inc.; Dassault Systèmes; Trimble, Inc.; and Adobe Systems Incorporated is estimated to supplement growth prospects of the market.
With rising number ofvisualization & 3D rendering software devices augmenting the market, there has been significant rise in concerns related to development, design, and delivery of 3D content and infrastructure.
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Further key findings from the study suggest:
·         In terms of application, product design and modelling will continue to be leading segment in the market throughout the forecast period. The segment is poised to command one third of the market by 2025
·         Architecture, engineering, and construction are likely to account for over 25.0% by 2025. Demand for visualization and 3D rendering software is high in the sector as lifelike models provide real-time experience to end-users. Just-in-time marketing enables them to gain quick feedback and instantly make the necessary changes
·         Thecloud segment is projected to continue its dominance in the market with a CAGR of 23.6% during the forecast period
·         North America is leading the market and is expected to retain its position over the forecast period, owing to early adoption of the technology and presence of leading market players
·         Some of the prominent players in the market are Autodesk, Inc.; Dassault Systèmes; Trimble, Inc.; and Adobe Systems Incorporated;Corel Corporation; The Foundry Visionmongers Ltd.; Chaos Software; and Luxion, Inc.
The global visualization & 3D rendering software market size was valued at USD 952.4 million in 2016 and is expected to expand at a CAGR of 22.5% over the forecast period. Factors such as increasing need for innovative technologies and just-in-time marketing are among the key trends stimulating market growth. Additionally, emergence of user-friendly renderer interface and high competitive rivalry are playing important roles in the development of the market.
Increasing emphasis on cost and time management, growing focus on innovation, and soaring need for realistic media are fueling the demand for visualization & 3D rendering software. The software enables enterprises to obtain real-time feedbacks and aids in decision-making for maximizing profit.
Visualization & 3D rendering software offers numerous benefits such as improved processing, real-time insights, and user-friendly renderer interface. Lack of proper infrastructure, especially in developing economies, is one of the biggest challenges for the market. Moreover, concerns related to design, development, and delivery of 3D content are anticipated to hamper the growth of the market.
The software provides several solutions for product designing, modeling, animation, imaging, graphics, visual effects, simulation, and others. These solutions help in getting a clear insight of the product. The software also aids in reducing time and increasing understanding of users for making better operational and marketing decisions.
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Grand View Research has segmented the global visualization & 3D rendering software market based on applications, end users, deployment:
Visualization & 3D Rendering Software Application Outlook (Revenue, USD Million, 2014 - 2025)
·         Product Design & Modeling
·         Animation
·         Visualization & Simulation
·         Others
Visualization & 3D Rendering Software End User Outlook (Revenue, USD Million, 2014 - 2025)
·         Architecture, Engineering, and Construction
·         Gaming
·         Healthcare
·         Manufacturing & Automotive
·         Media & Entertainment
·         Others
Visualization & 3D Rendering Software Deployment Outlook (Revenue, USD Million, 2014 - 2025)
·         On-premise
·         Cloud
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.


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