Future Market Insights has announced the addition of the “Metrology Software Market: Global Industry Analysis and Opportunity Assessment, 2017-2027"report to their offering
Valley Cottage, NY -- (SBWIRE) -- 07/12/2018 -- Future Market Insights (FMI), in its report, projects significant growth for the global metrology software market at 6.2% CAGR during the forecast period 2017 to 2027. The market was evaluated at US$ 778.9 Mn in 2016, and is further estimated to reach around US$ 1500 Mn by 2027-end. Increasing focus of metrology software providers on development of software for measuring portable devices is expected to propel market growth. With the emergence of coordinate measuring machines (CMM), point cloud inspection software is gaining higher adoption as a significant tool as compared to traditional software. This is estimated to pave opportunities for market growth during the forecast period.
Higher Adoption of Measurement Systems by Shipbuilding Industry to Propel Market Growth
Shipbuilding industry is facing challenges associated with increasing measurement surveys and introduction of new measurement systems. This has led the industry towards higher adoption of measurement systems, which in turn, is fuelling market growth of metrology software. Pharmaceutical companies need to maintain accuracy and consistency during medicine production, coupled with following guidelines for best practices imposed by regulatory agencies. This has surged the adoption of precision equipment by healthcare sector, which is driving demand for metrology software by this sector globally. In addition, standards set by international committees on manufacturing companies in terms of instruments, metric parameters, and frequency of measurement is further expected to influence the growth of the global metrology software market through 2027.
Presence of large market players, with their aggressive mergers & acquisitions (M&As) and strength in terms of sales & distribution channel, has resulted into fewer smaller players consolidating their position in the market. Owing to these M&As, market growth is hampered as limited number of players result into standardised products, with acquisitions affecting competitive landscape scenario by reduction in number of players. In addition, new players face challenges in providing all solutions integrated into a single metrology software package. These factors are expected to impede growth of the market during the forecast period.
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APEJ to be Fastest Growing Market for Metrology Software by 2027-End
Asia Pacific Excluding Japan (APEJ) is estimated to reflect highest CAGR through 2027, followed by Eastern Europe and Latin America. China's market share is expected to surpass 30% of APEJ metrology software market. North America is projected to remain the largest market for metrology software during the forecast period. In terms of value, market in this region is anticipated to reach around US$ 463 Mn by 2027-end.
Demand for metrology software is expected to be highest for application in quality control & inspection during the forecast period. Revenues amassed from quality & control inspection in the market is estimated to reach nearly US$ 450 Mn by 2027-end. In contrast, measure & alignment application of metrology software is projected to expand at the highest CAGR through 2027, followed by reverse engineering application.
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Industrial Manufacturing will Remain Dominant in Global Metrology Software Market
On the basis of industry vertical, industrial manufacturing is expected to retain its dominance over the global metrology software market during the forecast period. Revenue contribution of industrial manufacturing to the market is estimated to reach around US$ 400 Mn by 2027-end. However, automotive industry vertical is projected to expand at the highest CAGR in the market through 2027, followed by consumer electronics segment.
Key players identified in FMI's report include 3D Systems, Inc., Carl Zeiss AG, Hexagon, Konica Minolta Inc., Nikon Inc., Renishaw Plc., Rudolph Technologies, Inc., FARO Technologies, Inc., Perceptron Inc., Metrologic Group, Tech Soft 3D, GOM Metrology, Creaform, Optical Gaging Products (OGP), Retecon (Pty) Ltd., Worklogix Middle East, Verisurf Software, Inc., Image Metrology A/S, 3d Digital Corp, Minds Mechanical.