Portland, OR -- (SBWIRE) -- 09/20/2017 -- According to a new report published by Allied Market Research, titled, Visualization & 3D Rendering Software Market by Type, Deployment Model, Application, and End User: Global Opportunity Analysis and Industry Forecast, 2017-2023, the global visualization & 3D rendering software market was valued at $747 million in 2016, and is projected to reach $2,904 million by 2023, growing at a CAGR of 21.7% from 2017 to 2023.
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The construction & real estate market in the end user segment has witnessed high demand in the global visualization & 3D rendering software market in 2016 due to increase in growth of real-estate sector in emerging countries such as India, Brazil, China, and others. In addition, high demand for virtual modeling and building design in real-estate and architecture sectors are expected to fuel the market growth in the near future. Moreover, the healthcare industry has witnessed increased adoption of visualization & 3D rendering software across various regions, owing to increase in need of 3D anatomical models for life science studies and pre-surgical needs.
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North America visualization & 3D rendering software market was dominant in 2016, owing to the growth in demand for advanced 3D imaging and increase in adoption of visualization & 3D rendering software. Global players focus on innovating 3D modeling software solution in architecture sector to strengthen their product offering. For instance, in March 2015, Siemens AG developed an enhanced version of visualization & 3D rendering software algorithm for healthcare application. This strategic move is expected to expand the companys presence in visualization & 3D rendering software market. In addition, industry participants focus on improving their visualization & 3D rendering software to ensure competence and effectiveness of the visualization & 3D rendering software solution across other emerging markets such as Latin America, Middle East, and Africa.
The increase in demand for automated virtualization solution and surge in ICT expenditure are anticipated to augment the market penetration. The prominent markets, such as North America, Europe, and Asia-Pacific, provide growth opportunities to the global visualization & 3D rendering software market. Moreover, growth in adoption of low cost cloud deployment model is anticipated to fuel the visualization & 3D rendering software market growth in the near future.
North America was the highest revenue contributor in 2016, accounting for around 38.0% share of the overall market. In addition, Europe is projected to grow at the highest CAGR of 22.7% during the forecast period, driven by growth in investment media & entertainment and healthcare industry.
The key players profiled in the study are 3D Virtualization, Act-3D B.V., Autodesk, Inc., Embodee Corp., Otoy Inc., Luxion Inc., SAP SE, Siemens AG, Sphere 3D, and Webmax Technologies. All these players are involved in the competitive strategies, such as geographical expansion, mergers & acquisitions, product portfolio expansion, and partnership to augment the visualization & 3D rendering software market growth.
Key Findings of the Visualization & 3D Rendering Software Market:
- The construction & real estate end user industry accounted for the highest share of the global market in 2016.
- North America generated the highest revenue in 2016, valued at $284 million.
- The videography segment dominated the global market, in terms of growth during the forecast period.
- The U.S. dominated the global market in 2016. In addition, Canada, China, India, Japan, and the other emerging markets are anticipated to provide significant opportunities for major players.