The Indian computer-aided design (CAD) software market is predicted to generate a revenue of $696.9 million by 2025, rising from $445.6 million in 2019, exhibiting an 8.2% CAGR during the forecast period (2020–2025), according to a P&S Intelligence report. The key factors leading to the growth of the market are the increasing utilization of the CAD software in the construction industry, rising requirement for improved and accurate designs, and surging need for fast production of goods in the country.
When technology is taken into consideration, the Indian CAD software market is divided into 3D software and 2D software, between which, the 3D division accounted for the major share of the market in 2019. The division is also projected to grow at a faster pace during the forecast period, owing to the 3D CAD’s accurate & realistic 3D drawings, faster designing capabilities, and the fact that it saves cost and time. Business are widely adopting this adopting this technology due to such advantages.
On the basis of industry, the Indian CAD software market is categorized into manufacturing, architecture, engineering, and construction, out of which, the architecture category is projected to register the highest CAGR during the forecast period. A high number of architectural projects are under consideration in the country, majorly for residential properties. CAD software is used for making the architectural designs, after which, the team of engineers work on the actual construction on the basis of the CAD design.
Geographically, Maharashtra is expected to advance at the fastest pace during the forecast period, which can be ascribed to the rising GDP of the state and it dominance of industries such as international trade, manufacturing, technology, and finance. As per the Economic Survey of Maharashtra 2019–2020, the state contributed 14.3% to the GDP of the country, which was also the highest. Within the state, Nashik is projected to witness the highest CAGR during the forecast period.
The expanding construction industry is a major driving factor of the Indian CAD software market. The industry is registering growth primarily because of the rising government initiatives for facilitating infrastructural development and increasing foreign direct investment. The industry is making increasing utilization of the CAD software for facilitating accurate measurements, conducting advanced analysis of the designs, and spotting flaws in the design. Decreased chances of error, better visualization of designs, highest project efficiency, and faster completion of projects are some of the advantages that are provided by the CAD software.
A key trend that is being registered in the Indian CAD software market is the growing preference of subscription-based CAD software. Traditional CAD software licensing models have high costs, owing to which SMEs find it hard to use the software in their work processes, since they have low IT budget. Moreover, over 90% of the registered companies in India are SMEs, due to which, players in the market are now focusing on providing them subscription-based CAD software.
Hence, the market is witnessing growth due to the expanding construction industry and rising preference for subscription-based CAD software.
