The generative design market will register a CAGR of over 16% by 2023
NEW YORK, June 5, 2019 /PRNewswire/ --
About this market
The availability of trial or free versions of generative design is one of the critical factors that will trigger the growth of the global generative design market during the forecast period. Trial versions have limited features designed to give enterprises a chance to try and test the software and then decide whether to buy it or not. Many enterprises, especially SMEs that are keen on expanding their businesses at a low cost, opt for trial or free version of generative design solution before investing. It is encouraging vendors in the market to launch trial or free versions of their generative design solution to cater to the growing demand, which, in turn, will help them to gain market share. Thus, the availability of a trial or free version of generative design solution will attract more enterprises to try this solution. As a result, some enterprises may choose to purchase the solution as it will help them in improving their efficiency, and thereby driving the market growth. Our analysts have predicted that the generative design market will register a CAGR of over 16% by 2023.
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Market Overview
Acceleration of project speed
Inability to complete the projects on time and within the budget are the major problems faced by enterprises in industries such as construction and manufacturing. Traditionally, engineering division used to create the designs of the product manually. Whereas, generative design can generate a large number of designs, which will also be optimized according to the predefined conditions and restraints, very quickly as compared with the traditional process. Thus, it will enable enterprises to quickly select the optimal design based on their requirement, which, in turn, will help them in spending more time and resource in their manufacturing or construction projects. The generative design solution is also capable of rapidly changing the designs according to customer requirements. Thus, enterprises do not have to wait for long to get designs due to a change in customer requirements. Hence, it will lead to an increase in the project implementation speed. All these factors will increase the demand for generative design during the forecast period.
Issues due to manufacturing capability constraints
The primary focus of generative design solution is to provide enterprises with the best shape or topology of the product based on their inputs. Some of the shapes produced by generative design solutions might look good but might not be practical to implement. This is due to the limitation of manufacturing capability with the enterprises. The shape might look optimal, but sometimes it might not be possible to build it due to limitations of the manufacturing process. Even if the enterprises manufacture the product despite the restriction, it can lead to a gap between the design and the manufactured product. Thus, it can lead to failure of the product during the use. Hence, it may hinder the market growth during the forecast period.
For the detailed list of factors that will drive and challenge the growth of the generative design market during 2019-2023, view our report.
Competitive Landscape
The market appears to be moderately fragmented. The presence of several companies, including Altair Engineering Inc. and ANSYS Inc., makes the competitive environment quite intense. Factors such as the growing demand from automotive industry and the availability of trial or free version of generative design will provide considerable growth opportunities to the generative design manufacturers. Autodesk Inc., Dassault Systèmes SE, and Desktop Metal Inc. are some of the major companies covered in this report.
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