According to the latest report by IMARC Group, titled "Generative Design Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global generative design market reached a value of US$
220.8 Million in 2022. Generative design refers to the technology that is generally used for developing internal lattices and complex shapes. It is widely utilized for building three-dimensional (3D) structures using computer software. It usually helps designers in creating high-performance design iterations based on manufacturing methods, materials, spatial or performance requirements and cost constraints. It aids engineers in exploring a wide range of design options, minimizing errors and reducing product weight and production period.
Global Generative Design Market Trends:
The global market is primarily driven by the increasing demand for generative design across the automotive industry. This is supported by the rising preference for lightweight vehicles with superior performance. Coupled with the escalating demand for luxury and premium automobiles among the masses, this is positively influencing the market growth. In line with this, the increasing need for minimizing the ecological footprint of commercial aircraft due to an enhanced focus on sustainable development, along with the rising adoption in the manufacturing of defense equipment, is further propelling the market growth. Moreover, continual technological advancements and the integration of artificial intelligence (AI) and advanced analytics with generative design software are providing a boost to the market growth. Apart from this, rising investments by private and public firms in infrastructural development projects across numerous countries are creating a positive outlook for the market. Other factors, including rapid industrialization, continuous product innovations and extensive research and development (R&D) activities conducted by key players, are further driving the market growth. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 559.9 Million by 2028, growing at a CAGR of
17.25% during 2023-2028.
- On the basis of the component, the market has been bifurcated into software and services.
- Based on the deployment model, the market has been segmented into on-premises and cloud-based.
- On the basis of the application, the market has been segregated into product design and development, cost optimization and others.
- Based on the industry vertical, the market has been automotive, aerospace and defense, industrial manufacturing, architecture and construction, and others.
- On the basis of the region, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Latin America (Brazil, Mexico and others) and the Middle East and Africa.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of the key players are 3Dnatives, Altair Engineering Inc., Ansys Inc., Autodesk Inc., Bentley Systems Incorporated, Dassault Systèmes SE, Desktop Metal Inc., Diabatix, MSC Software Corporation (Hexagon AB), Ntopology Inc., Proto3000 Inc. and Ptc Inc.
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