Surge in demand for virtual modeling and building design and rise in demand for architecture planning for smart cities drive the growth of the global visualization and 3D rendering software market. Moreover, increase in demand for real-time rendering and quick decision-making capabilities supplemented the growth of the market.
However, lack of IT infrastructure, less demand in the underdeveloped nations, and privacy issues hamper the market growth. On the contrary, increase in adoption of cloud-based 3D rendering services and surge in demand for high-level gaming and videography would open lucrative opportunities for the market players in the future.
According to the report published by Allied Market Research, the global visualization & 3D rendering software market was estimated at $747 million in 2016 and is expected to hit at $2.90 billion by 2023, registering a CAGR of 21.7% from 2017 to 2023.
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Impact of COVID-19 on Visualization and 3D Rendering Software Market:
- Owing to the COVID-19 outbreak, the market witnessed a sudden downfall with strict lockdown measurement imposed by several governments and shutdown of travel to prevent transmission of the virus.
- To prevent the spread of infection, real estate companies temporarily closed their construction activities, which hampered the demand for 3D rendering software.
- However, the demand is expected to increased post-pandemic as construction activities would resume.
Based on type, the stand-alone segment contributed to more than three-fifths of the total market share in 2016, and is expected to rule the roost by the end of 2023. The plugin segment, on the other hand, would grow at the fastest CAGR of 22.5% during 2017–2023.
Based on deployment model, the on-premise segment held the highest share in 2016, generating two-thirds of the total market. Simultaneously, the cloud segment would showcase the fastest CAGR of 22.6% throughout the forecast period.
Based on geography, North America accounted for nearly two-fifths of the global market revenue in 2016, and is projected to dominate till 2026. At the same time, Europe would cite the fastest CAGR of 22.7% by 2023.
The key market players analyzed in the market report include Act-3D B.V., Autodesk, Inc., Webmax Technologies, Siemens AG, Embodee Corp., SAP SE, Otoy Inc., Sphere 3D, 3D Virtualization, and Luxion Inc. These market players have taken recourse to several strategies including partnership, expansion, collaboration, joint ventures, and others to heighten their stand in the industry.
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