According to Future Industry Insights (FMI), the metrology software industry would be worth US$ 921.3 million by 2022. The metrology software market is estimated to exceed US$ 1,976.1 million by 2033, rising at a CAGR of roughly 7.3% between 2023 and 2033.
Furthermore, the survey estimates that the market will reach a valuation of roughly US$ 900 million by the end of 2021. According to Future Market Insights, the use of metrology software has more than enough chances presently, owing to a continuous shift toward inline metrology or cycle-coordinated estimating devices and rapid mechanical improvements. These innovations have been critical in encouraging firm financial responsibility, which is fueling market expansion.
Metrology is the rational investigation of estimations and their gradual organization throughout numerous sectors. Because of improvements in the semiconductor and device industries, there has been a surge in global market interest in metrology software.
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Metrology has a wide range of applications and has evolved as a result of significant interactions with a variety of sectors. As a result, it stands to reason that the global market for metrology software will increase rapidly in the next years.
Furthermore, the increasing acceptance of point cloud capabilities, the requirement for portable Coordinate Measuring Machine (CMM) software, and the drive toward precise engineering are all contributing to the widespread usage of metrology software solutions.
Furthermore, their ability to combine several tasks into a single unit while remaining compact has fueled market momentum in a variety of industries. These factors are expected to contribute to a compound annual growth rate in the single digits.
Key Takeaways: Metrology Software Market
- By solution, the on-premises metrology software segment is anticipated to account for the leading share in the global demand for metrology software during the forecast period. However, the cloud-based metrology software segment is estimated to grow at a healthy CAGR of more than 6.0% through 2031.
- The application of metrology software in the measurement and alignment segment is anticipated to increase at a CAGR of nearly 7.0% between 2021 & 2031, while the quality control and inspection segment is currently dominating the market.
- The adoption of metrology software by the healthcare sector is expected to rise at the maximum pace. As per Future Market Insights, demand in this segment will increase by a CAGR of around 6.5% between 2021 and 2031.
- North America is expected to lead the market followed by Europe in 2021. South Asia & Pacific is anticipated to emerge as the fastest growing region between 2021 & 2031.
- The market in Japan is expected to progress at a CAGR of around 6.0% through 2031.
- In the U.K., sales are expected to increase at a CAGR of close to 7.5% over the next ten years.
Entry Barrier for New Players Might Restrict Growth
The presence of large and strong players in the market such as Hexagon AB, FARO Technologies Inc., and others who enjoy a strong presence in sales and distribution channels, provides a significant challenge to small and new players with limited resources.
New players also find it difficult to provide all solutions bundled in a single metrology software package, which can cater to the breadth and depth of the entire product line of an end-user affecting decision-making while giving contracts.
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Electronic Manufacturing Sector to Witness Significant Growth
Primary factors driving the demand for metrology software are the application of advanced technologies to facilitate electronic manufacturing and the consistent development of advanced nanotechnology, smart materials, flexible electronics, and green manufacturing.
Metrology software solutions have become indispensable for electronic manufacturing and quality inspection activities. In the rapidly-growing electronic manufacturing industry, organizations are aiming to design and manufacture new products.
More Valuable Insights on Metrology Software Market
Future Market Insights report on the metrology software industry research is segmented into four major sections – solution (metrology software and services), application (measurement and alignment, quality control, and inspection, virtual simulation, reverse engineering, and others), industry (automotive, aerospace and defense, power and energy, consumer electronics, healthcare, manufacturing, and others), and region (North America, Latin America, Europe, East Asia, South Asia & Pacific, and the Middle East & Africa), to help readers understand and evaluate lucrative opportunities in the metrology software demand outlook.
Metrology Software Outlook by Category
By Solution, Metrology Software Demand is segmented as:
- Metrology Software
- Cloud-based
- On-Premises
- Services
- Software Consulting
- System Integration & Implementation
- Support & Maintenance
By Application, Metrology Software Outlook is segmented as:
- Measurement and Alignment
- Quality Control and Inspection
- Virtual Simulation
- Reverse Engineering
- Others
By Industry, Metrology Software Demand is segmented as:
- Automotive
- Aerospace and Defense
- Power and Energy
- Consumer Electronics
- Healthcare
- Manufacturing
- Others
By Region, Metrology Software Sales are segmented as:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East and Africa (MEA)
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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