The Metrology Software Market is set to surpass $1.8 billion by 2031, driven by electronics manufacturing and technological advancements, with a 7.0% CAGR.
According to the metrology software industry analysis by Future Market Insights (FMI), the demand registered in the metrology software market will increase at a CAGR of 7.0% from 2021-2031.
The report also forecasts that the market will surpass a valuation of ~US$ 900 Mn by the end of 2021. As per Future Market Insights, an ongoing shift toward inline metrology or process-integrated measuring instruments and rapid technological advancements have created ample opportunities for application of metrology software. These technologies have become essential in improving economic competitiveness across industries, which is propelling the market growth.
Metrology is the scientific study of measurements and their successive deployment across various industries. The demand within the global market for metrology software has been rising on account of advancements in the field of electronics and semiconductors. Metrology has a wide area of operation and has emerged as an important process across an array of industries. Hence, it is expected that the global market for metrology software would expand at a significant rate in the years to come.
Furthermore, growing acceptance for point cloud capabilities, drive towards precision engineering, and demand for portable Coordinate Measuring Machine (CMM) software are collectively driving adoption of metrology software solutions across the globe.
Additionally, their ability to integrate multiple functions within a single unit, thereby making device compact has further fueled market momentum in different verticals. These factors are projected to contribute towards a single digit compounded annual growth rate during the forecast period.
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Key Takeaways: Metrology Software Market
“Increase in global research and development (R&D) spending on developing and launching new metrology products and solutions will remain a chief growth driver. In addition to this, rise in adoption of big data analytics in industrial applications in order to manage the large volume of data generated across industries in appropriate manner, is likely to create growth avenues for the market” says Future Market Insights analyst.
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 the metrology software are application of advanced technologies to facilitate electronic manufacturing and 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.
The electronic industry is growing at a rapid pace, owing to technological advancements and product innovation. This is driving the metrology software market, as the manufacturing processes are becoming increasingly complex.
More Valuable Insights on Metrology Software Market
FMI, in its new report, offers an unbiased analysis of the global metrology software market, analyzing forecast statistics through 2021 and beyond. The survey reveals growth projections on in metrology software market with detailed segmentation:
By Solution,
By Application,
By Industry,
By Region,
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Key Questions Covered in the Report
About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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The article discusses the growth and future prospects of the Metrology Software Market, expected to surpass $1.8 billion by 2031.
Growth is driven by advancements in electronics manufacturing and the adoption of big data analytics in industrial applications.
North America is leading the market, with South Asia & Pacific emerging as the fastest-growing region.
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