An Incisive, In-depth Analysis on the Metrology Software Market
This study offers a comprehensive, 360 degree analysis on the Metrology Software market, bringing to fore insights that can help stakeholders identify the opportunities as well as challenges. It tracks the global Metrology Software market across key regions, and offers in-depth commentary and accurate quantitative insights. The study also includes incisive competitive landscape analysis, and provides key recommendations to market players on winning imperatives and successful strategies.
The global metrology software market is estimated to be valued at about US$ 814 Mn in 2017 and is projected to cross US$ 1,450 Mn by 2027 end. Revenue is expected to increase at a CAGR of 6.2% during the forecast period (2017–2027).
Increasing demand from the ship building and healthcare verticals is set to boost the demand for metrology software in North America
Increasing usage of metrology software across the ship building and healthcare verticals is expected to provide support in increasing the demand for metrology software in the North America region. North America’s ship building industry is facing challenges in terms of increasing measurement surveys and addition of new measurement systems, which is why the industry is moving towards increasing usage of measurement systems and hence the need for metrology software. Also, a growing need of pharmaceutical companies to maintain consistency and accuracy during the production of medicine coupled with guidelines issued by regulatory agencies for best practices have resulted in increasing adoption of precision equipment and metrology software by this sector.
Guidelines on international standardisation of metrology have aided in the expansion of the metrology software market
The standards set by international committees in terms of the instruments to be used, the metrics parameters, the frequency of measurement etc. is expected to support an increase in demand for metrology software by manufacturing companies. Several committees provide measurement standards in North America and some of these include North American Cooperation in Metrology (NORAMET), National Institute of Standards and Technology (NIST), and Dimensional Metrology Standards Consortium (DMIS). These committees release documents at regular intervals defining updated standards of measurement that need to be adopted by all manufacturers. This factor is also boosting growth in demand for metrology software, which is regulated with recent guidelines released.
Entry barrier for new players to enter the market may restrict market growth in North America
The presence of large and strong players in the market such as Rudolph Technologies Inc., FARO Technologies Inc. etc. that are aggressive in terms of mergers and acquisitions and have strength in terms of their 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.
Precision engineering practices promoting application of metrology software in North America
Adoption of precision engineering practices by manufacturers in North America with a focus on accuracy and reliability in the manufacturing of products has resulted in an increase in the application of metrology software in the region. The different types of metrology software used in the precision engineering process include image processing, surface and roughness measurement, nanoscale metrology, optronics, intelligent data analysis, 3D shape measurement and more.
Global Metrology Software Market Attractiveness by Industry Vertical, 2017–2027
In terms of revenue, the automotive segment is projected to be the most attractive segment in the global metrology software market during the forecast period. The automotive segment is expected to register high Y-o-Y growth rates throughout the forecast period and is expected to register a CAGR of 6.5% between 2017 and 2027. The industrial manufacturing segment was valued at US$ 210.9 Mn in 2016 and is expected to remain dominant in terms of revenue throughout the forecast period.
Increasing demand for metrology software in portable devices
Traditional measurement devices are stationary and larger in size, but with the introduction of portable measurement devices, the demand has been increasing from a number of verticals, providing an opportunity for metrology software providers to increase their focus on the development of software for measuring portable devices. Portable measurement devices are witnessing increasing application from verticals including automotive, electronics, industrial manufacturing etc. and are thus expected to witness an increase in demand for metrology software.
Future Market Insights presents a comprehensive and insightful report on the global metrology software market titled ‘Metrology Software Market: Global Industry Analysis 2012 – 2016 and Opportunity Assessment 2017 – 2027’. The report begins with an elaborate executive summary that lists the important market numbers related to the global metrology software market such as the market values for the year 2017 and 2025 and the most attractive segments and regions in this market. The executive summary also gives a concise list of drivers, restraints, opportunities and trends in the global metrology software market, which are dealt in detail in another exclusive section of this report. The executive summary also has a list of prominent players operating in the metrology software market. The executive summary also contains a concise and yet informative Future Market Insights analysis on the overall market approach of the leading players operating in the global metrology software market and information is also given on the target industry vertical and the target region that are most lucrative in this market.
The differentiating strategies of the leading market players is also given in the executive summary. Also, in another part of the executive summary, the recommendations of Future Market Insights regarding the important aspects of the metrology software market are given. At the end of the executive summary, there is a diagrammatic representation of the various stages of the global metrology software market in – introduction stage, growth stage, maturity stage and stagnancy stage. After the executive summary, there is a section on the market introduction that gives detailed information regarding the market definitions of the metrology software market. The market taxonomy follows next.
By Industry Vertical
A section of the report focusses on the market overview of the metrology software market. This is in the form of global metrology software market value in US$ Mn for the year 2017 till 2025. Another section of the report focusses on the market viewpoint of the metrology software market. This includes a detailed explanation of the macro economic factors affecting the global metrology software market. In addition, opportunity analysis for the metrology software market has also been presented in this section of the report. Subsequent sections of the report contain information on the regional market analysis (2012-2016) and forecast (2017-2027) of the metrology software market as per the regions given in the market taxonomy. These sections contain a detailed subsection on the market dynamics of the metrology software market. Along with this, there is an exhaustive explanation about the region wise drivers, restraints and trends applicable in the metrology software market. This is an important section of the report as it contains a detailed explanation about the factors that encourage the growth of this market as well as the factors that hamper the growth of this market. Besides this, weightage of impact of the forecast factors is also given in this section. Regional subsections of this report contain important market information pertaining to metrology software market size (US$ Mn) forecast by country, by application and by industry vertical. Market attractiveness index for each of the segments as presented in the market taxonomy is also given. At the end of these sections, a list of regional metrology software market participants is also given.
An entire section of the report is devoted to the competition landscape of the global metrology software market. This competition landscape gives a dashboard view of the key companies operating in the global metrology software market along with their important information and broad strategy adopted to stay as leaders in the global metrology software market. Each of the leading companies is also profiled individually and important information about the company such as company details, company description, product portfolio along with key developments concerning the company and strategic analysis is presented. This competition landscape is the most important section of the report as it imparts a deep understanding of the leading companies operating in the global metrology software market.
The research methodology of the study is based on forecasts that focus on both global as well as regional trends in the economy, technology and population, along with company, product, country and demographic-specific trends. These trends are analysed thoroughly and underlying factors are also identified. Factors considered include economic, technological, institutional, behavioural and competitive factors, as well as other such factors that may affect the global metrology software market. Forecasting models are developed in order to quantify the impact of each of these factors on industry spending. A forecast scenario for each causative factor is then created and the contribution of each factor is identified on a prospective basis. Figures are estimated in local currencies for each country and then converted to US dollars (US$) using the average 2015 exchange rate, which is held constant for each historical year and forecast year. This means the figures reflect industry trends, rather than being distorted by fluctuations in international currency exchange rates. This data is then validated using the triangulation method and is extensively scrutinised using advanced tools to garner quantitative and qualitative insights into the global metrology software market.