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.
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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.
By Industry Vertical
- Aerospace and Defence
- Consumer Electronics
- Power and Energy
- Industrial Manufacturing
- Others (Media and Entertainment, R&D etc.)
- Quality Control and Inspection
- Measurement and Alignment
- Reverse Engineering
- Virtual Simulation
- Others (Tool Building etc.)
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific Excluding Japan
- Middle East and Africa