The global Metrology Software Market reached an impressive valuation of approximately $921.3 million in 2022, as per a report by Future Market Insights (FMI). The market is poised for significant growth, with sales projected to exceed the $1,976.1 million mark by 2033, marking a substantial compound annual growth rate (CAGR) of approximately 7.3% from 2023 to 2033.
“A significant growth with increasing demand for budget-friendly yet efficient management solutions in the healthcare and ship building sector will be noticed to automatize the orders based on the percentage of usage, quality and services,” says the FMI Analyst.
Metrology Software – Important Highlights
- Metrology software market will hit a CAGR of 6.2% through 2017-2027.
- North America is the most lucrative region of this market, reason being advanced equipment and rising awareness of healthcare devices.
- There has been an increase in demand and supply for portable measuring devices, this data is only going to rise in the future.
- Automotive segment has gained significant momentum among industry verticals and will present a Y-o-Y growth.
Metrology Software – Driving Factors
- Rising demands for metrology software in ship building and healthcare verticals to maintain accuracy and consistency, dominates the market scenario.
- Engineering and automotive segment will witness opportunities due to need for precise scales, 3D data analysis, and roughness measurements etc.
- Adoption of services into development opportunities in industrial, automotive and electronics sector is propelling growth.
- Engineering precision tools manufactured in North America requires a great deal of metrology software and demand is high in this region.
Metrology Software – Key Restraints
- Budget management is a challenge because high-quality software is usually not affordable.
- Adopting metrology software in ship building is a major challenge and it might hinder growth.
Anticipated Market Impact by Coronavirus Outbreak
It’s crystal clear that the pandemic has taken a toll on the market system. Social distancing measures and strict lockdowns have adversely affected the productions and disrupted operations of the end-use companies across the universe. Though the healthcare industry is experiencing an increasing demand for metrology software yet automation and product/service development work is at halt due to lockdown. This has definitely accounted for a decline in revenue of the metrology software. Though the market will experience comfort as the lockdown releases yet the losses can continue to hamper production.
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Competition Landscape
Key players in the market include Rudolph Technologies Inc., FARO Technologies Inc. etc. The companies are focussing on investment plans to improve the development of new products with better features. Apart from unique innovations, leaders are also working on acquisition of regional companies to strengthen global presence.
Taking into consideration, key companies are planning to expand the portfolio of portable measuring devices. New players might find it difficult to make decisions due to limited resources but they can witness steady growth.
