According to Future Market Insights (FMI) metrology software industry research, interest in the metrology software market will grow at a CAGR of 7.0% between 2021 and 2031.
The report also predicts that the market will outperform a valuation of US$ 900 Mn by the end of 2021. According to Future Market Insights, a continuous shift toward inline metrology or cycle-coordinated estimating instruments and quick mechanical advancements have created more than enough opportunities for metrology software use. These advancements have become critical in improving enterprise financial seriousness, which is propelling market development.
Metrology is the systematic investigation of estimations and their progressive organization in various businesses. Because of advancements in the field of gadgets and semiconductors, there has been an increase in demand for metrology software on the global market.
Metrology is a broad field of activity that has emerged as a significant interaction between a variety of businesses. As a result, it is natural that the global market for metrology software will expand at a rapid pace in the coming years.
Furthermore, the growing acceptance of point cloud capabilities, the push for precision engineering, and the demand for portable Coordinate Measuring Machine (CMM) software are all driving the global adoption of metrology software solutions.
Furthermore, their ability to integrate multiple functions within a single unit, making the device compact, has fueled market momentum in various verticals. During the forecast period, these factors are expected to contribute to a single-digit compounded annual growth rate.
Takeaways from the Metrology Software Market
- The on-premises metrology software segment is expected to account for the largest share of global metrology software demand during the forecast period. The cloud-based metrology software segment, on the other hand, is expected to grow at a healthy CAGR of more than 6.0% through 2031.
- The use of metrology software in the measurement and alignment segment is expected to grow at a nearly 7.0% CAGR between 2021 and 2031, while the quality control and inspection segment currently dominate the market.
- The healthcare sector is expected to be the fastest to adopt metrology software. According to Future Market Insights, demand in this segment will rise at a 6.5% CAGR between 2021 and 2031.
- In 2021, North America is expected to lead the market, followed by Europe. South Asia and the Pacific are expected to be the fastest-growing regions between 2021 and 2031.
- The Japanese market is expected to grow at a CAGR of around 6.0% through 2031.
- Over the next ten years, sales in the United Kingdom are expected to grow at a CAGR of nearly 7.5%.
Entry barriers for new players may limit growth.
The presence of large and powerful market players such as Hexagon AB, FARO Technologies Inc., and others with strong sales and distribution channels poses 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 that can cater to the breadth and depth of an end-entire user’s product line, influencing contract decision-making.