Global Generative Design Market 2019-2023 | Use of AI With Generative Design to Boost Growth | Technavio
LONDON--(BUSINESS WIRE)--Nov 18, 2019--
The global generative design market is expected to post a CAGR of over 16% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
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Technavio has announced its latest market research report titled global generative design market 2019-2023. (Graphic: Business Wire)
Generative designs enable the OEMs and automotive manufacturers to minimize the overall weight of the vehicle. With the rising demand for lightweight automotive designs due to improving fuel economy standards, OEMs are focusing on deploying generative design solutions to enhance the performance and handling of vehicles. Furthermore, various automotive industry participants are using generative design solutions to manufacture lightweight vehicles offering higher fuel efficiency, better control for drivers, and improved acceleration using lesser energy. Thus, the growing adoption of generative design solutions from the automotive industry is likely to impact market growth positively during the forecast period.
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As per Technavio, the increasing use of artificial intelligence (AI) with a generative design will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will affect market growth over 2019-2023.
Global Generative Design Market: Use of Artificial Intelligence (AI) with Generative Design
Al with generative design solutions is increasingly being adopted by participants in various industries such as construction and automotive. Al provides a centralized view of all business activities and associated information while increasing the capabilities of designers and engineers to test new designs and incorporate them into the products. Furthermore, AI allows the integration of generative designs with algorithms to offer a wide range of design alternatives to modern businesses. As a result, besides spending on IT infrastructure and analytical solutions, many companies are investing in deploying real-time solutions such as AI to have a competitive advantage in the market. These initiatives will further lead to an increase in demand for Al with generative design during the forecast period.
“Increasing popularity of cloud-based generative design solution, rising integration of 3D printing with generative design, and the availability of trial versions of generative design are some other major factors that will boost market growth during the forecast period,” says a senior analyst at Technavio.
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Global Generative Design Market: Segmentation Analysis
This market report segments the global generative design market by component (software and service) and geographical regions (North America, Europe, APAC, South America, and MEA).
The North American region led the market in 2018, followed by Europe, APAC, South America, and MEA, respectively due to the increasing investments by enterprises in construction projects in the region. Also, the growing demand for generative design from industries including aerospace, automotive, and manufacturing sector would further augment the generative design market growth during the forecast period.
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Some of the key topics covered in the report include:
Five Forces Analysis
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