Generative Design Market Worth $275 Million by 2023- Exclusive Report by MarketsandMarkets

CHICAGO, Feb. 21, 2019 /PRNewswire/ -- According to a new market research report "Generative Design Market by Application (Product Design & Development and Cost Optimization), Component, Deployment Model, Industry Vertical (Automotive, Aerospace & Defense, Industrial Manufacturing), and Region - Global Forecast to 2023", published by MarketsandMarkets, the Generative Design Market size is expected to grow from USD 111 million in 2018 to USD 275 million by 2023, at a CAGR of 19.9% during the forecast period. The key factors driving the Generative Design Market include the rising need for advanced design software to drive product innovation, the growing demand for environment-friendly architecture, and enhanced production efficiency.

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The cost optimization segment is expected to grow at the highest CAGR during the forecast period.

By application, the cost optimization segment is expected to grow at the highest CAGR during the forecast period. Generative design is one such approach that enables designers to optimize fairly large and complex product designs, based on parameters such as material, energy, and time wastage. Hence, developing robust and efficient optimization algorithms to deal with resource wastage has been one of the major focus areas of industries.

The services segment is expected to grow at a higher CAGR during the forecast period

By component, the Generative Design Market is segmented into software and services. The use of generative design software for designing of building plans and large construction projects layouts is expected to fuel demand for services (design & consulting services and support & maintenance services) from the building, architecture, and construction industries.

Automotive vertical is expected to maintain the leading position in terms of revenue generation during the forecast period

The automotive industry has always been at the forefront of adopting technologies for their product design and development. With rapid manufacturing advancements in the industry, the generative design has gained a prominent place in achieving cost and production efficiency. Its use has increased to test and analyze designs of products in a virtual environment. Generative design software assists design engineers to reduce product design time, cost, and weight and improves the overall efficiency for automotive manufacturing companies.