Computer Aided Manufacturing (CAM) Market Size, Share, Growth Analysis, By Component(Solution, Services), By Deployment Type(On-Premise deployment, Cloud deployment), By Application(Aerospace & Defense Industry, Shipbuilding Industry, Automobile & Train Industry, Machine Tool Industry), By Region - Industry Forecast 2024-2031

Computer Aided Manufacturing (CAM) Market size was valued at USD 2.93 billion in 2019 and is poised to grow from USD 3.2 billion in 2023 to USD 6.6 billion by 2031, growing at a CAGR of 9.6% in the forecast period (2024-2031).

The manufacturing industry has made great progress thanks to automation driven by cutting-edge computing technologies. One of them is computer-aided design (CAD), and computer-aided manufacturing is what is creating value (CAM). This is a crucial factor influencing the growth of the global market for computer-aided manufacturing.

Manufacturing businesses from a variety of industries have used CAM to train their machines and automate shop floor production and manufacturing processes. The product lifecycle management software is typically connected with the technology available in the worldwide computer-aided manufacturing market, making it a crucial component of the design process. Glassmaking, woodturning, metalworking, and spinning are some of the major industries where computer-aided manufacturing is used. Engineers from all over the world are becoming more interested in the various solutions and services offered by vendors and suppliers in the computer-aided manufacturing sector.

A major worry for technology adopters in the computer-aided manufacturing business is the cost of CAM acquisition. Since CAM is more expensive, shop floors have been sluggish to implement it. In order to do this, a few suppliers have altered their subscription plans in order to decrease the barrier for end-use companies, creating new demand channels in the worldwide market for computer-aided manufacturing.

Strong machine integration is required for additive manufacturing for industrial users to fully utilise computer-aided manufacturing tools. This aids industrial producers in improving the design procedure and the entire product development procedure. The rise in partnerships and collaborations in the market for computer-aided manufacturing might be a major facilitator.

The significant demand for computer-aided manufacturing software and services is caused by businesses' growing efforts to automate their industrial manufacturing processes across a range of industry verticals. The fourth industrial revolution, which has cleared the way for a variety of automation technologies, including computer-aided manufacturing, has advanced and accelerated the speed of automation. The market for computer-aided manufacturing is also growing as a result of the need to optimise product design and production.

The automobile sector contributes significantly to the global market for computer-aided manufacturing in terms of revenue. Automotive industry operators all over the world have been eager to take advantage of the possibilities of smart manufacturing technologies in order to promote innovation in product development. The market for computer-aided manufacturing is rising as internet of things (IoT) driven solutions become more and more popular in the industry vertical.

US Computer Aided Manufacturing (CAM) Market is poised to grow at a sustainable CAGR for the next forecast year.