Global Generative Design Market 2019-2023 | Increasing Use of Artificial Intelligence (AI) with Generative Design to Boost Growth | Technavio
LONDON--(BUSINESS WIRE)--May 27, 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.
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Technavio has published a new market research report on the global generative design market from 2019-2023. (Graphic: Business Wire)
A key factor driving the growth of the market is the acceleration of project speed. Inability to complete the projects on time and within the budget are significant problems faced by enterprises. However, generative design can generate a large number of designs, which can be optimized very quickly according to the predefined conditions and restraints. Also, the design created by the generative design solution will also consider the forces of nature, such as air resistance or gravity. Moreover, the generative design solution is also capable of rapidly changing the designs according to customer requirements. Thus, enterprises do not have to wait for long to get designs due to a change in customer requirements. Hence, it will expedite project implementation speed. Thus, the acceleration of project speed will lead to an increase in the demand for generative design during the forecast period.
As per Technavio, the 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 global generative design market 2019-2023 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
Currently, many industries are opting for real-time solutions such as Al. Al has enabled generative design solution with algorithms that help them to produce a wide range of design alternatives. Al with generative design solutions is increasingly being adopted by participants in various industries such as construction and automotive. The engineers can define their design problem by defining basic parameters such as the weight of the product it should support, height, strength, and material options. Al provides a centralized view of all business activities and associated information. It also helps in increasing the capabilities of designers and engineers to test new designs and incorporate them into the products. These features will lead to an increase in demand for Al with generative design during the forecast period.
“ Apart from the use of AI, the integration of 3D printing with the generative design is one other major factor that is expected to boost the market growth. Generative design solutions enable enterprises to conceptualize parts with organic and complex shapes. On the other hand, 3D printing helps in constructing these shapes using a 3D printer. A 3D printer can enable enterprises to cost-effectively create the complex geometries designed through the generative design solution. This is encouraging the vendors in the market to offer a generative design solution that can be integrated with 3D printers,” says a senior analyst at Technavio.
Global generative design market: Segmentation analysis
This market research 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. However, during the forecast period, the APAC region is expected to register the highest incremental growth due to the increase in the automotive industry. The automotive industry is one of the important end-users of generative designs.
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