Global Generative Design Market Growth Analysis 2024 – Forecast Market Size And Key Factors Driving Growth

Overview and Scope
Generative design refers to a design process that involves using algorithms to generate and explore a wide range of potential solutions to a given problem. It is used to automatically generate multiple design options based on specified parameters and constraints. This method enables designers and engineers to explore various solutions and optimize designs for performance, cost, and other criteria, enhancing product development efficiency and innovation.

Sizing and Forecast
The generative design market size has grown rapidly in recent years. It will grow from $3.18 billion in 2023 to $3.78 billion in 2024 at a compound annual growth rate (CAGR) of 18.8%.  The growth in the historic period can be attributed to the increased adoption of generative design across industries, growth in demand for lightweight, high-performance structures in various industries, increased focus on sustainability and environmental concerns, and rise in regulatory approvals and standards compliance.

The generative design market size is expected to see rapid growth in the next few years. It will grow to $7.57 billion in 2028 at a compound annual growth rate (CAGR) of 18.9%.  The growth in the forecast period can be attributed to the growing emphasis on product performance and optimization, expansion into new industries, accelerating digital transformation across industries, and demand for customized and personalized products. Major trends in the forecast period include the integration of artificial intelligence (AI) and machine learning (ML) algorithms, adoption of cloud-based generative design platforms, hybrid design approaches, integration of generative design with additive manufacturing technologies, and democratization of generative design tools.

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Segmentation & Regional Insights
The generative design market covered in this report is segmented –
1) By Software Solutions: Topology Optimization, Parametric Design Tools, Simulation And Analysis, Algorithmic Design Platforms
2) By Deployment Models: On-Premises, Cloud-Based
3) By Services: Consulting And Training, Implementation And Integration
4) By Industry: Automotive, Aerospace And Defense, Architecture And Construction, Industrial Manufacturing, Other Industries

North America was the largest region in the generative design market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the generative design market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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Major Driver Impacting Market Growth
A rise in sales of commercial vehicles is expected to propel the generative design market going forward. Commercial vehicles refer to any type of motorized vehicle that is used primarily for transporting goods, passengers, or performing services for financial gain or business purposes. The surge in the sales of commercial vehicles can be attributed to increased consumer demand, the expansion of the EV industry, and favorable financing options, fueling demand for innovative engineering solutions. Generative design optimizes the structural integrity and efficiency of commercial vehicles, reducing weight and fuel consumption while enhancing performance and safety. For instance, in December 2022, according to the National Automobile Dealers Association, a US-based trade organization that represents franchised new-car and truck dealerships, the sale of commercial trucks in the USA reached 476,000 units in 2022, reflecting a 3.8% increase compared to 2021. Therefore, the rise in sales of commercial vehicles is driving the growth of the generative design market.

Key Industry Players
Major companies operating in the generative design market report are Dassault Systèmes SE; Hexagon AB; Synopsys Inc.; Autodesk Inc.; Cadence Design Systems Inc.; ANSYS Inc.; Parametric Technology Corporation; The MathWorks Inc.; Bentley Systems Inc.; Altair Engineering Inc.; Materialise NV; MSC Software Corporation; Desktop Metal Inc.; ESI Group; CoreTech System Co. Ltd.; Innovyze Inc.; SoftInWay Inc.; ESTECO SpA; Concepts NREC ; HBM nCode; Volume Graphics GmbH; Opticore AB; SimScale GmbH; Onshape Inc.; Caracol AM; nTopology Inc.; Diabatix; Granta Design Limited; Lattice Technology Inc.

The generative design market report table of contents includes:
1. Executive Summary

2. Generative Design Market Characteristics

3. Generative Design Market Trends And Strategies

4. Generative Design Market - Macro Economic Scenario

5. Global Generative Design Market Size and Growth

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32. Global Generative Design Market Competitive Benchmarking

33. Global Generative Design Market Competitive Dashboard

34. Key Mergers And Acquisitions In The Generative Design Market

35. Generative Design Market Future Outlook and Potential Analysis

36. Appendix

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