Computer Aided Manufacturing Market Size

Computer Aided Manufacturing Market Analysis

The Computer Aided Manufacturing Market size is estimated at USD 3.94 billion in 2024, and is expected to reach USD 5.82 billion by 2029, growing at a CAGR of 8.13% during the forecast period (2024-2029).

Computer-aided manufacturing (CAM) helps reduce energy and waste for enhanced manufacturing and efficiency in production via increased production speed, consistency of raw material, and tooling accuracy. Rapid industrialization and the trend of industrial automation are propelling the computer-aided manufacturing market growth.

• Technological advancements across various manufacturing units have aided computer-aided manufacturing (CAM) adoption. Furthermore, Industry 4.0 and the Industrial Internet of Things (IIoT) have made the market accessible, as it has become easier to convert machines into intelligent and connected devices in the manufacturing industry. Manufacturing processes have become accessible via a single control center and wearables, improving operational processes and usability.
• The number of IoT-connected devices in the manufacturing sector will increase during the forecast period. Cisco's annual Visual Networking Index states that machine-to-machine (M2M) connections accounted for over half of the world's 28.5 billion connected devices in the previous year.
• CAM technology significantly reduces the time required to design and prototype quickly without reconfiguring the manufacturing line. This is increasing the deployment of CAM solutions across various industry verticals. CAM solutions further ensure that mission-critical machines are maintained, which helps to increase efficiency, resulting in high-quality products.
• CAM is also used in the medical field with technological advancement. Subtractive milling is the most widely used CAM protocol in dentistry, as it offers an alternative method of fabricating oral and facial prostheses. The United Nations Development Programme (UNDP) in Rwanda recently collaborated with Swiss Limbs and the Home de la Vierge des Pauvres (HVP) Gatagara to launch a 3D computer-aided design and the manufacturing of orthotics and prosthetics.
• COVID-19 also discouraged market growth. Because of the high associated costs, small manufacturers could not adopt it, lowering the market adoption rate significantly. Vendors operating in the aerospace, and automotive verticals have suffered significantly due to reduced spending during the pandemic. However, the shift from proprietary software to cloud-based subscriptions is anticipated to provide profitable opportunities for market growth in the post-pandemic era.