The old conventional measurement instrument are large and most immoveable, but with the arrival of the portable and contemporary measurement devices, they application has expanding into a number of industrial domains. This, in turn, is creating opportunities for metrology software providers and encouraging them to concentrate of further development of software that can power measuring devices. Use of portable measurement devices has surged in several verticals including industrial manufacturing, electronics and automotive, which anticipated to drive the demand for metrology software. The latest data released by Future Market Insights reveals that the global market for metrology software will stand at US$ 814 Mn in 2017, this figure is likely to increase to US$ 1,450 Mn by 2027 end. Revenue of this market is projected to surge at a CAGR of over 6% between 2017 and 2027.
Growing demand from the healthcare and ship building industries to boost the sales of metrology software in North America
Expanding application base of metrology software across the healthcare and ship building industries is projected to provide and impetus to the overall market for metrology software in the North America region.
North America’s ship building sector is under immense pressure in terms of adding new measurement solutions and increasing measurement surveys, which is why the sector is slowly shifting towards higher usage of advanced software-based measurement systems. Moreover, rising need of medical firms maintain accuracy and consistency during the production of medicine as well for best practices and adherence to regulations are leading to rapid adoption of metrology software and precision equipment by this sector.
Rules on International Standardization of Metrology Have Supported the Adoption of the metrology software
The standards set by international committees based on certain parameters such as the frequency of measurement, the metrics and instruments applications is also anticipated to drive the demand for metrology, especially from the manufacturing sector. A number of bodies set measurement standards in the region of North America, which include National Institute of Standards and Technology (NIST), North American Cooperation in Metrology (NORAMET) and Dimensional Metrology Standards Consortium (DMIS). These organizations frequently draft news parameters and release updated standards of measurement that are compulsory to comply by all manufacturers. Factors as such are further propelling the sales of metrology software that is updated with most recent guidelines.
Established companies in the market like FARO Technologies Inc. and Rudolph Technologies Inc., that are fiercely competitive in nature and growing stronger through mergers and acquisitions, are controlling the market in terms of sales and distribution channels. This, in turn, is making it difficult for smaller players to grow their business to greater heights. Meanwhile, new entrant are finding it difficult to offer an extensive range of solutions packed in single metrology software package, that is capable of catering to the depth and breadth of end-user requirements. Some of the popular types of metrology software usually used precision engineering procedures include nanoscale metrology, intelligent data analysis, image processing, optronics, 3D shape measurement and surface and roughness measurement.