3D rendering software helps in producing an image based on three-dimensional data stored within a computer and is used in various sectors to generate the 3D structures and manage data throughout the lifecycle. The software aids software engineers, marketers, and architecture, engineering, and construction (AEC) professionals to use technologically advanced ways to display their projects. The benefits of the software include perfect lighting, visualization of future projects and changes, streamlined branding and marketing, accuracy and precise measurements, clear communication, and better collaboration.
The 3D rendering software market is expected to grow from USD 1.15 billion in 2019 to USD 3.48 billion in 2029 billion, with a CAGR of 24.1%.
With the proliferation of the construction and real estate centers, higher adoption of the 3D rendering market is observed. The rising number of modernized construction projects, such as residential complexes, commercial places, public spaces, and government offices, among others, has bolstered the need for effective software for modeling. Moreover, the outburst of the real estate center in the emerging countries, such as China and India, along with the modernization of the infrastructure in the developed countries, such as the U.S., the UAE, Japan, and European countries, have boosted the demand for technologically advanced software that would visualize the projects and aid in the procedure of construction.
3D rendering software is easy to use, which has significantly surged its demand in the architecture, building, and construction, media and entertainment, design and engineering, healthcare and life sciences, and academia sectors. Its complete compatibility with the other plugins has made it very approachable and constructive, further increasing its utilization by the non-professionals. It also offers visually stunning renderings, such as 360-degree renderings, 2D and 3D floor plans, animations, and virtual staging.
The lack of ability of the organizations to adopt the 3D rendering software has restrained the growth of the market, owing to the limited availability of the 3D technologies and lack of technical infrastructure and skilled workforce. As stated in the report ‘Facing the storm’ by IBM, 60% of companies are trying to retain existing and appropriate labor expertise amid accelerated technical change. Limited adoption of the 3D rendering software and other supporting technologies, such as cloud and virtual reality, hampers the market growth.
The pandemic had caused a lockdown and temporary shutdown of most of the industry verticals across the globe; thus, negatively impacting the businesses. However, the 3D rendering software market has noted a massive surge during the pandemic due to its ability to showcase the structures, and other projects online, along with a rise in the creativity of the marketing and advertisements sector. Additionally, the pandemic has led to massive growth in the digitalization of almost all the verticals, further driving the market growth.
The architectural and the product visualization segment holds the largest market share, owing to the boom in the e-commerce and construction sectors. A three-dimensional view of the product in the e-commerce sector is considered as an essential part to lure the customers. Similarly, in buildings and apartments, it is used to display a 3D form with the use of appropriate lighting. This technology is extensively used in high-end video games to enable players to experience the game realistically.
The cloud-based segment caters to the maximum share in the 3D rendering software market, owing to the vast proliferation of technologies such as IoT, AI, artificial learning, and augmented and virtual reality. Additionally, the growing digitalization has increased the demand for technologically advanced software and techniques across all industries. As reported by the Salesforce, about 91% of companies agreed that cloud computing makes it easier to comply with government regulations. The surging tendency of cloud vendors to offer cost-effective and efficiently managed applications for the information and services industry fuels the market growth.
North America dominates the 3D rendering software market, owing to the presence of leading market players, such as Autodesk, Inc, Adobe Systems, NVIDIA Corporation, Trimble, Inc, Corel Corporation, NewTek, Inc, and Luxion, Inc. The emergence of digital technologies has contributed to a higher acceptance of cloud-based computing platforms, which has surged the use of digital technology to support 3D rendering applications. The proliferation of real estate and gaming sector in North America has bolstered the growth of the market. Furthermore, the presence of a large number of graphical processing units (GPU) companies, such as NVIDIA, Intel, and AMD, drives the market growth.
Asia-Pacific is anticipated to be one of the fastest-growing regions in the 3D rendering market, owing to the favorable government initiative and faster adoption of the digital technology that has led to the companies favoring 3D visualization for marketing and selling purposes. Additionally, the proliferation of video games, such as PubG, Pokemon, PacMan, AngryBrds, and Clash of Clans, drives the regional market growth. The region is also anticipated to prosper in the construction sector, owing to the increase in the inflow of foreign direct investments and the availability of inexpensive labor. Meanwhile, the governments of countries, such as Japan, South Korea, and Australia, have made it essential to use the building information modeling services, further driving the market growth.