LONDON — (BUSINESS WIRE) — July 6, 2016 — According to the latest research study released by Technavio, the global architectural rendering software market is expected to expand at a CAGR of over 29% until 2020.

This research report titled ‘ Global Architectural Rendering Software Market 2016-2020’, provides an in-depth analysis of market growth in terms of revenue and emerging market trends. To calculate the market size, the report considers the revenue generated from the sales of architectural rendering software licenses and services.

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“The demand for non-photorealistic rendering is increasing because of its growing acceptance among designers and architects. It is gaining prominence as it allows users to create an object or situation according to their imagination. Non-photorealistic rendering helps architects to design futuristic cities. The technique is widely used by real estate companies to incorporate artistic features in 3D construction models, which helps these companies attract customers,” said Amrita Choudhury, one of Technavio’s lead analysts for enterprise application research.

Global architectural rendering software market by end-user 2015 (% share)

Global architectural rendering software market in non-residential building segment

In 2015, the global architectural rendering software market in the non-residential building segment was valued at USD 103.5 million. The global architectural rendering software market is driven by the growth in the non-residential building segment, which includes commercial buildings, institutions, community centers, and industrial buildings. In 2015, the non-residential building segment held a share of 69.46% in the global architectural rendering software market. In the non-residential building segment, the commercial building segment accounted for the largest market share and is exhibiting faster growth compared to the industrial building segment.

Global architectural rendering software market in residential building segment

In 2015, the global architectural rendering software market in the residential building segment was valued at USD 35 million. In 2015, the residential building segment accounted for a share of 23.49% in the global architectural rendering software market. It is one of the fastest-growing segments of the market. In the developing countries, the maximum revenue is generated from the residential building segment, followed by the commercial building segment. Many construction companies in developing countries have started focusing on the construction of residential buildings because of the increase in population. As a result of the growing demand for residential buildings in developing countries, more construction companies are depending on rendering software providers to develop 3D designs of residential buildings, thereby increasing the demand for architectural rendering software.