New York, Oct. 07, 2021 (GLOBE NEWSWIRE) — Diagramming Software Market: Key Insights
According to our new research study on “Diagramming Software Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Deployment Type, Enterprise Size, Application, and Geography,” the Diagramming Software Market Size is projected to reach US$ 1,313.66 million by 2028 from US$ 700.00 million in 2021; it is expected to grow at a CAGR of 9.4% from 2021 to 2028.
Diagramming Software Market: Competitive Landscape and Key Developments
Creately (Cinergix Pty Ltd); draw.io (//SEIBERT/MEDIA GmbH); Edrawsoft; Gliffy (Perforce Software, Inc.); Lucid Software Inc.; Microsoft Corporation; MyDraw (Nevron Software LLC); Nulab, Inc.; Samepage.io; and SmartDraw, LLC are among key players operating in the diagramming software market. The market leaders are focusing on the expansion and diversification of their market presence, and the acquisition of new customer base.
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In 2020, Nulab announced that its diagramming software Cacoo continues pursuing its innovation strategy by adding a new productivity feature and new integrations. The platform integrated database schema importer, which will allow users to store databases schemas into Cacoo to support users in processing complex concepts and data visually.
Growing demand for data-driven decisions drives the growth of the global diagram software market. Diagramming software offers various tools to create diagrams, such as vertical and horizontal outlines, pie diagrams, line charts, histograms, area graphs, stream graphs, item guides, authority diagrams, process flow diagrams, activity diagrams, and other types of charts. The growing popularity of web-based interfaces, as well as large-scale investment in this field, represent substantial prospects for the market’s future growth. Integration of the internet of things (IoT), machine learning, robotics, and artificial intelligence (AI) with diagramming software is also driving the growth of the global diagramming software market. For example, Visirule, a company located in the UK, implemented artificial intelligence into its graphical software platform in March 2019. The growing cyber risks and data breaches on cloud-based diagram software hinders the market growth.
North America held the largest share in the diagramming software market in 2020, followed by Europe and APAC. In North America, there is a rising popularity of diagramming software due to its simple and easy operation, coupled with the low cost of the software. Additionally, the increasing digitalization across the region would create opportunities for the diagramming software market in North America.
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Moreover, due to the COVID-19 outbreak, a large number of individuals are working from home and spending more time online, which is boosting the shift to digital. This demand for digital resources is stressing the systems of several software and platform organizations and hindering their capability to serve services with reliability and quality. To put this into perspective, since the start of the pandemic, there has been over a 60% rise in remote working in the US alone. Lucidchart, CrossConcept Continuum PSA, Nevron Software (MyDraw), and Microsoft, are among the diagramming software market players operating in North America. Strategic alliances by mentioned companies would drive the market growth in the coming years. For instance, in 2021, Microsoft acquired CloudKnox, which supports the cloud infrastructure in the US.
The diagramming software is experiencing a rise in adoption across both large enterprises and small and medium enterprises over the years. Enterprises are adopting these solutions for various applications including flowchart, mind map, organization chart, timeline, and grant chart. The adoption of diagramming software enables to define workflow and hierarchy in a better manner, thereby offering transparency among organizations. For example, the increasing expansion of businesses across the globe and rising adoption of centralized management among them is widening the employee base for the organizations. This is boosting the demand among the enterprises to have a proper organization chart that will enable them to allocate resources to projects undertaken as per their expertise.
Additionally, the diagramming software are useful for various departments of an organization. These solutions are applied across departments such as marketing, human resources, operations, and engineering. These solutions help different departments to create flowcharts, customer journey mapping, process diagrams, project mapping, and timeline diagrams. Companies such as Lucid Software Inc. and Cinergix Pty Ltd are offering different solutions for each department based on their requirements. These solutions are also able to easily collaborate on a real-time basis with the teams across remote locations. Thus, the above-mentioned factors are influencing the rapid adoption of diagramming software across enterprises, thereby contributing to the growth of the market.
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Diagramming Software Market: Deployment Type Overview
Based on deployment type, the diagramming software market is bifurcated into cloud and on-premise. The cloud segment accounted for a larger market share in 2020. The technology sector is witnessing a significant growth in cloud-based solutions as they are time saving and cost efficient. Owing to these advantages, cloud-based solutions have attracted a significant percentage of end users. Therefore, the key market players in the diagramming software market are offering cloud-based products. Further, the internet infrastructure has matured in developed countries and is flourishing in several developing countries, which allows end users in both developed and developing countries to easily access the cloud-based solutions. This factor is positively influencing the adoption of diagramming software among various industries. Moreover, owing to the incremental advancements in cloud computing, cloud-based solutions are experiencing significant growth. Thus, these factors are positively influencing the growth of the diagramming software market.
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