About Torque Software
The global torque software market is expected to grow at a good pace during the forecast period, according to the AMA study. The increasing demand for automation across different end use industries such as automobiles, aerospace, power generation, and introduction of autonomous vehicles are some of the major factors aiding into the growth for the market. However, the market is expected to witness a slight decline in the growth during the next few years but it is again expected to rise with a healthy pace after the COVID-19 pandemic is over.
Attributes | Details |
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Study Period | 2017-2027 |
Base Year | 2021 |
Unit | Value (USD Million) |
The vendors in this market are majorly focusing on developing innovative products and solutions in order to cater to the market's demands to remain competitive in the global market. According to the recent global industry crisis due to outbreak of COVID-19 is expected to be one of the major challenges for the vendors of this market as the production and markets of different industries have been shut down for an ambiguous period of time. Analyst at AMA Research estimates that United States Players will contribute the maximum growth to Global Torque Software market throughout the forecasted period. Established and emerging Players should take a closer view at their existing organizations and reinvent traditional business and operating models to adapt to the future.
Mecmesin (United Kingdom), Crane Electronics Ltd (United Kingdom), Creosys Oy (finland), Magtrol (Switzerland), STURTEVANT RICHMONT (United States), Torque IT Solutions (United States), HYTORC (United States), Launch Tech USA (United States), Elm Electronics (Canada), IMADA, Incorporated (United States), SCS Concept (Germany), ELTORQUE (Norway) and Hydratight (United Kingdom) are some of the key players that are part of study coverage.
Segmentation Overview
AMA Research has segmented the market of Global Torque Software market by Type (PC Based and Mobile Based), Application (Automobile, Industrial Machines, Aircraft and Others) and Region.
On the basis of geography, the market of Torque Software has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). If we see Market by Enterprise Size, the sub-segment i.e. SMEs will boost the Torque Software market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Platform, the sub-segment i.e. Windows will boost the Torque Software market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth. If we see Market by Deployment, the sub-segment i.e. On-Premise will boost the Torque Software market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Influencing Trend:
Implementation of Artificial Intelligence in Torque Software
Market Growth Drivers:
Increasing Demand for Automation Across Different Industries Such as Automotive, Industrial Machinery, and Aerospace and Introduction of Autonomous Vehicles
Challenges:
Issues in Selection of Right Process for Automation
Restraints:
The Outbreak of COVID-19 Pandemic is one of the Major Restraints for the Market as Most of the Industries have been Facing Economic Crisis Across the World
Opportunities:
Industry 4.0 is Expected to Create Huge Opportunities for the Market Vendors During the Forecast Period
Stringent Worldwide Government Regulations Regarding Lock-Down of Markets & Cities Across Different Countries of the World to Avoid the Spread of COVID-19
About Approach
To evaluate and validate the market size various sources including primary and secondary analysis is utilized. AMA Research follows regulatory standards such as NAICS/SIC/ICB/TRCB, to have a better understanding of the market. The market study is conducted on basis of more than 200 companies dealing in the market regional as well as global areas with the purpose to understand the companies positioning regarding the market value, volume, and their market share for regional as well as global.
Further to bring relevance specific to any niche market we set and apply a number of criteria like Geographic Footprints, Regional Segments of Revenue, Operational Centres, etc. The next step is to finalize a team (In-House + Data Agencies) who then starts collecting C & D level executives and profiles, Industry experts, Opinion leaders, etc., and work towards appointment generation.
The primary research is performed by taking the interviews of executives of various companies dealing in the market as well as using the survey reports, research institute, and latest research reports. Meanwhile, the analyst team keeps preparing a set of questionnaires, and after getting the appointee list; the target audience is then tapped and segregated with various mediums and channels that are feasible for making connections that including email communication, telephonic, skype, LinkedIn Group & InMail, Community Forums, Community Forums, open Survey, SurveyMonkey, etc.