The engineering software market provides an immensely competitive platform for companies by assisting them in providing customized solutions for their customers. There are various types of engineering software prevalent in the market, namely computer-aided engineering (CAE) software, computer-aided designing (CAD) software, architecture, engineering, and construction (AEC) software, computer-aided manufacturing (CAM) software, and electronic design automation (EDA) software.
The global engineering software market stood at US$19.98 billion in 2014, and is expected to expand at an impressive CAGR of 12.4% between 2015 and 2022. Transparency Market Research (TMR) explores the different ways via which the engineering software assists various companies in a number of ways and provides a bird’s eye view of the prominent drivers, restraints, and future opportunities that will impact the growth of the global engineering software market in the forthcoming future.
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What are the Key Factors Fuelling the Global Market for Engineering Software?
The increase in implementation of integrated solutions for designing and evaluating engineering systems and the increasing requirement for automation are amongst the major factors stimulating the global market for engineering software. Additionally, the establishment of engineering software products that are cloud-based is augmenting the market’s growth to a great extent.
Furthermore, the increase in demand for mobile devices, namely tablets, smartphones, and laptops, has increased the accessibility and ease of engineering software, which is boosting the growth of the market for engineering software.
Which Application Segment Dominated the Software Engineering Market in 2014 and Why?
In terms of applications, the global market for engineering software is segmented into drafting and 3D modeling, plant design, product design and testing, design automation, and others. Amongst these, the application segment of product design and testing dominated the engineering software market in 2014, due to increasing sophistication of connectivity technology, which enables examining and remotely analyzing products within the field.
The application segment of drafting and 3D modelling is predicted to be the most swiftly developing application segment, due to its increased utilization in advertising, textbook publishing, geology and science, and marketing. Additionally, geologists and scientists are utilizing 3D modeling to initiate earthquakes to gain a better understanding of the impact of stress in order to draw conclusions applicable to disaster management services around the world.
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Which Region Dominated the Global Engineering Software Market in 2014 and Why?
In 2014, North America dominated the global engineering market, representing one third of the total revenue in the overall market. and is expected to rule the market in the forecast horizon from 2015 to 2022. The reason for its persistent dominance is the emergence of engineering software that is cloud-based, which offers a number of benefits such as large storage space, easy access, and security.
On the other hand, the Latin America engineering software market is anticipated to be the most swiftly developing market in the forecast period. This is due to the rapid development of telecommunication and manufacturing industries, which make substantial utilization of engineering software.
Bring Your Own Device (BYOD) policies and increasing mobility are amongst the major trends prevalent in numerous end-use sectors, thus fuelling the demand for modern engineering software, which is easily accessible remotely.
Bentley Systems, Inc., Autodesk, Inc., IBM Corporation, Dassault Systemes S.A., Geometric Ltd., SAP SE, Synopsys, Inc., Siemens PLM Software, Inc., PTC, Inc., MSC Software Corporation, and Ansys, Inc. are amongst the major players in the global engineering software market.
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