Dallas, Texas, Sept. 21, 2022 (GLOBE NEWSWIRE) — By 2030, the world engineering software market is expected to increase CAGR by 12.5% and reach USD 177.59 billion.
The global engineering software market is driven by a number of significant factors, including the increasing use of portable computing devices at work, increased accessibility of such programs through the cloud, and expanding construction and construction sectors. infrastructures. Additionally, throughout the forecast period, the global engineering software market will witness growth owing to increase in technical developments, modernization in manufacturing methods, and expansion in research and development. However, the major reason limiting the growth of the global engineering software market is the rising cost of R&D operations of the market, which will continue to pose a challenge to the market during the projected period stated above.
The expansion of the global engineering software market is mainly driven by increasing usage in several industries and significant contribution from various software categories. The market is expected to grow rapidly owing to the growing adoption of automated systems and integrated solutions across various industries including energy, IT, as well as media, telecommunications and entertainment.
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Increased use of mobile devices like laptops, tablets, and smartphones, combined with easier access to these software solutions, is another factor driving the expansion of the market. New growth prospects are anticipated due to increasing industrialization and adoption of advanced technologies such as automation, AI, IoT and 3D printing. The predicted increase in spending by regional governments for the development of manufacturing industries in their countries would also have a positive impact on the global engineering software market. According to research, the rapid automation of industrial processes and machinery would increase the demand for engineering software such as CAD, CAM and CAE software among others.
Scope of Global Engineering Software Market:
|Market size in 2030||$177.59 billion|
|Segment covered||by application, software, by region,|
|per application covered||plant design, product design and testing, drawing and 3D modeling, other|
|Covered Software||computer-aided design, computer-aided manufacturing, computer-aided engineering, architecture and construction|
|Regions covered||North America, Europe, Asia-Pacific, Middle East, Africa and South America|
|Profiled Key Players||IBM, Siemens PLM Software, Bentley Systems, Carlsons Software, MSC Software, Cranes Software International, KBC Advanced Technologies, Aspen Technology, Ansys, Intergraph Corporation and Rockwell Automation|
Engineering software is a general term for software packages and solutions that are widely used in a variety of specialized engineering fields, such as civil, electrical, mechanical and electronics, computer science, chemical, food and agricultural engineering and of production. The growing use of such software by the aforementioned industries is expected to fuel the rapid expansion of the global engineering software market.
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As top competing companies in this industry, they continue to expand their available markets by diversifying their customer base, adding new products to their portfolio, and developing new markets and applications. These have been confronted with adversaries such as start-ups and large international technological and industrial companies on a parallel basis, which display an increasing level of competitiveness. Several new industries, including automotive, construction electronics, oil and gas, and others, have seen rapid growth in technological breakthroughs.
In terms of type, the electrical design segment is expected to grow at a significant CAGR during the forecast period owing to the continuous technological development in the industry. Additionally, a growing need for automated systems such as process design and analysis software is expected to fuel the expansion of the segment.
Due to the widespread use of cloud-based software and the launch of new applications in the region, North America is expected to hold a major share of the market throughout the forecast period. Major adoption of building information technology modeling in upcoming infrastructure and construction projects across the region, however, is expected to drive rapid market growth in Europe throughout the projected period.
Main points of the table of contents:
2. Research methodology
3. Market Outlook
4. Engineering software market by software type, 2022-2029 (USD billion)
o Computer Aided Design (CAD)
o Computer aided manufacturing (CAM)
o Computer-aided engineering
o Computer Aided Architecture and Construction
o Extended intelligence
5. Engineering Software Market Overview by Application, 2022-2029 (USD Billion)
o Product design and testing
o Factory design
o Design and 3D Modeling
6. Engineering software market by end use, 2022-2029 (USD billion)
o Oil and Gas
7. Engineering Software Market by Region 2022-2029 (USD Billion)
o North America
The rest of Europe
Rest of Asia-Pacific
o South America
Rest of South America
o Middle East and Africa
8. Competitive landscape
9. Company Profiles
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