ALBANY N.Y., April 25, 2022 (GLOBE NEWSWIRE) -- Customization of CAD functions are increasingly broadening the horizon of automation of complex designs in multiple industries. The commercialization of advanced tools and adoption of services pertaining to design automation are propelling the revenue opportunities for stakeholders in the engineering software market. The global the engineering software market is projected to rise at CAGR of 13.4% during 2020 – 2030, and reach valuation of US$ 124 Bn by the end of period.
Stakeholders have gained revenue gains from several initiatives undertaken by them to raise awareness about the utility and capabilities of 3D modelling software, which helps customers make balanced decision. Furthermore, many companies are geared toward integrating tools and services while expanding product portfolio, finds an in-depth report on the engineering software market.
Multiple benefits of CAD automation in electronic and mechanical design, lifecycle analytics system simulation, and manufacturing have expanded the application areas, assert TMR analysts making a scrutiny of the current opportunities and emerging avenues for investments in the engineering software market.
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Key Findings of Engineering Software Market Study
- Vast Scope of Design Automation Software in Construction Industry Underpins Abundant Opportunities: Rapid pace of urbanization in emerging economies of the world has spurred the need for new homes and dwelling units. Thus, various engineering software and solutions have witnessed an increasing scope among construction industry. Growing adoption of engineering software by engineering and construction firms globally has fueled the revenue possibilities in the engineering software market. The expanding industry is expected to create massive profitable avenues, where end users will leverage them to boost the profitability and improve project workflow, this boosting the engineering software market.
- Demand for CAD Customization Tools for Design Automation Services in Multiple Industries Propelling Revenue Growth: The authors of an in-depth assessment of the engineering software market dynamics have found that open source 3D modelling software. Of note, companies developing 3D modelling software are geared toward adopting advanced software development methodologies and are striving to overcome the limitations of agile development methodology.
Solutions that are empowered by cloud computing have expanded the avenue for investments among end users in the engineering software market. Developers, artists, and designers are embracing cloud-connected products or tools for product design and testing. Of note, CAD customization has opened a lucrative avenue for software companies expanding their product portfolio of design automation software.
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Engineering Software Market: Key Drivers
- The ever-increasing demand for increasing the flexibility and accuracy for engineers in product development across industries is a key dynamic influencing the evolution of the engineering software market.
- Cloud-based design automation is extending the canvas for software companies to invest in the engineering software market. Indeed, over the past few years, the rapid adoption of cloud-base offering has strikingly shaped the contours of the market.
Engineering Software Market: Regional Growth Dynamics
North America is projected to account for a remarkable revenue share of the global engineering software market during the forecast period of 2020–2030. Rising adoption of advanced engineering software especially in the construction industry has propelled the revenue expansion of the regional market. Several engineering and construction firms have leveraged the solutions to boost their profitability.
Engineering Software Market: Key Players
Some of the key players in the engineering software market are Siemens PLM Software, Inc., IBM, Synopsys, Inc., SAP SE, PTC, Inc., Simscale, Hexagon AB, ZWSoft, Inc., ESI Group, Bentley Systems, Inc., Aveva Group Plc., Autodesk, Inc., and Altair Engineering Inc.
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The global engineering software market is segmented based on:
Deployment
- On-premise
- Cloud
Application
- Design Automation
- Plant Design
- Product Design & Testing
- Drafting & 3D Modeling
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Enterprise Size
- Large Enterprises
- Small & Medium Enterprises
Component
- Software
- Service
Region
- Latin America
- North America
- Europe
- Japan
- Asia Pacific excluding Japan
- Middle East and Africa
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