Dallas, Texas, Sept. 21, 2022 (GLOBE NEWSWIRE) -- By 2030, the global engineering software market is anticipated to increase by 12.5% CAGR and reach USD 177.59 billion.
The global engineering software market is being driven by a number of important factors, including the increasing use of portable computing devices at work, the increased accessibility of these programs via the cloud, and expansion in the building and infrastructure industries. Additionally, throughout the forecasted period, the global engineering software market will experience growth due to increased technical developments, modernization of manufacturing methods, and expansion of research and development activities. The key reason limiting global engineering software market growth is, however, the market's rising cost of R&D operations, which will continue to pose a challenge to the market over the projected period given above.
Global engineering software market expansion is primarily being driven by rising use across multiple industries and a sizeable contribution from various software categories. The market is anticipated to develop quickly as a result of the increasing adoption of automated systems and integrated solutions across a variety of sectors, including energy, IT, as well as media, telecommunication, and entertainment.
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The increased use of mobile devices like laptops, tablets, and smartphones combined with easier access to these software solutions is another factor that favors market expansion. New growth prospects are anticipated as a result of increasing industrialization and the adoption of cutting-edge technologies like automation, AI, IoT, and 3D printing. The predicted rise in regional governments' spending on developing the 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 demand for engineering software like CAD, CAM, and CAE software, among others.
Global engineering software market Scope:
| Metrics | Details |
| Study Period | 2019-2030 |
| Market Size in 2030 | USD 177.59 billion |
| Segment Covered | by Application, Software, By Region, |
| by Application Covered | plant design, product design and testing, drafting and 3D modelling, others |
| Software Covered | computer-aided designing, computer-aided manufacturing, computer-aided engineering, architecture and construction |
| Regions Covered | North America, Europe, Asia Pacific, Middle East, and Africa and South America |
| Key Players Profiled | 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 electronic, computer science, chemical, food and agricultural, and production engineering. The above-mentioned sectors' increasing use of this software is expected to fuel rapid global engineering software market expansion.
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As the top companies competing in this industry, they keep growing their available markets by diversifying their clientele, adding new products to their portfolio, and developing new markets and applications. These have been contending with adversaries like start-ups and major international technology & industrial corporations on a parallel basis, who are posing a growing level of competitiveness. Several new industries, including automotive, construction electronics, oil & 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 over the forecast period owing to the industry's ongoing technological development. Additionally, a rising need for automated systems like designing and process analysis software is anticipated to fuel segment expansion.
Due to the widespread use of cloud-based software and the launch of novel apps in the area, North America is anticipated to have a significant share of the market throughout the anticipated period. The major adoption of building information technology modeling in upcoming infrastructure and construction projects throughout the area, however, is expected to cause the market in Europe to grow at a quick rate throughout the projected period.
Major Points from Table of Contents:
1. Introduction
2. Research Methodology
3. Market Outlook
4. Engineering Software Market by Software Type, 2022-2029 (USD Billion)
o Computer-Aided Designing (CAD)
o Computer-aided Manufacturing (CAM)
o Computer-aided Engineering
o Computer-aided Architecture and Construction
o Extended Intelligence
o Others
5. Engineering Software Market by Application Overview, 2022-2029 (USD Billion)
o Product Design and Testing
o Plant Design
o Drafting and 3D Modelling
o Others
6. Engineering Software Market by End-use, 2022-2029 (USD Billion)
o Defense
o Automotive
o Oil and Gas
o Aerospace
o Healthcare
o Banking
o Others
7. Engineering Software Market by Region 2022-2029 (USD Billion)
o North America
US
Canada
o Europe
UK
Germany
France
Rest of Europe
o Asia Pacific
China
Japan
India
Rest of Asia Pacific
o South America
Brazil
Mexico
Rest of South America
o Middle East & Africa
8. Competitive Landscape
9. Company Profiles
10. Appendix
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Adroit Market Research is a global business analytics and consulting company incorporated in 2018. Our target audience is a wide range of corporations, manufacturing companies, product/technology development institutions and industry associations that require understanding of a market’s size, key trends, participants and future outlook of an industry. We intend to become our clients’ knowledge partner and provide them with valuable market insights to help create opportunities that increase their revenues. We follow a code– Explore, Learn and Transform. At our core, we are curious people who love to identify and understand industry patterns, create an insightful study around our findings and churn out money-making roadmaps.
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