Pune,India, Sept. 25, 2023 (GLOBE NEWSWIRE) -- According to Fortune Business Insights, global Engineering Software Market Size was valued at USD 40.55 billion in 2022 and is projected to grow from USD 44.22 billion in 2023 to USD 87.78 billion by 2030, exhibiting a CAGR of 10.3% during the forecast period.
The rise can be attributed to the growing endeavor of market players to enhance their offerings with product upgrades and innovations.
Key Industry Development:
April 2023 – IBM and Siemens Digital Industries Software shared plans to expand their long-term collaboration. The two companies would partner to develop an integrated software solution for asset management, service lifecycle management, and systems engineering.
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Key Takeaways-
- Engineering Software Market is expected to flourish & reach USD 87.78 Billion in 2030
- Team members can collaborate remotely from their preferred device because cloud-based solutions can be accessed by users using a web browser.
- The use of 3D technology helps designers visualise the finished product and its parts.
- Users, particularly those who are new to using the software, may find it difficult to navigate such complicated software.
- Engineering Software Market Size in North America was USD 13.47 Billion 2022
Discover the Leading Players Featured in the Report-
“Autodesk Inc. (U.S.), Dassault Systèmes (France), Siemens Ltd. (Germany), PTC (U.S.), SAP SE (Germany), Aras (U.S.), Oracle Corporation (U.S.), Centric Software, Inc. (U.S.), Hexagon AB (Sweden), ComplianceQuest (U.S.)”
Report Scope & Segmentation-
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 10.3% |
| 2030 Value Projection | USD 87.78 Billion |
| Base Year | 2022 |
| Engineering Software Market Size in 2022 | USD 40.55 Billion |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 149 |
| Segments covered | Application, Deployment, Industry, |
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Drivers and Restraints-
Increasing Deployment of High-tech Technologies to Propel Industry Expansion
The engineering software market growth is being impelled by the surging adoption of high-tech technologies such as digitization and 3D modeling. The deployment of 3D technology helps in the quick identification of design faults and cost reduction.
However, the growing integration of various technologies increases the complexity of these software solutions. This may be challenging for new users, limiting industry expansion to some extent.
Leading Segments Covered in this Report-
By Application
- CAD
- PDM
- PLM
- Design Quality
By Deployment
- Cloud
- On-premises
By Industry
- Automotive
- Aerospace and Defense
- Manufacturing
- Healthcare
- Semiconductor and Electronics
- Retail
- Others (Construction and Media and Entertainment)
Regional Insights-
North America Holds Dominant Share Driven by Portfolio Enhancement Initiatives by Regional Players
Prominent industry players in the region are focusing on expanding and enhancing their product portfolios through partnerships, new innovations, and acquisitions, among others. This is set to spur the North America engineering software market share over the forecast period. North America holds a dominating share in the global market.
The Asia Pacific market is anticipated to depict the highest CAGR over the analysis period. The surge can be credited to the increasing investments by private and government players in cloud and AI adoption.
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Competitive Landscape:
Leading Companies Ink Collaborations to Strengthen Industry Foothold
Major players of engineering software focus on entering collaborations and partnerships to strengthen their market footings. Besides, companies are also conducting research activities to enhance their product portfolios. These steps are being deployed for increasing the reach of their products.
FAQs
How big is the Engineering Software Market Market?
Engineering Software Market size was USD 40.55 Billion in 2022. It is expected to reach USD 87.78 Billion by 2030.
How fast is the Engineering Software Market growing?
The Engineering Software Market will exhibit a CAGR of 10.3% during the forecast period, 2023-2030
Related Reports-
CAD and PLM Software Market Share, Revenue Forecast and Opportunities
Product Life Cycle Management (PLM) Market Overview, Industry Share and Forecast
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