New York, US, Oct. 12, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Global Software Engineering Market Research Report: Information by Application, Software Type, End User, and Region- Forecast till 2030, the market is anticipated to acquire a valuation of approximately USD 123.5 Billion by the end of 2030. The reports further predict the market to flourish at a robust CAGR of over 11.26% during the assessment timeframe.
Software Engineering Market Overview:
Software engineering is described as the systematic application of engineering approaches to software advancement. It assists in operating in a collection of best practices, methods, and principles thoroughly honed throughout the years, shifting as software and technology change. The global market for software engineering has expanded rapidly in the last few years. Adopting portable computing devices in organizations is the primary parameter supporting the market's growth. Furthermore, factors such as a soar in research and development events, an increase in the technological progressions and upgrading in production techniques, an upsurge in the expansion across the construction and infrastructure sector, and an upsurge in the easy availability of this software over the cloud are also likely to influence the growth of the market over the coming years. Moreover, the rise in demands and trends in automation and integrated solution, the use of a large number of electronic devices, the use of a variety of products & services, and technological advancements are also likely to catalyze the market growth over the review era. On the contrary, a rise in the cost of research and development activities is likely to restrict the market's performance.
Software Engineering Market Competitive Analysis
The listing of growth contributors across the global software engineering market includes players such as:
- Geometric limited
- MSC Software Corporation
- Ansys Inc.
- Carlson Software Inc.
- Siemens PLM Software
- Ansys Inc.
- Dassault Systemes S.A.
- IBM Corporation
- Bentley Systems Inc.
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Software Engineering Market Report Scope:
| Report Metric | Details |
| Revenue forecast in 2030 | USD 123.5 Billion |
| Growth Rate | CAGR of 11.26% from 2022 to 2030 |
| Base Year | 2021 |
| Study Period | 2022-2030 |
| Key Market Opportunities | The increase in the use of software appliances and the high demand for automation has led to an opportunity for the Software Engineering markets. |
| Key Market Drivers | The primary driver of the global increase in the Software Engineering market is the continuous demands for automation along with integrated software solutions. |
Market USP Covered
Software Engineering Market Drivers
The global market for software engineering has expanded rapidly in recent times, owing mainly to the continuous demands for automation coupled with integrated software solutions, the large number of people using electronic devices, the increment in the use of services, and an increase in the use of software appliances.
Software Engineering Market Restraints
On the contrary, the factors such as the high preservation cost of engineering software, higher acquisition costs, the absence of more skilled operators, and the use of automation may restrict the market's performance.
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COVID-19 Impact
The global health crisis in the form of the COVID-19 pandemic has affected most of the global market areas. Unlike other market sectors, the global market or software engineering faced several positive effects on growth. In addition, with the IT sector's rapid expansion, the global software engineering market will likely increase over the coming years.
Software Engineering Market Segment Analysis
Among all the application areas, the drafting & 3D modeling segment is predicted to secure the top position across the global market for software engineering over the assessment era. The central aspect supporting the segment's growth is the continual pressure on plant O/Os and EPC companies to meet global demands in an extremely competitive market environment. Cheaper and faster offering to the market assists in lowering project margins and anticipates more for less in the present CAPEX process, power, and marine market. Therefore, power and manufacturing industries opt for these solutions to fulfill more significant production objectives and strict regulatory requirements for developing a plant. The reports by MRFR predict that the drafting & 3D modeling segment will offer several lucrative business opportunities for competitors worldwide over the coming years.
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Among all the software types, the CAD software segment is anticipated to ensure the leading position across the global market for software engineering over the coming years. CAD stands for Computer Aided Designing software. The software serves the particular motives of modelling and designing products and components. The segment is again divided into 2D and 3D Computer Aided Designing software. The technology is widely implemented to assist in the designing of three-dimensional structures and models on the computer.
Software Engineering Market Regional Analysis
The global software engineering market is examined across five major regions: Europe, Asia-Pacific, North America, Latin America, and the Middle East & Africa.
According to the research reports by MRFR, the North American region is predicted to secure the leading position across the global software engineering market over the review era. The central aspect supporting the growth of the regional market is the adoption of cloud-based technologies rapidly. The region led the market for software engineering globally in 2014. Likewise, it is anticipated that, along with the North American region. There are some other regions, such as the Asia Pacific and Latin America, are also predicted to witness substantial growth over the coming years. furthermore, the launch of innovative applications for several smartphones and tablets is another prime parameter anticipated to boost the growth of the regional market over the review era.
The European regional market for software engineering is likely to witness substantial growth over the coming years. the main factor supporting the regional market's growth is the massive penetration of building information technology modeling (BIM) in future infrastructure and construction projects across the region.
The software engineering market for the Asia-Pacific region is anticipated to grow at the maximum speed over the coming years. the massive rise in the population across the region is the primary parameter supporting the growth of the regional market. Furthermore, the rapid expansion of the IT sector across the region is another vital factor assisting the regional market in flourishing.
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The Middle East and African regional market for software engineering are likely to grow at a moderate pace over the review era. The main parameter boosting the growth of the regional market is that organizations across the region have implemented enterprise-full PLM strategies helping them achieve collaboration & innovation.
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
