Growing Demand for Automation Propels Global Engineering Software Market
The global engineering software market is expected to register a 12.40% CAGR between 2015 and 2022. The market was valued at US$19.98 bn in 2014. Market Research Reports Search Engine (MRRSE) has added a report in the technology category to its database, covering all critical operations and sales figure forecasts concerning the engineering software market between 2014 and 2022. The report is titled “Engineering Software (CAD, CAM, CAE, AEC, & EDA) Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 – 2022”.
The report states that the primary driver for the global engineering software market is the growing demand for automation, along with an additional demand for integrated solutions adoption. The solutions are aimed at addressing and analyzing the design issues of engineering systems. This is currently creating a global increase in demand from the global engineering software market.
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The global engineering software market is also expanding thanks to the larger number of consumer electronics, mainly smartphones and tablets, that have entered the market. Their incorporation into the modern lifestyle has made it easier for engineers to stay in touch with technology and use the tools they desire. The global engineering software market benefits from this with the introduction of products and services that can be launched on consumer electronic products.
The global engineering software market is further propelled by the rising use of cloud-based products and services. Providing a cloud-based product makes it easier for a user to access software that they previously could not.
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The global engineering software market is, however, hindered by the high maintenance costs of housing engineering software, along with the high cost of acquiring the software licenses. The global engineering software market is also hampered by the overall lack of skilled professionals available to operate these products.
Regardless of the shortfalls, the global engineering software market continues to grow at what experts consider an optimistic and positive pace.
Of the various types of software in the global engineering software market, CAD software was in the lead in the market for 2014. It is believed that the CAD software segment will continue to dominate the global engineering software market and will occupy nearly 50% of the market in 2022.
Among the categories of applications of engineering software, the global engineering software market was led by product design and testing applications, owing to the increasing scope of connectivity, which has led to a greater degree of remote analysis and field testing.
North America dominated the global engineering software market in 2014, owing to rapid adoption and evolution of cloud-based technologies. At the time, North America held nearly a third of the global engineering software market. At the same time, the fastest growing region in the global engineering software market for the foreseeable future is Latin America, followed by Asia Pacific.
Key players in the global engineering software market include MSC Software Corporation, Ansys, Inc., PTC, Inc., SAP SE, Siemens PLM Software, Inc., IBM Corporation, and Autodesk, Inc.