Global Engineering Software Market to Exhibit 12.4% CAGR 2015-2022, Proliferation of BYOD Trend to Drive Growth

A new analysis published by TMR studies the use of software such as computer-aided designing (CAD), computer-aided manufacturing (CAM), computer-aided engineering (CAE), architecture, engineering, and construction (AEC), and electronic design automation (EDA) software.The report is, titled “Engineering Software (CAD, CAM, CAE, AEC, & EDA) Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2022,” and is available for sale on the company’s website. The analysis projects the global engineering software market to surge exponentially at a CAGR of 12.4% between 2015 and 2022. The market, according to the report, stood at US$19.98 bn in 2014.

Software such as CAD, AEC, CAM, CAE, and EDA is used across engineering disciplines. CAD, for instance, is used in computer programs to create two- or three-dimensional graphical representations of physical objects. Likewise, CAM is used to control machine tools for manufacturing workpieces. The advent of engineering software is associated with streamlining the otherwise complex mechanical and infrastructural designs. Engineering software provides a highly competitive platform to businesses by presenting customized solutions to clients, thus, helping them differentiate their products from competitors’.

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The demand for automation has significantly increased across end-use sectors such as automotive, IT and telecom, energy and utility, geology and science, and media and entertainment. This has encouraged the adoption of engineering software globally. Additionally, the rising penetration of compact and portable computing devices such as smartphones and tablets has also boosted demand from the engineering software market. Thus, the report forecasts the global market for engineering software to reach US$50.34 bn by the end of 2022. However, the market is likely to face challenges from the lack of technical expertise and high maintenance and license cost.

The proliferation of bring your own device (BYOD) and other mobility trends across organizations has provided lucrative opportunities for the engineering software market to gain from. These trends facilitate convenience and promote the use of engineering software. The market is expected to witness attractive growth opportunities in the oil and gas industry. Additionally, drafting and 3D modeling is likely to exhibit the fastest growth in the global engineering software market.

Regionally, North America dominated the global engineering software market in 2014, accounting for a share of 38% in the market. The enterprises operating in this region are significantly gaining from the introduction of cloud-based engineering software. However, easy access to open source software is inhibiting the growth of the engineering software market in North America.

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In Europe, the engineering software market will be driven by the penetration of building information modeling (BIM) technologies. Asia Pacific is expected to be among the fastest growing markets for engineering software due to the burgeoning automation demand in response to the expanding construction industry.

Some of the most prominent vendors operating in the global engineering software market include Geometric Ltd., Autodesk, Inc., SAP SE, IBM Corporation, Bentley Systems, Inc., and others. The report profiles these companies based on their product portfolio, development status, and the strategies adopted.

The global Engineering Software market is segmented as below:

Global Engineering Software Market, By Software Type

Computer-Aided Designing (CAD) Software
Computer-Aided Engineering (CAE) Software
Computer-Aided Manufacturing (CAM) Software
Architecture, Engineering and Construction (AEC) Software
Electronic Design Automation (EDA) Software

Global Engineering Software Market, By Applications

Design Automation
Plant Design
Product Design & Testing
Drafting & 3D Modeling
Others (3D Printing, Enterprise Resource Planning, Project Management, and Knowledge Management)

Global Engineering Software Market, By Geography

North America
Europe
Asia Pacific (APAC)
Middle East & Africa (MEA)
Latin America (LATAM)

TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.

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This release was published on openPR.