Press release
Engineering Software Market Expected to See Strong Growth, Reaching $102.55 Billion by 2028
Engineering Software Market Report
Engineering Software Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $102.55 Bn In 2028 At A CAGR Of 16.5%:
The engineering software market size has grown rapidly in recent years. It will grow from $47.84 billion in 2023 to $55.63 billion in 2024 at a compound annual growth rate (CAGR) of 16.3%. The growth in the historic period can be attributed to increasing complexity of product designs, globalization of engineering workforce, regulatory compliance requirements, cost and time savings, growing adoption of simulation tools.
The engineering software market size is expected to see rapid growth in the next few years. It will grow to $102.55 billion in 2028 at a compound annual growth rate (CAGR) of 16.5%. The growth in the forecast period can be attributed to emphasis on additive manufacturing, increased focus on cybersecurity, demand for cloud-based solutions, expansion of digital twins across industries. Major trends in the forecast period include cloud-based solutions, industry 4.0 and IoT integration, additive manufacturing, open-source software, user experience (UX) design.
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Engineering Software Market Major Segments
The engineering software market covered in this report is segmented -
1) By Component: Software, Services
2) By Deployment: Cloud, On-Premises
3) By Application: 3D Printing, Enterprise Resource Planning, Plant Layout, Drafting And 3D Modeling, Project Management, Knowledge Management, Product Design And Testing
4) By End-Use: Automotive, Aerospace And Defense, Electronics, Medical Devices, Architecture, Engineering, And Construction (AEC), Other End-Uses
Key Driver - Impact Of Automation In Manufacturing In The Engineering Software Market
The rising automation in manufacturing is expected to propel the engineering software market going forward. Manufacturing automation refers to the use of technology and machinery to perform tasks or processes with minimal human intervention. Automation in manufacturing is rising because of the aging workforce, skills gaps, labor shortages, demand for customization, and quality control benefits. Engineering software enhances automation in manufacturing by providing the necessary tools and capabilities to design, simulate, analyze, control, and optimize automated processes efficiently. For instance, in October 2022, according to the International Federation of Robotics, a Germany-based non-profit organization, the installation of industrial robots in the USA reached 50,712 units in 2021, reflecting a 31% increase compared to the previous year. Therefore, rising automation in manufacturing is driving the growth of the engineering software market.
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Prominent Trend - Cutting-Edge 3D Metrology Software Revolutionizes The Engineering Software Market
Major companies operating in the engineering software market are focusing on developing technologically advanced solutions, such as digital engineering solutions, to provide a comprehensive solution for modern manufacturing and gain a competitive edge in the market. Digital engineering solutions refer to a range of technology-driven approaches and methodologies used in the design, development, and maintenance of engineering products and systems. For instance, in November 2023, CAPTURE 3D, a US-based software company that provides 3D metrology solutions, launched the ZEISS INSPECT, a 3D metrology software designed to address contemporary manufacturing and engineering challenges. It is developed to analyze 3D, CT (computed tomography), or motion data and supports the entire inspection workflow, from scanning to analyzing and reporting. ZEISS INSPECT enables users to work with optical 3D data, volume data, and airfoils regardless of the metrology method used for data collection. This helps to simplify procedures, increase efficiency, and address the challenges associated with measuring technology. Additionally, it features the Autosurfacing app for automatically converting scan data into high-precision CAD (computer-aided design) models.
Engineering Software Market Players
Major companies operating in the engineering software market are Siemens Ltd., International Business Machines Corporation, General Electric Company, Oracle Corporation, Schneider Electric SE, Honeywell International Inc., SAP SE, ABB Ltd., Emerson Electric Co. , HCL Technologies, Rockwell Automation Inc., Dassault Systèmes, Hexagon AB, Keysight Technologies, Synopsys Inc., Autodesk Inc., Ansys Inc., PTC Inc., National Instruments Corporation, Aveva Group Plc., MathWorks Inc. , Bentley Systems Inc., Altair Engineering Inc., Altium Limited, Aras Corp, ComplianceQuest
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Largest And Fastest Growing Region In The Market
North America was the largest region in the engineering software market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the engineering software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Engineering Software Market Report Structure
3. Engineering Software Market Trends And Strategies
4. Engineering Software Market - Macro Economic Scenario
5. Engineering Software Market Size And Growth
…..
27. Engineering Software Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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