Albany, NY -- (SBWire) -- 08/18/2018 --The world market for engineering software defines the usage of different software such as architecture, engineering, and construction (AEC) software, computer-aided manufacturing (CAM) software, computer-aided designing (CAD) software, computer-aided engineering (CAE) software, and electronic design automation (EDA) software. These software programmes are utilized across various engineering disciplines, such as mechanical engineering, electrical engineering, chemical engineering, electronics and communication engineering, and process engineering.
The world market for engineering software is highly fragmented. The report profiles a few of the prominent market players in the international market engineering software, such as, MSC Software Corporation, IBM Corporation, Dassault Systems, Geometric Ltd., Siemens PLM Software Inc., Autodesk Inc., SAP SE, Synopsys Inc., Aveva Group Plc., Bentley Systems Inc., PTC Inc., and Ansys Inc.
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In accordance with a recent market research report that has been published by Transparency Market Research, the world market for engineering software is forecasted to expand at a CAGR of 12.4% over the period between 2015 and 2022. The report also projects the international market for engineering software to reach a market valuation of around US$ 50.34 bn by the year 2022. The overall market was worth around US$ 19.98 bn in the year 2014.
North America to Continue with its Regional Supremacy Over the Period of Forecast
The world market for engineering software has been regionally segmented into the geographies of South America, North America, Asia Pacific, Middle East and Africa, and Europe. The region of North America has led the world market for engineering software in the year 2014 and has accounted for over one-third of global market revenue share and it is anticipated to lead the market throughout the forecast period of 2015 to the year 2022.
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This is due to the fact that evolution of cloud-based engineering software that provides a wide range of advantages, such as security, large space of storage, and ease of access. The Latin America is expected to be a rapidly growing region for the said market due to the immense growth in manufacturing and telecommunication industries, thereby making significant usage of engineering software programmes.
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The market for EDA and CAD/CAM/CAE is forecasted to increase in Mexico, Argentina, Brazil, and Mexico. In the region of Middle East & Africa (MEA), advancements in technology and government investments are acting as stimulants for the growth of industrial sector, which in turn, is expected to drive the world market for engineering software in the years to come. In addition to that, the growth of engineering software market in the region of Asia Pacific is mostly driven by expanding automation industry and burgeoning construction field.
Engineering Software Market: Wide Availability of Portable Computing Devices to Trigger Market Growth