The global engineering software market was valued at approx. US$ 20 billion in 2017 and should record an exponential CAGR of 12.4% for the study period.
Albany, NY -- (SBWIRE) -- 09/07/2017 -- The pressing need for automation and an increasing adoption of integrated solutions for designing and analyzing engineering systems has led to a boom in the global engineering software market. Our analyst team at Market Research Reports Search Engine has extensively studied the engineering software market in the report titled 'Engineering Software Market: Global Industry Analysis 2012 – 2016 and Forecast 2017 – 2025'. We have compared and contrasted the historical analysis with the forecast assessment to allow you to make long-term business decisions. The global engineering software market was valued at approx. US$ 20 billion in 2014 and should record an exponential CAGR of 12.4% for the study period.
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CAD Software Dominates the Global Engineering Software Market
The global engineering software market has been segmented into CAE software, CAD software, AEC software, CAM software, and EDA software in terms of software type. The CAD software was the most commonly used in 2014 and is expected to remain so till 2022. The surging demand for CAD software is largely driven by mobile CAD access that has skyrocketed across enterprises across the world, particularly in the mobile-first APAC region. In addition, the evolution of trends such as concurrent engineering, 3D printing, building information modeling, and 3D modeling are anticipated to benefit the engineering software market.
Product Design & Testing Key in Engineering Software Market
In 2014, product design & testing segment had a commanding position in the engineering software market by application and is predicted to remain strong throughout the duration of the forecast period. Rising global connectivity has allowed remote analysis and examination of products in the field. Drafting & 3D modeling is estimated to grow faster in the engineering software market on account of its use in advertising, textbook publishing, geology and science, and marketing. Geologists and scientists are relying on 3D models to simulate landforms and earthquakes to understand the effects of stress and thereby draw their conclusions.
A Third of Engineering Software Market Revenue Share Is in North America
North America alone represents more than a third of the revenue share in the global engineering software market and it isn't surprising to see why. The continent has a number of cloud based engineering software companies that provide several advantages such as foolproof security, large storage capacity, and ease of access. The second most important region in the engineering software market is projected to be Latin America because many telecommunication and manufacturing companies in the region are turning to engineering software to cater to their diverse needs.
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Competition Dashboard in the Engineering Software Market
Market Research Reports Search Engine has profiled some of the companies actively involved in engineering software market. These include MSC Software Corporation, Autodesk, Dassault Systemes S.A., Bentley Systems, Geometric Ltd., IBM Corporation, Siemens PLM Software, SAP SE, Ansys, Inc., PTC, Inc., and Synopsys, Inc.
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