What Is The Scope Of The Global Engineering Software Market?
Engineering software refers to specialized computer programs designed to assist engineers in various fields with tasks such as the design, testing, and maintenance of software applications. These software tools are essential for engineers to streamline their work processes, enhance productivity, and solve complex engineering problems efficiently.
Engineering Software Global Market Report 2024 provides data on the global engineering software market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The engineering software market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
What Are The Expected Annual Growth Rates And Market Size Estimates For The Global Engineering Software Sector?
The engineering software sector has expanded rapidly, with the market expected to grow from $47.84 billion in 2023 to $55.63 billion in 2024 at a CAGR of 16.3%. Growth has been driven by the increasing complexity of designs, globalization, regulatory demands, and simulation tool adoption. The market is projected to reach $102.55 billion by 2028 at a CAGR of 16.5%, fueled by digital twin technology, cybersecurity concerns, and Industry 4.0 initiatives. Trends include the rise of cloud-based solutions, IoT integration, additive manufacturing, and open-source software development.
Which Factors Are Boosting Growth In The Engineering Software Market?
The growth of automation in manufacturing is expected to stimulate the demand for engineering software. Automation in manufacturing involves using technology to perform tasks with minimal human input, driven by factors such as labor shortages, demand for quality control, and customization. Engineering software plays a key role in supporting manufacturing automation by providing tools for design, simulation, and optimization of processes. For instance, in October 2022, the International Federation of Robotics reported that the installation of industrial robots in the U.S. reached 50,712 units in 2021, a 31% increase from the previous year. As manufacturing automation increases, the need for engineering software is also growing.
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What Key Areas Define The Segmentation Of The Global Engineering Software Market?
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
How Are Emerging Trends Reshaping The Dynamics Of The Engineering Software Market?
In the engineering software market, companies are advancing digital engineering solutions to offer comprehensive solutions for modern manufacturing. These solutions incorporate technology-driven methods for the design, development, and maintenance of engineering products. For example, in November 2023, CAPTURE 3D introduced ZEISS INSPECT, a 3D metrology software designed to tackle contemporary manufacturing and engineering challenges. It supports the entire inspection workflow, including scanning, analyzing, and reporting, and enables users to handle optical 3D data, volume data, and airfoils regardless of the data collection method. The software also features the Autosurfacing app, which automatically converts scan data into high-precision CAD models.
Which Region Has The Fastest Expansion In The Engineering Software 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.
