Press release
Increasing Digitalization of Industrial Processes to Drive Engineering Software Market
The global engineering software market is anticipated to develop steadily throughout the forecast period, from 2020 to 2030. The increasing rate of adoption of engineering software around the globe is due to the growing need for automation across many business verticals such as geology, entertainment, media, telecom, IT, utilities, energy, and automotive.Civil, production engineering, food and agricultural, computer science, mechanical, chemical, electrical and electronics, as well as other specialized engineering applications make use of engineering software. As already said, the increasing use of this software across sectors is anticipated to accelerate expansion of the Engineering Software market at a breakneck speed.
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Some prominent players that are found in the global engineering software market include names such as Altium Limited, Ansys, Inc., Siemens PLM Software, Inc., Dassault Systemes, S.A., HCL Technologies, IBM Corporation, and Bentley Systems, Inc.
In terms of revenue, the global engineering software market is anticipated to rise at a CAGR of 13% over the forecast period, from 2020 to 2030.
North America is estimated to account for a significant portion of the global engineering software market. One of the main factors propelling the regional market forward is the increased usage of modern technologies in the construction industry. Engineering software has transformed the construction business by allowing users to boost productivity, design efficiency, and overall appearance of architectural projects. Users may create a thorough dimension of each component of the architectural design using these engineering software solutions, thereby culminating in a realistic depiction of the final product.
Europe is expected to have a substantial share of the global engineering software market over the forecast period. The usage of tooling and fast prototyping in the automobile industry has risen in tandem with the rapid manufacturing of passenger cars.
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For structural design analysis, civil engineers frequently use software such as SAP 2000, Google SketchUp, AutoCAD, and Microsoft Office amongst many others. Electrical as well as electronic engineers make use of software such as Smart Draw, ETAP, PCschematic, and Elecdes among others, whereas mechanical engineers use tools such as wildfire, ANSYS, AutoCAD, and Pro.
Chemical engineers as well as software engineers both require extremely complex as well as expensive software to assure reliability, accuracy, and speed of delivery. The wide range of engineering software found in the market has sparked fierce competition within the sector, as numerous businesses compete to supply customers with tailored solutions.
To acquire a foothold in this very competitive industry, most firms seek to distinguish their supplied items. The growth in mobility as well as shift in trend towards bringing your own device (BYOD) across a variety of industries is also likely to drive demand in the global engineering software market. Due to its user-friendly design, such software also allows for easier access, which is anticipated to fuel the expansion of the market throughout the forecast period, from 2020 to 2030. However, expensive license and maintenance costs, along with profound technical expertise, are likely to limit market growth in the years to come.
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From the perspective of the suppliers, the number of cloud-based engineering software products has risen. Although users were previously hesitant to embrace cloud-based engineering software owing to a shortage of storage and network security issues, conserving hard drive space, quick deployment time, and working from anywhere have improved flexibility and lowered operating costs, which have persuaded users to embrace cloud-based solutions.
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