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Steady Expansion Forecast for Engineering Software Market, Projected to Reach $113.93 Billion by 2029
Engineering Software Market
Engineering Software Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
The market size for engineering software has experienced fast expansion in the last few years and is projected to rise from $55.63 billion in 2024 to $64.7 billion in 2025, showcasing a compound annual growth rate (CAGR) of 16.3%. This development throughout the historic period is largely due to the upsurge in the intricacy of product designs, the global expansion of the engineering workforce, regulatory compliance needs, and cost and time efficiencies. Additionally, the escalating adoption of simulation tools has been a significant factor.
Engineering Software Market Size Forecast: What's the Projected Valuation by 2029?
In the coming years, the market size for engineering software is forecasted to experience swift expansion. It is predicted to reach $113.93 billion in 2029, growing at a Compound Annual Growth Rate (CAGR) of 15.2%. This predicted growth during the forecast period can be credited to the spotlight on additive manufacturing, augmented focus on cybersecurity, escalating demand for cloud-based solutions, and the proliferation of digital twins across multiple industries. Noteworthy trends predicted for the forecast period include cloud-based solutions, integration of Industry 4.0 and Internet of Things (IoT), additive manufacturing, utilization of open-source software, and emphasis on user experience (UX) design.
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What Are the Drivers Transforming the Engineering Software Market?
The growth of the engineering software market is anticipated to be driven by the increasing automation in the manufacturing sector. Manufacturing automation involves the utilization of technology and machinery to execute tasks or operations with little to no human involvement. Elements such as an aging workforce, skills deficits, labor scarcity, customization requirements, and advantages in quality control are driving up automation in manufacturing. Engineering software bolsters manufacturing automation by offering the necessary tools and capabilities for efficient design, simulation, analysis, control, and optimization of automated processes. For instance, the International Federation of Robotics, a non-profit organization based in Germany, reported in May 2023 that industrial robot installations in manufacturing surged by 12% overall in 2022, totaling 41,624 units. The primary adopter was the automotive industry, comprising predominantly US, Canadian, and Mexican businesses, with 20,391 units installed, marking a 30% increase from 2021. Hence, the growing automation in manufacturing contributes to the expansion of the engineering software market.
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What Long-Term Trends Will Define the Future of the Engineering Software Market?
Leading businesses in the engineering software industry are prioritizing the creation of cutting-edge solutions, such as digital engineering tools, to provide a full suite of solutions for modern manufacturing and secure an advantage in the market. The term digital engineering solutions is used to describe a variety of tech-based strategies and techniques applied in the creation, development, and maintenance of engineering goods and systems. For instance, in November 2023, CAPTURE 3D, an American software enterprise that provides 3D metrology solutions introduced ZEISS INSPECT, a 3D metrology software designed to tackle current manufacturing and engineering issues. ZEISS INSPECT, created to analyze 3D, CT (computed tomography), or motion data, supports all stages of the inspection process, from scanning to analysis and reporting. It allows users to interact with optical 3D data, volume data, and airfoils regardless of the metrology technique used for data gathering. This contributes to the streamlining of procedures, boosting of efficiency, and tackling of difficulties linked to measurement technology. Additionally, it comes equipped with the Autosurfacing app for automatic conversion of scan data into highly accurate CAD (computer-aided design) models.
Which Segments in the Engineering Software Market Offer the Most Profit Potential?
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
Subsegments:
1) By Software: Computer-Aided Design (Cad) Software, Computer-Aided Engineering (Cae) Software, Product Lifecycle Management (Plm) Software, Finite Element Analysis (Fea) Software, Simulation Software, Computer-Aided Manufacturing (Cam) Software, 3D Modeling And Visualization Software, Building Information Modeling (Bim) Software, Geographic Information Systems (Gis) Software, Embedded Systems Design Software
2) By Services: Consulting Services, Software Implementation Services, Customization And Integration Services, Training And Support Services, Managed Services, Maintenance And Upgrade Services, Cloud-Based Engineering Services, System Integration Services, Simulation And Testing Services, Data Analytics And Optimization Services
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Which Firms Dominate the Engineering Software Market by Market Share and Revenue in 2025?
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
Which Regions Offer the Highest Growth Potential in the Engineering Software Market?
North America was the largest region in the engineering software market in 2024. 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.
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