Leading Companies Reinforce Their Presence in the Engineering Software Market

The engineering software sector is experiencing remarkable momentum as technology evolves and industries shift toward digital solutions. With the integration of AI and cloud-based platforms, this market is set to expand significantly. Let's explore the projected market size, key players, emerging trends, and segmentation details that define the engineering software landscape.

Projected Growth and Market Size of the Engineering Software Market
The engineering software market is anticipated to undergo rapid expansion over the coming years, reaching a valuation of $127.05 billion by 2030. This reflects a robust compound annual growth rate (CAGR) of 14.0%. Driving this surge are various factors such as the widespread adoption of AI-powered engineering tools, the rising popularity of cloud-native engineering platforms, advancements in immersive design and visualization technologies, increased implementation of digital twins, and the growing integration of IoT-enabled engineering workflows. The forecast period is also marked by heightened demand for sophisticated simulation and testing software, growing uptake of product lifecycle management solutions, the necessity for precise 3D modeling applications, broader adoption of engineering workflow automation, and expanded use of integrated collaboration platforms.

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Key Factors Contributing to Growth in the Engineering Software Market
One of the primary reasons fueling growth in this market is the increasing reliance on AI-driven engineering solutions, which enhance efficiency and accuracy in product design and development. Companies are focusing on leveraging AI to streamline workflows and reduce errors.
Additionally, the shift towards cloud-native platforms allows for greater flexibility, scalability, and accessibility in engineering processes. This, coupled with advancements in immersive visualization tools and digital twin technologies, supports more innovative and realistic design experiences, further propelling market expansion.

Emerging Participants in the Engineering Software Industry
Several notable corporations are making significant strides in the engineering software market, including Siemens Ltd, International Business Machines Corporation (IBM), 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, and ComplianceQuest.
In a recent development from July 2023, US-based digital product engineering firm GlobalLogic Inc. acquired Ireland's Sidero Labs Inc. Although the financial terms were undisclosed, this strategic move aims to bolster GlobalLogic's capabilities in radio access networks (RAN), self-optimizing networks (SON), and cloud-based agile development, enhancing its foothold in the communications technology sector. Sidero Labs specializes in cloud-native software development tailored for the communications industry.

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Innovations and Trends Shaping the Engineering Software Industry
Leading companies in this domain are pushing the boundaries by developing advanced digital engineering solutions designed to meet the demands of modern manufacturing and maintain competitive advantages. These solutions encompass a variety of technology-driven methodologies that streamline the design, development, and maintenance of engineering products and systems.
For example, in November 2023, CAPTURE 3D, a US-based software provider specializing in 3D metrology, unveiled ZEISS INSPECT, a cutting-edge 3D metrology software tailored to tackle current manufacturing and engineering challenges. This software supports the entire inspection process-from scanning to analysis and reporting-and works with data types including 3D, computed tomography (CT), and motion data. Its versatility allows users to handle optical 3D data, volumetric data, and airfoil measurements regardless of the metrology technique applied. This innovation simplifies workflows, improves efficiency, and addresses complexities in metrology. Notably, ZEISS INSPECT includes the Autosurfacing app, which automatically converts scan data into highly accurate CAD models.

How the Engineering Software Market is Segmented
This report categorizes the engineering software market into several key segments:
1) By Component: Software and Services
2) By Deployment Model: Cloud and On-Premises
3) By Application Areas: 3D Printing, Enterprise Resource Planning (ERP), Plant Layout, Drafting and 3D Modeling, Project Management, Knowledge Management, Product Design and Testing
4) By End-Use Industry: Automotive, Aerospace and Defense, Electronics, Medical Devices, Architecture, Engineering, and Construction (AEC), and Other End-Use sectors

Further breakdown by software types includes Computer-Aided Design (CAD), Computer-Aided Engineering (CAE), Product Lifecycle Management (PLM), Finite Element Analysis (FEA), Simulation Software, Computer-Aided Manufacturing (CAM), 3D Modeling and Visualization, Building Information Modeling (BIM), Geographic Information Systems (GIS), and Embedded Systems Design Software.
In the services category, subsegments comprise consulting, software implementation, customization and integration, training and support, managed services, maintenance and upgrades, cloud-based engineering services, system integration, simulation and testing, and data analytics and optimization.

Regional Trends and Market Outlook
While this report primarily focuses on the global scale, it highlights important regional insights, showing that growth opportunities vary by geography. The engineering software market is expected to benefit from rising industrial automation and digital transformation efforts worldwide, with particular emphasis on regions adopting cloud and AI-powered tools.

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