Engineering Software Market to grow at a CAGR of 12.4% By 2022

According to a recent market research report published by Transparency Market Research, the global engineering software market is estimated to expand at a CAGR of 12.4% during the period between 2015 and 2022.

The report, titled “Engineering Software Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2022”, projects the global engineering software market to reach a valuation of US$50.34 bn by 2022. The overall market was worth US$19.98 bn in 2014

The report points out that the ability of engineering software to shorten the product development lifecycle, coupled with the increased adoption of cloud-based engineering software, has boosted the market.

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The wide availability of portable computing devices has further fuelled the market for engineering software. Rising demand for industrial automation and significant growth in the global construction industry will propel the overall market during the forecast period.

However, the report states that the lack of technical expertise in operating engineering software, coupled with high maintenance and license costs, will restrain the market’s growth.

The global engineering market has a huge opportunity to grow with increasing demand for automation, especially across oil and gas, and off-shoring industries.

On the basis of application, the global engineering software market has been segmented into plant design, design automation, drafting and 3D modeling, product design and testing, and others including 3D printing, enterprise resource planning, project management, and knowledge management.

Drafting and 3D modeling is expected to be the fastest-growing segment in the market owing to the rising usage of 3D modeling in various fields such as geology and science, textbook publishing, media and entertainment, and construction activities.

The report studies the global engineering software market across five key regions: Europe, Asia Pacific, North America, Latin America, and the Middle East and Africa. In 2014, North America dominated the overall market and accounted for more than 38% share in market revenue.

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The region is expected to lead the market during the forecast horizon due to the increased acceptance of cloud-based engineering software by the small and medium businesses.

The introduction of new engineering software applications for smartphones and tablets will further augment the market in the region. In Europe, the growth of the engineering software market can be attributed to the increased adoption of building information modeling (BIM) technologies across various construction projects.

Owing to the rapidly growing automobile and construction sectors, Asia Pacific is expected to emerge as the fastest-growing market for engineering software. In the Middle East and Africa, the wide adoption of PLM strategy by enterprises has fuelled the demand for engineering software.

The global engineering software market is highly fragmented. The report profiles some of the key players in the global engineering software market, such as, IBM Corporation, Geometric Ltd., SAP SE, Autodesk Inc., Dassault Systems, Bentley Systems Inc., Siemens PLM Software Inc., Synopsys Inc., Ansys Inc., PTC Inc., Aveva Group Plc., and MSC Software Corporation.

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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.

TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.

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This release was published on openPR.