Computer Aided Engineering Market Outlook 2031:
The global computer aided engineering market size was valued at USD 9.44 Billion in 2022 and is projected to reach USD 20.33 Billion by 2031, expanding at a CAGR of 8.9% during the forecast period 2023 - 2031. The growth of the market is attributed to the increased outsourcing of manufacturing processes in emerging economies.
Computer aided engineering (CAE) is a technology implemented with the use of computer software to analyze performance by improving design of the product and assist in the management of engineering challenges.
The application of CAE is used in numerous applications such as processes, simulation, validation & optimization of products, and manufacturing tools. The COVID-19 pandemic has hampered the market as it affected the supply and demand chain in the automotive sector, which is a major market for CAE.
Computer Aided Engineering Market Trends, Drivers, Restraints, and Opportunities
- Advancement of technologies in the automobile sector such as driverless and semi-autonomous vehicles are expected to boost the market growth in the coming years.
- Emergence of advanced engineering models such as 3D printing, building information modelling, and concurrent engineering are the major factors driving the market growth.
- Expensive pricing model and high licensing fees for CAE are key challenges likely to hinder the market growth during the forecast period.
- Concerns related to cyber-attacks and data theft present major restraining factors. This is anticipated to hamper the market expansion during the projected period.
- Increase in the adoption of computational fluid dynamics, which aids in the prediction of temperature and the cost reduction of vehicles. This is projected to create significant growth opportunities for the market in the near future.
Scope of the Computer Aided Engineering Market Report
The report on the global computer aided engineering market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Computer Aided Engineering Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
Deployments (Cloud-based and On-premise), Types (Computational Fluid Dynamics, Multibody Dynamics, Finite Element Analysis, and Optimization & Simulation), and End-users (Industrial Equipment, Automotive, Defense & Aerospace, Medical Devices, Electronics, and Others),
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report
Bentley Systems, Inc.; Siemens AG; ANSYS, Inc.; Altair Engineering; Autodesk, Inc.; Dassault Systems; Exa Corporation; Mentor Graphics Corporation; ESI Group; and MSC Software Corporation
Computer Aided Engineering Market Segment Insights
On-premise segment is expected to grow at a rapid pace
Based on deployments, the global computer aided engineering market is bifurcated into cloud-based and on-premise. The on-premise segment is expected to grow at a rapid pace during the forecast period owing to the timely development and implementation of updated products into the market.
However, the cloud-based segment is anticipated to hold a key share of the market in the coming years due to wide range of practicality and effective processes such as easy access to data, vast space for data storage, and security.
Strength evaluation to drive the finite element analysis segment
On the basis of types, the market is segregated into computational fluid dynamics (CFD), multibody dynamics, finite element analysis (FEA), and optimization & simulation. The FEA segment is projected to expand at a considerable CAGR during the forecast period attributed to analysis capability, which helps in determining the strength of the product and its reliability.
On the other hand, the CFD segment is anticipated to account for a major market share during the forecast period owing to qualitative prediction of fluid flow using mathematical modeling and software tools.
Automotive segment is anticipated to hold significant market share
On the basis of end-users, the global computer aided engineering market is segmented into industrial equipment, automotive, defense & aerospace, medical devices, electronics, and others.
The automotive segment is anticipated to hold significant market share due to heat dissipation techniques such as ventilation, cooling, and aerodynamics. However, the defense & aerospace segment is expected to register a considerable CAGR during the forecast period attributed to the rise in government spending for the sector.
Europe is anticipated to constitute a key market share
In terms of regions, the market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Europe is expected to constitute a key share of the market during the projected period owing to the increasing automation in the manufacturing sector and presence of bio-diverse cultures of organizations in the region.
However, the market of Asia Pacific is anticipated to expand at a rapid pace during the forecast period due to increase in government investments for expanding the capacity of renewable energy generation and the development of manufacturing sector in the region.
The global computer aided engineering market has been segmented on the basis of
- Computational Fluid Dynamics
- Multibody Dynamics
- Finite Element Analysis
- Optimization & Simulation
- Industrial Equipment
- Defense & Aerospace
- Medical Devices
- Asia Pacific
- North America
- Latin America
- Middle East & Africa
- Bentley Systems, Inc.
- Siemens AG
- ANSYS, Inc.
- Altair Engineering
- Autodesk, Inc.
- Dassault Systems
- Exa Corporation
- Mentor Graphics Corporation
- ESI Group
- MSC Software Corporation
Key players competing in the global computer aided engineering market are Bentley Systems, Inc.; Siemens AG; ANSYS, Inc.; Altair Engineering; Autodesk, Inc.; Dassault Systems; Exa Corporation; Mentor Graphics Corporation; ESI Group; and MSC Software Corporation.
As part of their efforts to grow their client base and acquire a competitive advantage over competitors, manufacturers operating in the market are adopting various strategic initiatives such as partnerships, collaborations, mergers & acquisitions, and new product development.