Engineering and Commissioning Software Market 2031
Engineering and Commissioning Software Market 2031
Segments - Engineering and Commissioning Software Market by Type (On-premises Software and Cloud-based Software), Application (Energy and Utilities, Construction and Manufacturing, Automotive and Logistics, Aerospace, and Others), and Region (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023 – 2031
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| Report ID :ICT-SE-6078
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Report Description
Engineering and Commissioning Software Market Outlook 2031
The global engineering and commissioning software market size was valued at USD XX Billion in 2022 and is likely to reach USD XX Billion by 2031, expanding at a CAGR of XX% during 2023 – 2031. The market growth is attributed to the rising adoption of engineering and commissioning software in the automotive industry.
Growing automotive industry is projected to boost the demand for engineering and commissioning software. Engineering and commissioning software is widely used in the automotive industry to maximize the benefits of industry automation by reducing downtime and improving production profitability. It facilitates the planning, execution, and tracking of complex engineering in the automotive industry. Therefore, the rapid expansion of the automotive industry across the globe along with the increasing production of vehicles is propelling the market. For instance,
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According to the European Automobile Manufacturers Association, about 85.4 million motor vehicles were produced across the globe in 2022, an increase of 5.7% as compared to 2021.
The adoption of engineering and commissioning software is rapidly increasing in the manufacturing, construction, automotive, and aerospace industries, as it allows manufacturers to identify machine faults at the initial possible time and significantly shorten the commissioning time of machine tools. It provides technical support and system walk-downs to ensure the proper operation, maintenance, and installation of equipment and systems.
The COVID-19 pandemic hampered the engineering and commissioning software market. The abrupt rise in COVID-19 cases encouraged governments to impose lockdowns and suspend all industrial works, which impeded the demand for engineering and commissioning software.
Moreover, a drastic decline was registered in the manufacturing of motor vehicles, which significantly hindered the market, as engineering and commissioning software is utilized in automobiles to design, plan, and execute projects to increase production profitability. For instance,
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According to a report published by the International Organization of Motor Vehicle Manufacturers, a 16% decline was registered in the production of automobiles in 2020.
Impact of Artificial Intelligence (AI) on Engineering and Commissioning Software
The emergence of artificial intelligence and the growing reliance on software and applications creates an immense opportunity in the market. AI in engineering and commissioning software enhances user experiences and contributes to efficient and secure software systems by improving code quality and accelerating development processes. AI-enabled engineering and commissioning software selects and prioritizes projects that have high chances of success and deliver high benefits.
Engineering and Commissioning Software Market Dynamics
Major Drivers
Increasing industrialization across the globe is projected to boost the market. Engineering and commissioning software is widely used in industries to manage and identify faults at an early stage by connecting the real-time control system with the virtual machine model.
This software helps operators shorten the commissioning time of machine tools, which further increases its adoption in industries. Thus, the rising industrialization contributes to market growth.
Growing construction activities at a rapid pace are expected to drive the market. Engineering and commissioning software is often used to design and plan construction sites, schedule installations, troubleshoot problems, and suggest improvements in the project. This, in turn, boosts the demand for engineering and commissioning software in the construction industry. For instance,
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The size of the global construction sector amounted to USD 6.4 trillion in 2020 and is expected to reach USD 14.4 trillion in 2030.
Existing Restraints
Lack of awareness regarding the engineering and commissioning software in emerging nations is projected to restrict the market. Industries and engineers in emerging nations are still unaware of the benefits of engineering and commissioning software, which is limiting its adoption.
Moreover, the high complexity of engineering and commissioning software is impeding the market, as it causes confusion and mis communication, which, in turn, severely affects project outcomes.
Emerging Opportunities
Increasing R&D activities by key players to develop and launch a digital reality application that makes reality capture data accessible to everyone in any industry or trade creates an immense opportunity in the market. For instance,
- On June 13, 2023, Hexagon AB, a global front runner in digital reality solutions and services, announced the launch of Reality Cloud Studio, powered by HxDR (Hexagon Digital Reality). It creates reality-capture data into digital twins to extract vital information from reality-capture data and make it readily available to stakeholders in any industry or trade.
Scope of the Engineering and Commissioning Software Market Report
The report on the market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
|
Attributes |
Details |
|
Report Title |
Engineering and Commissioning Software Market- Global Industry Analysis, Growth, Share, Size, Trends, and Forecast |
|
Base Year |
2022 |
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Historic Data |
2016–2021 |
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Forecast Period |
2023–2031 |
|
Segmentation |
Type (On-premises Software and Cloud-based Software) and Application (Energy and Utilities, Construction and Manufacturing, Automotive and Logistics, Aerospace, and Others) |
|
Regional Scope |
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. |
|
Report Coverage |
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast |
|
Key Players Covered in the Report |
Altair Engineering Inc.; Altium Limited; Autodesk Inc.; Bentley Systems, Incorporated; Corel Corporation; CxAlloy; Dassault Systèmes; Festo SE & Co. KG; Gate Energy; HCL Technologies Limited; Hexagon AB; Interface Engineering; PTC; Siemens; and WinPCS. |
Engineering and Commissioning Software Market Segment Insights
Type Segment Analysis
Based on type, the engineering and commissioning software market is bifurcated into on-premises software and cloud-based software. The on-premises software segment held a large share of the market in 2022, due to its ability to offer excessive control over resources. On-premises software provides real-time analytics, insights, and innovation, which increases its adoption in several industries.
Moreover, the rising incidence of cyber crime, such as ransomware attacks, is encouraging industries to opt for on-premises software. On-premises software has less maintenance cost compared to cloud-based software. This, in turn, propels the demand for on-premises software in the coming years.
The cloud-based software segment is anticipated to grow at a robust pace during the assessment period, owing to its potential to offer scalability and flexibility. Cloud-based software eliminates the need for enterprises to purchase and maintain their IT infrastructure.
This type of software offers great accessibility, which means it is accessible from anywhere with an internet connection. Furthermore, the rising usage of cloud-computing solutions is projected to fuel the segment.
Application Segment Analysis
Based on application, the global market is categorized into energy and utilities, construction and manufacturing, automotive and logistics, aerospace, and others. The construction and manufacturing segment dominated the market in 2022 and is expected to expand at a considerable CAGR during the forecast period, due to growing infrastructure in emerging economies.
Engineering and commissioning software in manufacturing monitor operating conditions and access related documents. It identifies problems before they occur and adheres to safety and risk guidelines by tracking equipment criticalities, which enhances its demand in construction and manufacturing industries.
Regional Outlook
In terms of region, the engineering and commissioning software market is segregated into Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America accounted for a major share of the market in 2022, owing to increasing digitization in industries and the presence of renowned market players, such as Interface Engineering, Bentley Systems, Autodesk Inc., and PTC.
Moreover, growing construction and infrastructure in the region is propelling the demand for engineering and commissioning software, as it is used in construction for designing, identifying faults, and monitoring progress. For instance,
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According to a report, the US construction sector was valued at around USD 1.8 trillion in 2022 and is expected to expand in the coming years.
The market in Asia Pacific is projected to expand at a high CAGR in the coming years, due to the increasing adoption of digital applications in industries and growing infrastructure. Moreover, rising development of smart cities in the region is anticipated to boost the demand for engineering and commissioning software, as it is used to design the layout of the projects. For instance,
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The government in India launched a mission to develop 100 smart cities across the country by June 2024, of which 22 smart city projects have been completed by April 2023.
The growing automotive sector in the region is further propelling the demand for engineering and commissioning software.This software is utilized to facilitate the planning, execution, and tracking of complex engineering in the automotive industry. For instance,
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According to a report published by the Ministry of Heavy Industries of India on February 17, 2023, India aims to double its auto industry size to ₹ 15 lakhcrores by 2024.
Segments
The engineering and commissioning software market has been segmented on the basis of
Type
- On-premises Software
- Cloud-based Software
Application
- Energy and Utilities
- Construction and Manufacturing
- Automotive and Logistics
- Aerospace
- Others
Region
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- Altair Engineering Inc.
- Altium Limited
- Autodesk Inc
- Bentley Systems, Incorporated
- Corel Corporation
- CxAlloy
- Dassault Systèmes
- Festo SE & Co. KG
- Gate Energy
- HCL Technologies Limited
- Hexagon AB
- Interface Engineering
- PTC
- Siemens
- WinPCS
Competitive Landscape
Key players competing in the global market are Altair Engineering Inc.; Altium Limited; Autodesk Inc.; Bentley Systems, Incorporated; Corel Corporation; CxAlloy; Dassault Systèmes; Festo SE & Co. KG; Gate Energy; HCL Technologies Limited; Hexagon AB; Interface Engineering; PTC; Siemens; and WinPCS.
These companies adopted various development strategies, including collaboration, product launches, mergers, acquisitions, partnerships, and production expansion, to expand their consumer base worldwide. For instance,
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On June 1, 2023, Bentley Systems, Incorporated, an infrastructure engineering software company, announced the launch of iTwin Activate for infrastructure engineering digital twins. iTwin allows users to understand and model their performance in the real world over their lifecycle.
Table Of Content
1. Executive Summary2. Assumptions and Acronyms Used
3. Research Methodology
4. Engineering and Commissioning Software Market Overview
4.1. Introduction
4.1.1. Market Taxonomy
4.1.2. Market Definition
4.2. Macro-Economic Factors
4.2.1. Industry Outlook
4.3. Engineering and Commissioning Software Market Dynamics
4.3.1. Market Drivers
4.3.2. Market Restraints
4.3.3. Opportunity
4.3.4. Market Trends
4.4. Engineering and Commissioning Software Market - Supply Chain
4.5. Global Engineering and Commissioning Software Market Forecast
4.5.1. Engineering and Commissioning Software Market Size (US$ Mn) and Y-o-Y Growth
4.5.2. Engineering and Commissioning Software Market Size (000’ Units) and Y-o-Y Growth
4.5.3. Engineering and Commissioning Software Market Absolute $ Opportunity
5. Global Engineering and Commissioning Software Market Analysis and Forecast by Types
5.1. Market Trends
5.2. Introduction
5.2.1. Basis Point Share (BPS) Analysis by Types
5.2.2. Y-o-Y Growth Projections by Types
5.3. Engineering and Commissioning Software Market Size and Volume Forecast by Types
5.3.1. On-premises Software
5.3.2. Cloud-based Software
5.4. Absolute $ Opportunity Assessment by Types
5.5. Market Attractiveness/Growth Potential Analysis by Types
6. Global Engineering and Commissioning Software Market Analysis and Forecast by Applications
6.1. Market Trends
6.2. Introduction
6.2.1. Basis Point Share (BPS) Analysis by Applications
6.2.2. Y-o-Y Growth Projections by Applications
6.3. Engineering and Commissioning Software Market Size and Volume Forecast by Applications
6.3.1. Energy and Utilities
6.3.2. Construction and Manufacturing
6.3.3. Automotive and Logistics
6.3.4. Aerospace
6.3.5. Others
6.4. Absolute $ Opportunity Assessment by Applications
6.5. Market Attractiveness/Growth Potential Analysis by Applications
7. Global Engineering and Commissioning Software Market Analysis and Forecast by Region
7.1. Market Trends
7.2. Introduction
7.2.1. Basis Point Share (BPS) Analysis by Region
7.2.2. Y-o-Y Growth Projections by Region
7.3. Engineering and Commissioning Software Market Size and Volume Forecast by Region
7.3.1. North America
7.3.2. Latin America
7.3.3. Europe
7.3.4. Asia Pacific
7.3.5. Middle East and Africa (MEA)
7.4. Absolute $ Opportunity Assessment by Region
7.5. Market Attractiveness/Growth Potential Analysis by Region
7.6. Global Engineering and Commissioning Software Demand Share Forecast, 2019-2026
8. North America Engineering and Commissioning Software Market Analysis and Forecast
8.1. Introduction
8.1.1. Basis Point Share (BPS) Analysis by Country
8.1.2. Y-o-Y Growth Projections by Country
8.2. North America Engineering and Commissioning Software Market Size and Volume Forecast by Country
8.2.1. U.S.
8.2.2. Canada
8.3. Absolute $ Opportunity Assessment by Country
8.4. North America Engineering and Commissioning Software Market Size and Volume Forecast by Types
8.4.1. On-premises Software
8.4.2. Cloud-based Software
8.5. Basis Point Share (BPS) Analysis by Types
8.6. Y-o-Y Growth Projections by Types
8.7. North America Engineering and Commissioning Software Market Size and Volume Forecast by Applications
8.7.1. Energy and Utilities
8.7.2. Construction and Manufacturing
8.7.3. Automotive and Logistics
8.7.4. Aerospace
8.7.5. Others
8.8. Basis Point Share (BPS) Analysis by Applications
8.9. Y-o-Y Growth Projections by Applications
8.10. Market Attractiveness/Growth Potential Analysis
8.10.1. By Country
8.10.2. By Product Type
8.10.3. By Application
8.11. North America Engineering and Commissioning Software Demand Share Forecast, 2019-2026
9. Latin America Engineering and Commissioning Software Market Analysis and Forecast
9.1. Introduction
9.1.1. Basis Point Share (BPS) Analysis by Country
9.1.2. Y-o-Y Growth Projections by Country
9.1.3. Latin America Average Pricing Analysis
9.2. Latin America Engineering and Commissioning Software Market Size and Volume Forecast by Country
9.2.1. Brazil
9.2.2. Mexico
9.2.3. Rest of Latin America
9.3. Absolute $ Opportunity Assessment by Country
9.4. Latin America Engineering and Commissioning Software Market Size and Volume Forecast by Types
9.4.1. On-premises Software
9.4.2. Cloud-based Software
9.5. Basis Point Share (BPS) Analysis by Types
9.6. Y-o-Y Growth Projections by Types
9.7. Latin America Engineering and Commissioning Software Market Size and Volume Forecast by Applications
9.7.1. Energy and Utilities
9.7.2. Construction and Manufacturing
9.7.3. Automotive and Logistics
9.7.4. Aerospace
9.7.5. Others
9.8. Basis Point Share (BPS) Analysis by Applications
9.9. Y-o-Y Growth Projections by Applications
9.10. Market Attractiveness/Growth Potential Analysis
9.10.1. By Country
9.10.2. By Product Type
9.10.3. By Application
9.11. Latin America Engineering and Commissioning Software Demand Share Forecast, 2019-2026
10. Europe Engineering and Commissioning Software Market Analysis and Forecast
10.1. Introduction
10.1.1. Basis Point Share (BPS) Analysis by Country
10.1.2. Y-o-Y Growth Projections by Country
10.1.3. Europe Average Pricing Analysis
10.2. Europe Engineering and Commissioning Software Market Size and Volume Forecast by Country
10.2.1. Germany
10.2.2. France
10.2.3. Italy
10.2.4. U.K.
10.2.5. Spain
10.2.6. Russia
10.2.7. Rest of Europe
10.3. Absolute $ Opportunity Assessment by Country
10.4. Europe Engineering and Commissioning Software Market Size and Volume Forecast by Types
10.4.1. On-premises Software
10.4.2. Cloud-based Software
10.5. Basis Point Share (BPS) Analysis by Types
10.6. Y-o-Y Growth Projections by Types
10.7. Europe Engineering and Commissioning Software Market Size and Volume Forecast by Applications
10.7.1. Energy and Utilities
10.7.2. Construction and Manufacturing
10.7.3. Automotive and Logistics
10.7.4. Aerospace
10.7.5. Others
10.8. Basis Point Share (BPS) Analysis by Applications
10.9. Y-o-Y Growth Projections by Applications
10.10. Market Attractiveness/Growth Potential Analysis
10.10.1. By Country
10.10.2. By Product Type
10.10.3. By Application
10.11. Europe Engineering and Commissioning Software Demand Share Forecast, 2019-2026
11. Asia Pacific Engineering and Commissioning Software Market Analysis and Forecast
11.1. Introduction
11.1.1. Basis Point Share (BPS) Analysis by Country
11.1.2. Y-o-Y Growth Projections by Country
11.1.3. Asia Pacific Average Pricing Analysis
11.2. Asia Pacific Engineering and Commissioning Software Market Size and Volume Forecast by Country
11.2.1. China
11.2.2. Japan
11.2.3. South Korea
11.2.4. India
11.2.5. Australia
11.2.6. Rest of Asia Pacific (APAC)
11.3. Absolute $ Opportunity Assessment by Country
11.4. Asia Pacific Engineering and Commissioning Software Market Size and Volume Forecast by Types
11.4.1. On-premises Software
11.4.2. Cloud-based Software
11.5. Basis Point Share (BPS) Analysis by Types
11.6. Y-o-Y Growth Projections by Types
11.7. Asia Pacific Engineering and Commissioning Software Market Size and Volume Forecast by Applications
11.7.1. Energy and Utilities
11.7.2. Construction and Manufacturing
11.7.3. Automotive and Logistics
11.7.4. Aerospace
11.7.5. Others
11.8. Basis Point Share (BPS) Analysis by Applications
11.9. Y-o-Y Growth Projections by Applications
11.10. Market Attractiveness/Growth Potential Analysis
11.10.1. By Country
11.10.2. By Product Type
11.10.3. By Application
11.11. Asia Pacific Engineering and Commissioning Software Demand Share Forecast, 2019-2026
12. Middle East & Africa Engineering and Commissioning Software Market Analysis and Forecast
12.1. Introduction
12.1.1. Basis Point Share (BPS) Analysis by Country
12.1.2. Y-o-Y Growth Projections by Country
12.1.3. Middle East & Africa Average Pricing Analysis
12.2. Middle East & Africa Engineering and Commissioning Software Market Size and Volume Forecast by Country
12.2.1. Saudi Arabia
12.2.2. South Africa
12.2.3. UAE
12.2.4. Rest of Middle East & Africa (MEA)
12.3. Absolute $ Opportunity Assessment by Country
12.4. Middle East & Africa Engineering and Commissioning Software Market Size and Volume Forecast by Types
12.4.1. On-premises Software
12.4.2. Cloud-based Software
12.5. Basis Point Share (BPS) Analysis by Types
12.6. Y-o-Y Growth Projections by Types
12.7. Middle East & Africa Engineering and Commissioning Software Market Size and Volume Forecast by Applications
12.7.1. Energy and Utilities
12.7.2. Construction and Manufacturing
12.7.3. Automotive and Logistics
12.7.4. Aerospace
12.7.5. Others
12.8. Basis Point Share (BPS) Analysis by Applications
12.9. Y-o-Y Growth Projections by Applications
12.10. Market Attractiveness/Growth Potential Analysis
12.10.1. By Country
12.10.2. By Product Type
12.10.3. By Application
12.11. Middle East & Africa Engineering and Commissioning Software Demand Share Forecast, 2019-2026
13. Competition Landscape
13.1. Global Engineering and Commissioning Software Market: Market Share Analysis
13.2. Engineering and Commissioning Software Distributors and Customers
13.3. Engineering and Commissioning Software Market: Competitive Dashboard
13.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
13.4.1. Altair Engineering Inc.
13.4.2. Altium Limited
13.4.3. Autodesk Inc
13.4.4. Bentley Systems, Incorporated
13.4.5. Corel Corporation
13.4.6. CxAlloy
13.4.7. Dassault Systèmes
13.4.8. Festo SE & Co. KG
13.4.9. Gate Energy
13.4.10. HCL Technologies Limited
13.4.11. Hexagon AB
13.4.12. Interface Engineering
13.4.13. PTC
13.4.14. Siemens
13.4.15. WinPCS
Methodology
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