The global engineering software market size was valued at USD 58.63 Billion in 2022 and is projected to reach USD 153.17 Billion by 2031, expanding at a CAGR of 11.26% during the forecast period, 2023-2031. The growth of the market is attributed to growing demand for automation across several industry verticals, such as entertainment, media, energy, utility, automotive, IT, telecom, geology, and others.
Engineering software is a term that refers to software and package solutions that are commonly used in specialized engineering applications. It is a category of engineering that emphasizes on the development of software products. It incorporates a set of guidelines, best practices, and procedures that have been changing through time, evolving as software and technology evolves.
The impact of COVID-19 pandemic has been positive on the engineering software market. During the pandemic, lockdown imposed by governments across the globe escalated the demand for the software and is expected to remain the same during the forecast period.
Market Trends, Drivers, Restraints, and Opportunities
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Rising demand for automation along with integrated software solutions is one of the key factors driving the market growth.
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Growing use of cloud-based services, which enables access to the software is expected to boost the market growth in the coming years.
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High preservation cost of engineering software related to housing presents a major challenge. This is anticipated to hamper the market growth in the projected period.
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Complexities in integrating software and increasing data security concern is projected to hinder the market expansion during the forecast period.
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Increasing spending on simulation in healthcare, aerospace, and defense is projected to create significant growth opportunities for the market in the near future.
Scope of the Report
The report on the global engineering software market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Attributes
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Details
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Report Title
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Engineering Software Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016–2021
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Forecast Period
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2023–2031
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Segmentation
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Applications (3D Printing, Enterprise Resource Planning, Plant Layout, Drafting & 3D Modeling, Project Management, Knowledge Management, and Product Design & Testing) and Types (Programming Software, Engineering, Computer-aided Design, Manufacturing, Engineering & Construction Software, Architecture, and Electronic Design Automation Software)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Ansys Inc.; Autodesk, Inc.; Bentley Systems, Inc.; Dassault Systèmes SE; Geometric Ltd.; Siemens Digital Industries Software; SAP SE; and IBM Corp.
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Market Segment Insights
Drafting & 3D modeling segment to grow at a rapid pace
Based on applications, the global engineering software market is divided into 3D printing, enterprise resource planning, plant layout, drafting & 3D modeling, project management, knowledge management, and product design & testing. The drafting & 3D modeling segment is expected to grow at a rapid pace during the forecast period owing to high demand and usage flexibility worldwide.
However, the 3D printing segment is anticipated to hold a key share of the market in the coming years due to vast adoption in several sectors, such as textbook publishing, construction activities, media & entertainment, and mechanical.
Technological advancement to drive electronic design automation software segment
On the basis of types, the market is segregated into programming software, engineering, computer-aided design, manufacturing, engineering & construction software, architecture, and electronic design automation software. The electronic design automation software segment is projected to expand at a considerable CAGR during the forecast period attributed to technological advancement in the sector. Moreover, leading to strong demand for automated systems, such as designing and process analysis software is further expected to drive the segment growth.
North America to constitute a key market share
In terms of regions, the global engineering software market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to constitute a key share of the market during the projected period owing to the high adoption of cloud-based software and the introduction of innovative applications in the region.
However, the market of Europe is anticipated to expand at a rapid pace during the forecast period attributed to the major penetration of building information technology modeling in upcoming infrastructure and construction projects across the region.
Segments
The global engineering software market has been segmented on the basis of
Applications
- 3D Printing
- Enterprise Resource Planning
- Plant Layout
- Drafting & 3D Modeling
- Project Management
- Knowledge Management
- Product Design & Testing
Types
- Programming Software
- Engineering
- Computer-aided Design
- Manufacturing
- Engineering & Construction Software
- Architecture
- Electronic Design Automation Software
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
Competitive Landscape
Key players competing in the global engineering software market are Ansys Inc.; Autodesk, Inc.; Bentley Systems, Inc.; Dassault Systèmes SE; Geometric Ltd.; Siemens Digital Industries Software; SAP SE; and IBM Corp.
As part of their efforts to expand their client base and acquire a competitive advantage over competitors, manufacturers operating in the market have adopted various strategic initiatives, such as partnerships, collaborations, and mergers & acquisitions. Moreover, companies are focusing on investment in R&D for development and launching of new products to maintain their competitive positions in the market.
