Global Engineering Software Market Analysis- Industry Size, Share, Growth, Trends and Forecast 2017 – 2025
Engineering
software are used
in design or manufacturing automation across a number of different engineering
disciplines such as electrical engineering, electronics and communication
engineering, process engineering, mechanical engineering, and chemical
engineering among others. Despite steady growth in the past few years, the
global engineering software market is expected grow considerably during the
forecast period, expanding its use in various application areas and untapped
opportunities.
A significant reduction in time and cost can
be achieved in the product development cycle with the introduction of engineering
software such as CAD, CAM, CAE, and EDA among others. Also, engineering
software provides easy accessibility to the users, thus reducing extra efforts
and increasing efficiency and work quality, thereby driving its adoption. The
engineering software market is further flourishing due to the rising adoption
of portable computing devices at workplace coupled with easy availability of
this software over cloud. Rising need of automation in process industries (such
as oil & gas, manufacturing and off shoring industries among others) is
expected to create new opportunities for the global engineering software market
during the forecasted period.
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The lack of skilled personnel to develop and
operate applications on engineering software hinders the global engineering
software market. This eventually limits the number of users, thereby reducing
the sales volume of engineering software. In addition, high license fees of the
engineering software products makes it inaccessible for small & medium
enterprises (SMEs), thus impacting the global engineering software market to an
extent. High maintenance cost of the engineering software products leads to
piracy which further restricts the global engineering software market.
The global engineering software market has
been segmented on the basis of software type into computer-aided designing
(CAD) software, computer-aided manufacturing (CAM) software, computer-aided
engineering (CAE) software, architecture, engineering & construction (AEC)
software, and electronic design automation (EDA) software. The global
engineering software market has been further segmented by applications into
Plant Design, Design Automation, Drafting & 3D Modeling, Product Design
& Testing, Others (Enterprise Resource Planning, etc.).
On the basis of geography, the global
engineering software market is divided into North America, Europe, Asia Pacific
(APAC), Middle East & Africa (MEA) and South America (SAM). APAC region
specially, China, India and South Korea, being the major contributor to global
software technology, are expected to have seamless opportunities in field of
automation promising substantial growth of the global engineering software
market over the forecast period. North America with high adoption of
engineering software, especially cloud-based, leads the global engineering
software market and is expected to continue its dominance over the forecast
period. A similar trend is expected within Europe region, owing to a high
adoption of cloud-based solutions and services. The key players in the global
engineering software market are looking forward to tap market potential across
the oil & gas industry in the Middle East region, by providing system
automation.
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Some of the key players
in the global engineering software market include Microsoft Corporation, Google
Inc., Oracle Corporation, IBM Corporation, Rockwell Automation, Inc., Honeywell
International, Inc., Nemetschek Vectorworks, Inc., Seimens AG, Aspen Technology,
Inc., Cypress Semiconductor Corporation, Aveva Group Plc, Integraph Corporation
(Hexagon AB), Dassault Systemes, KBC Advanced Technologies Plc, Schneider
Electric, Cranes Software International Ltd., Autodesk, Inc., SAP SE, PTC,
Inc., Corel Technology Pvt. Ltd , D'GIPRO Design Automation Pvt. Ltd., and
SmartDraw LLC among others.
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