The global engineering software market is expected to witness steady growth of around 15% over the forecast period owing to several factors such as Growing demand for automation across different industry verticals like automotive, energy, utility, IT, telecom, media, entertainment, geology and others has led to the high adoption rate of engineering software across the globe.
Engineering software refers to package & software solutions that are widely utilized across specialized engineering applications that include civil, mechanical, electrical and electronics, computer science, chemical, food and agriculture, production engineering, and others. Growing use of this software across the industries as mentioned above is likely to drive market growth at a tremendous pace.
Civil engineering personnel often require software such as Microsoft office, AutoCAD, Google sketch up and SAP 2000 for structural design analysis among other software. Mechanical engineers also use software such as Pro, AutoCAD, ANSYS, and wildfire; while electrical and electronic engineers use software such as ETAP, Elecdes, PCschematic and Smart Draw among several others.
Computer science and chemical engineers also require vastly complicated and expensive software to ensure accuracy, reliability, and quick delivery. The vast array of various engineering software available in the market has led to stiff internal competition within this industry, as several companies attempt to provide customized solutions to consumers.
Most companies tend to differentiate their offered products to gain a foothold in this extremely competitive market. The rise in mobility and shift in trend towards bringing your own device (BYOD) across several sectors are also propelling the demand for engineering software in numerous industries. Such software also enables greater ease of access owing to a user-friendly interface, which is expected to foster engineering software market growth over the forecast period.
However, high license and maintenance costs, coupled with deep technical expertise are expected to restrain the market growth over the forecast period.
The global engineering software market is segmented by software type which includes computer-aided design, engineering, manufacturing, architecture, engineering and construction software, programming software, electronic design automation software. Major application segments include plant layout, product design and testing, drafting and 3D modeling and others which include 3D printing, enterprise resource planning, project management and knowledge management.
However, the drafting and 3D modeling application segment are expected to emerge as the fastest and most promising application. High demand for 3D modeling in multiple fields such as media and entertainment, textbook publishing, construction activities, mechanical, civil, and earth science engineering is expected to fuel market growth.
The global design software market is projected to witness high growth over the forecast period owing to technological developments in the oil and natural gas industry, leading to strong demand for automated systems such as designing and process analysis software.
By geography global engineering software market is divided into North America, Asia Pacific, Europe, Middle East and Africa, Latin America. North America dominated the global design software market in 2014 and is expected to continue the trend over the forecast period. High adoption of cloud-based software for several American enterprises and the introduction of innovative applications for various tablets and smartphones is also expected to fuel regional market growth.
Massive penetration of building information technology modeling (BIM) in upcoming construction and infrastructure projects is a major driving factor for Europe. Additionally, companies in the Middle East and Africa have also adopted enterprise-full PLM strategies that are expected to help them achieve innovation and collaboration, which in turn is anticipated to drive the profitability of the engineering software market.
The key players in engineering software market are Autodesk Inc, Bentley Systems, Dassault Systems S.A, IBM, Geometric Ltd, Siemens PLM Software, SAP SE, Ansys Inc and several others.
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Artificial Intelligence (AI), Virtual Reality (VR), and Augmented Reality (AR) solutions are anticipated to substantially contribute while responding to the COVID-19 pandemic and address continuously evolving challenges. The existing situation owing to the outbreak of the epidemic will inspire pharmaceutical vendors and healthcare establishments to improve their R&D investments in AI, acting as a core technology for enabling various initiatives. The insurance industry is expected to confront the pressure associated with cost-efficiency. Usage of AI can help in reducing operating costs, and at the same time, can increase customer satisfaction during the renewal process, claims, and other services. VR/AR can assist in e-learning, for which the demand will surge owing to the closure of many schools and universities. Further, VR/AR can also prove to be a valuable solution in providing remote assistance as it can support in avoiding unnecessary travel. The report will account for Covid19 as a key market contributor.