The Engineering Software Market is projected to reach a valuation of US$ 126.23 Bn by 2030 at a robust CAGR of approx. 14.2%
Engineering Software growth is evident as computer-aided design (CAD) customization and design automation software are growing in popularity. CAD customization is gaining popularity in automating monotonous tasks within CAD. On the other hand, design automation software allows users to transform engineering knowledge into systems and apply it in real time during product development.
Companies in the engineering software market are increasing the availability of design automation software because it allows engineers to document theories and concepts and demonstrate how and when they can be applied to the software. This helps automate engineering knowledge into the design process.
Engineering software plays a pivotal role in various industries, facilitating tasks such as reverse engineering, software design, and embedded software development. Reverse engineering empowers engineers to analyze existing products or systems to understand their functionality and replicate or improve upon them. This process relies heavily on engineering software to deconstruct and comprehend complex designs and architectures. Similarly, software design involves the creation and implementation of efficient and reliable programs using specialized engineering software tools. Moreover, embedded software, a crucial component in modern devices and machinery, requires engineering software to develop and optimize the code that runs on embedded systems, enabling seamless integration and optimal performance. The intersection of engineering and software is transforming the way we design, build, and operate technologies across various sectors.
Market Dynamics:
Drivers:
A major driver of the global increase in the software engineering market is the ongoing demand for automation along with integrated software solutions. Many people have been using electronic devices such as smartphones, laptops, and tablets to drive their ultimate growth. Additionally, their market share grows as usage of their services increases, and they are primarily cloud-based and have easy access to the software.
Restraints:
The international software engineering market faces several constraints due to several impediments affecting its growth. The most significant restraining factor hampering international growth is the high retention cost of housing-related engineering software. Also, the high acquisition cost of software licensing is another stumbling block. Moreover, the absence of skilled operators and experts hinders overall growth as these products cannot be easily operated.
Key players:
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Altair Engineering Inc.
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Altium Limited, Ansys, Inc.
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Autodesk, Inc.
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Aveva Group Plc.
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Bentley Systems, Inc.
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Dassault Systemes, S.A.
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ESI Group
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ZWSoft, Inc.
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HCL Technologies
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Hexagon AB
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Simscale
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PTC, Inc.
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SAP SE
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Bricsys NV
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Siemens PLM Software, Inc.
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Synopsys, Inc.
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IBM Corporation.
Market Segmentation:
Engineering Software Market, By Deployment
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On-premise
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Cloud
Engineering Software Market, By Application
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Design Automation
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Plant Design
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Product Design & Testing
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Drafting & 3D Modeling
Engineering Software Market, By Enterprise Size
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Large Enterprises
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Small & Medium Enterprises
Engineering Software Market, By Component
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Software
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Service
Engineering Software Market, By Region
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North America
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Canada
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US
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Europe
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France
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Germany
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UK
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Italy
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Spain
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Rest of Europe
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Asia-Pacific
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China
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India
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Japan
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South Korea
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Australia
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Rest of Asia-Pacific
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LAMEA
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Latin America
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Middle East
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Africa
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Regional Analysis:
Engineering Software market growth is estimated in different regions around the world. North America, the Asia-Pacific region, Europe, and the rest of the world are a few examples. Of all these areas, North America accounted for the majority of the worldwide software engineering market share in 2014 but lagged behind in the quick adoption of cloud-based technologies.
North America ranked third in each of these markets. Similarly, it is expected to be with North America. Some other regions such as Latin America and the Asia Pacific will boost the growth of software engineering in the coming years.
Scope of the Report:
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Report Metric |
Details |
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Market Size Available for Years |
2020–2030 |
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Base Year Considered |
2020 |
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Forecast Period |
2021–2030 |
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Forecast Unit |
Value (USD) |
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Segments Covered |
Offering, Technology, Application, End-User, and Region |
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Regions Covered |
North America, Europe, Asia-Pacific, and LAMEA |
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Companies Covered |
Altair Engineering Inc., Altium Limited, Ansys, Inc., Autodesk, Inc., Aveva Group Plc., Bentley Systems, Inc., Dassault Systemes, S.A. ESI Group, ZWSoft, Inc., HCL Technologies, Hexagon AB, Simscale, PTC, Inc., SAP SE, Bricsys NV, Siemens PLM Software, Inc., Synopsys, Inc., IBM Corporation. |
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Introduction
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Market Size Estimation
The overall size of the market has been estimated and validated using both top-down and bottom-up methods. The sizes of other market subsegments have also been thoroughly estimated using these methodologies.
In the top-down technique, the market is divided into segments based on the percentage share of each segment. This method assisted in determining the size of each segment's market. The market size of each segment and its sub-segments was then divided into regional market sizes. This Approach helps mainly with the new Product Launch. It uses Multi-variate Regression Model coupled with Vendor based primary research inputs to forecast to the Market Size.
In the Bottom-Up approach, comprehensive study of key players has to be done wherein we add the market size of the major key players to understand the national market size which helps to determine the regional market size and eventually the complete market size. Companies annual report along with data from paid and unpaid resources like reports from government agencies and organizations like world bank provide the data for this approach.
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