Albany, NY (PressExposure) May 22, 2015 -- According to a new market report published by Transparency Market Research "Engineering Software Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2022", the global Engineering Software Market was valued at US$ 19.98 Bn in 2014, growing at a CAGR of 12.4% from 2015 to 2022.
Browse the full Engineering Software Market report at http://www.transparencymarketresearch.com/engineering-software-market.html
Increasing demand for automation across different end-use sectors such as automotive, energy & utility, IT & telecom, media & entertainment, and geology & science, among others is encouraging the adoption of engineering software worldwide. In addition, rising penetration of portable computing devices such as tablets and smartphones is bolstering the demand for engineering software, globally. The global engineering software market is expected to grow at a CAGR of 12.4% during the forecast period from 2015 to 2022, reaching a market size of US$ 50.34 Bn by 2022. However, high license and maintenance cost coupled with lack of technical expertise are expected to restrict the market growth during the forecast period.
Engineering software market is providing a highly competitive platform to the companies by helping them in providing customized solutions to their customers, thereby differentiating their offerings from their competitors. Rising mobility and Bring Your Own Device (BYOD) trends within various end-use sectors are further creating demand for engineering software by facilitating higher ease and accessibility to the usage of these software. The global engineering software market is expected to witness significant growth opportunities in the oil & gas industry for the automated systems designing and process analysis in the near future. Drafting & 3D modeling is expected to be the fastest and most promising application for the engineering software market. This is due to the rising usage of 3D modeling in various fields including media & entertainment, textbook publishing, construction activities, and geology & science. Thus, the global engineering software market; with its rising applications in plant design, design automation, product design & testing, and drafting & 3D modeling, among others is expected to grow at a CAGR of 12.4% during the forecast period 2015 to 2022.
North America led the global engineering software market in 2014, accounting for over 38% of the global market revenue share and it is expected to continue its dominance throughout the forecast period. This is owing to the introduction of cloud-based engineering software. These cloud-based software are mostly adopted by the SMBs due to their low operating and maintenance cost. Moreover, the introduction of new engineering software applications for different smartphones and tablets is further anticipated to propel the demand for engineering software in this region. However, the availability of open source engineering software is currently hindering the engineering software market. The growth of the market in Europe is mainly attributable to the huge penetration of building information modeling (BIM) technologies owing to the increase in number of consumers asking to adopt BIM as a part of their construction projects within various end-user industries. Asia Pacific is expected to be among the fastest growing regions for engineering software, owing to its burgeoning construction field and expanding automation industry. In MEA, companies of all sizes are increasingly adopting an enterprise-wide PLM strategy that has been helping to achieve collaboration and innovation to drive profitability. Additionally, the demand for engineering software is anticipated to increase in SMEs in Latin America during the forecast period for the management and improvement of their product line according to market requirement.
Browse the full Engineering Software Market Press Release report at http://www.transparencymarketresearch.com/pressrelease/engineering-software-market.htm
The global engineering software market has been segmented as below:
Global Engineering Software Market, By Software Type
Computer-Aided Designing (CAD) Software
Computer-Aided Engineering (CAE) Software
Computer-Aided Manufacturing (CAM) Software
Architecture, Engineering and Construction (AEC) Software
Electronic Design Automation (EDA) Software
Global Engineering Software Market, By Applications
Product Design & Testing
Drafting & 3D Modeling
Others (3D Printing, Enterprise Resource Planning, Project Management, and Knowledge Management)
Global Engineering Software Market, By Geography
Asia Pacific (APAC)
Middle East & Africa (MEA)
Latin America (LATAM)
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