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Global $32.6 Billion Engineering Software
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Global $32.6 Billion Engineering Software
The global market for Engineering Software (CAD, CAM, CAE, AEC, & EDA) estimated at US$32.6 Billion in the year 2022, is projected to reach a revised size of US$50.2 Billion by 2026, growing at a CAGR of 9.7% over the analysis period.To get more news about cad and cam software, you can visit shine news official website.
Growth in the global market is driven by rising adoption across diverse industries and strong contribution from different software segments. The market is anticipated to witness tremendous growth owing to increasing implementation of integrated solutions and automation in several industries, from IT, energy and automotive to telecommunication, media and entertainment.
Market growth is also favored by rising proliferation of mobile devices like smart phones, laptops and tablets that have improved accessibility to these software solutions. Rising industrialization along with implementation of emerging technologies such as automation, AI, IoT and 3D printing is poised to present new growth opportunities.
The market will also be driven by the anticipated increased investments made by regional governments in promoting manufacturing sectors in their nations. Rapid automation of industrial operations and equipment will fuel demand for engineering software such as CAD, CAM and CAE software, among others.
Computer-Aided Engineering (CAE), one of the segments analyzed in the report, is projected to record a 9.1% CAGR and reach US$9.6 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Electronic Design Automation (EDA) segment is readjusted to a revised 9.8% CAGR for the next 7-year period.
CAE software, comprising finite element analysis (FEA), computational fluid dynamics (CFD), multibody dynamics (MDB), and optimization capabilities, facilitates in simulation, validation, and optimization of manufacturing tools and products. The Electronic Design Automation (EDA) software segment is expected to witness robust growth due to technological advances and increasing adoption among manufacturing units for better programming and control over programming aspects.
The Engineering Software (CAD, CAM, CAE, AEC, & EDA) market in the U.S. is estimated at US$9.6 Billion in the year 2022. China, the world's second largest economy, is forecast to reach a projected market size of US$6.6 Billion by the year 2026 trailing a CAGR of 12.2% over the analysis period.
Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 8.1% and 9.3% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 8.7% CAGR. North America and European regions represent key markets, due to increasing penetration of CAD and CAM software across diverse industries.
The rising implementation of cloud-based software solutions, introduction of new applications for smart phones and tablets, and growing acceptance of CAD software within the defense and aerospace industry for prototyping, enabling engineers to create, develop and refine aircraft designs, are expected to bolster growth.
Growth in the Asia-Pacific region is driven by rapid industrialization along with investment in IT infrastructure. These engineering software solutions are anticipated to find increasing penetration in the manufacturing and construction sectors.