Engineering Software Market - By Component (Software, Service), By Deployment Model (Cloud, On-premises), By Application (Design Automation, Product Design & Testing, Plant Design, Drafting & 3D Modeling, Others), By End User, Forecast 2023 - 2032
Published Date: July - 2024 | Publisher: MIR | No of Pages: 240 | Industry: Media and IT | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationEngineering Software Market - By Component (Software, Service), By Deployment Model (Cloud, On-premises), By Application (Design Automation, Product Design & Testing, Plant Design, Drafting & 3D Modeling, Others), By End User, Forecast 2023 - 2032
Engineering Software Market Size
Engineering Software Market size was valued at USD 28.9 billion in 2022 and is projected to register a CAGR of over 18% between 2023 and 2032. The increasing complexity of engineering projects, driven by globalization & stringent regulations, is a significant driver of the market.
To get key market trends
Modern projects demand sophisticated design, simulation, and analysis tools to meet industry-specific requirements. These software solutions enable engineers to navigate intricate challenges efficiently, reduce errors, and accelerate product development. As industries evolve, the demand for cutting-edge engineering software continues to rise, ensuring that companies can stay competitive and innovative in today's fast-paced technological landscape.
The adoption of cloud-based engineering software is reshaping the industry as it offers flexibility, scalability, and enhanced collaboration capabilities. With the increasing trend toward remote work & global collaboration, cloud solutions enable engineers to access & share critical data and models seamlessly. They also provide efficient resource management and lower upfront infrastructure costs. As companies seek agility and remote accessibility, cloud-based engineering software has become a cornerstone in supporting modern engineering practices, accelerating project timelines, and reducing operational bottlenecks.
| Report Attribute | Details |
|---|---|
| Base Year | 2022 |
| Engineering Software Market Size in 2022 | USD 28.9 Billion |
| Forecast Period | 2023 to 2032 |
| Forecast Period 2023 to 2032 CAGR | 18% |
| 2032 Value Projection | USD 150.8 Billion |
| Historical Data for | 2018 - 2022 |
| No. of Pages | 230 |
| Tables, Charts & Figures | 357 |
| Segments covered | Component, Deployment, Application, and End User |
| Growth Drivers |
|
| Pitfalls & Challenges |
|
What are the growth opportunities in this market?
High costs associated with engineering software can hinder engineering software market growth, especially for smaller businesses. These expenses encompass initial procurement costs, ongoing licensing fees, and the need for hardware upgrades. Additionally, the complexity of certain software tools necessitates substantial training investments. Consequently, Small & Medium-sized Enterprises (SMEs) may face barriers to adoption. Overcoming this challenge may require more cost-effective licensing models, cloud-based solutions, and educational initiatives to ensure that SMEs can effectively access & leverage advanced engineering software.
COVID-19 Impact
The COVID-19 pandemic has had some positive impacts on the engineering software market. With remote work becoming the norm, there has been a greater reliance on digital tools for collaboration and project management, which has driven the adoption of engineering software. Companies have also accelerated their digital transformation efforts, realizing the importance of advanced software solutions to maintain productivity & competitiveness. This has created opportunities for software providers, leading to increased demand.
Engineering Software Market Trends
AI is making a big difference in the engineering software world. It boosts productivity by taking over tasks, making designs better, and sorting through tons of data. This speeds up the engineering process, cuts down on mistakes, and makes new products come out faster. For example, in September 2023, SimScale GmbH came out with a new AI-powered feature for predicting how things will behave. They teamed up with NAVASTO, an expert in AI for engineering, to make sure their solutions would work well with the SimScale platform. Now, engineers can use AI and physics together to analyze designs in real time. More and more industries are using AI-powered solutions, which is driving up demand for advanced engineering software. This is leading to big growth in the market and lots of new innovations.
Engineering Software Market Analysis
Learn more about the key segments shaping this market
Picture thisthe engineering software market is like a giant jigsaw puzzle. It's made up of two big piecessoftware and services. In 2022, the software piece had a massive chunk of the market, raking in around $23.5 billion. Why? Because engineering software is always getting better. It's like a superhero for manufacturers, helping them tweak their production lines, slash costs, and make products that are out of this world. Take nTop, a wizardly engineering software company in the US. They recently launched their latest trick, nTop 4 Additive Manufacturing software. This update is like a magic wand, giving manufacturers even more power to design, connect, and grow their businesses. But here's the coolest partbetter software means easier integration with 3D printing whizzbangs. This lets companies save cash and create amazing things, making the additive manufacturing software market grow like a beanstalk in the land of engineering software.
Learn more about the key segments shaping this market
Think of engineering software as a tool that helps engineers work smarter. It's like a Swiss Army knife for designing, testing, and creating things. The software market is like a big jigsaw puzzle with different pieces for different jobs. There's design automation, which helps engineers create things digitally, and product design & testing, which allows them to test things out virtually before making them in the real world. There's also plant design, drafting, and 3D modeling, which are like blueprints for building things. The product design & testing piece of the puzzle is a big deal. It's like the quarterback of a football team. In 2022, it was worth a whopping USD 11.1 billion. And guess what? It's only going to keep growing in the future. Why? Because companies are always looking for ways to save money. And this software helps engineers create and test things digitally, which means they don't have to spend a fortune on making physical prototypes. It's like having a magic wand that turns virtual designs into real-world products. These tools are like a superpower for engineers. They can simulate how things will perform before they're built, which saves companies a ton of cash on materials, manufacturing, and testing. It's like having a crystal ball that lets you see into the future of your product. Not only that, but it also helps companies get their products to market faster. No more waiting around for physical prototypes to be built and tested. It's like hitting the fast-forward button on your product development cycle. And when you can get your products to market faster, you can beat out the competition and keep your business thriving in a crazy fast-paced world.
Looking for region specific data?
North America is the big cheese in the engineering software industry, accounting for a whopping 30% of the market in 2022. And guess what's driving this success? Companies in the U.S. are going on a shopping spree, buying up software makers left and right to beef up their offerings and meet the ever-changing needs of engineers. Take Ansys, for example. They're a big name in engineering simulation software, and in January 2023, they snapped up Engineering simulation software, Rocky DEM. This isn't just some random purchase; Rocky DEM specializes in simulating the behavior of solid particles, which is a major pain point for engineers. By adding Rocky DEM to their toolkit, Ansys is giving engineers a way to tackle design challenges that were practically impossible to solve before. But it's not just about buying cool new toys. These acquisitions bring in top-notch talent and expertise, allowing engineers to stay on the cutting edge of innovation and push the boundaries of what's possible. That's why the North American engineering software market is thriving – it's a hub for companies that are constantly striving to make engineers' lives easier and more productive.
Engineering Software Market Share
Major players operating in the engineering software market are
- ANSYS, Inc.
- Autodesk, Inc.
- Dassault Systèmes, Inc.
- Siemens
- PTC
- Hexagon AB
- Synopsys
Engineering Software Industry News
- In June 2023, Hexagon AB introduced the Reality Cloud Studio, featuring HxDR technology. This software-as-a-service application democratizes access to reality capture data, seamlessly blending Hexagon's advanced technologies with automation. It simplifies data processing, ensuring user-friendliness while maintaining high-quality professional outcomes.
The engineering software market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD Billion) from 2018 to 2032, for the following segments
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- Software
- Computer-Aided Design (CAD) Software
- Computer-Aided Manufacturing (CAM) Software
- Computer-Aided Engineering (CAE) Software
- Others
- Service
- Development Service
- Training, Support & Maintenance
By Deployment, 2018 – 2032
- Cloud
- On-Premises
By Application, 2018 – 2032
- Design Automation
- Product Design & Testing
- Plant Design
- Drafting & 3D Modeling
- Others
By End User, 2018 – 2032
- Automotive
- Aerospace & Defense
- Electronics
- Medical Devices
- Architecture, Engineering, and Construction (AEC)
- Others
The above information is provided for the following regions and countries
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Russia
- Nordics
- Asia Pacific
- China
- India
- Japan
- South Korea
- ANZ
- Southeast Asia
- Latin America
- Brazil
- Mexico
- Argentina
- MEA
- UAE
- South Africa
- Saudi Africa
Frequently Asked Questions (FAQ)
What is the size of the engineering software market?
The engineering software industry value was USD 28.9 billion in 2022 and is projected to register over 18% CAGR between 2023 and 2032.
How is software component influencing the engineering software industry?
The software segment accounted for around USD 23.5 billion in market revenue in 2022 and is expected to grow substantially through 2032 owing to the constant improvements and innovations in manufacturing software.
What are the factors driving North America engineering software industry?
North America engineering software market held a major share of over 30% in 2022 and will grow through 2032 owing to the acquisitions by companies aimed at portfolio enhancement in the U.S.
Who are the leading players in the global engineering software industry?
ANSYS, Inc., Autodesk, Inc., Dassault Systèmes, Inc., Siemens, PTC, Hexagon AB, and Synopsys.
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