United States of America – The Insight Partners is thrilled to present the publication of its new market research report entitled, "ENGINEERING SOFTWARE Market – Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast Period." This exhaustive analysis provides a critical examination of the market based on existing trends, growth drivers, and future challenges, along with a clear-cut guide to stakeholders and investors for harnessing new-age opportunities.

Overview

The ENGINEERING SOFTWARE industry has seen dynamic transformations across recent years due to technological advancement, changing regulation paradigms, and shifting consumer needs. This document captures the entire gamut of these transformations and provides a thorough insight into growth and limiting factors. The sector is increasingly becoming a critical component in industries like manufacturing, construction, automotive, aerospace, and energy in revolutionizing the way engineers design, model, and control sophisticated systems.

Key Findings and Insights

Market Size and Growth

Historical Data & Forecast: The size of the engineering software market is expected to grow to US$ 73.03 billion by 2031 from US$ 39.47 billion in 2023. The market will have a CAGR of 7.9% during the forecast period.

Key Growth Drivers:

Pace of digital transformation in engineering processes

Growing adoption of cloud-based technologies

Growing demand for integrated Product Lifecycle Management (PLM) tools

Increase in industrial automation and Industry 4.0 projects

Industry growth in emerging economies

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Market Segmentation

By Type of Software

CAD

CAM

CAE

AEC

EDA

By Use

Plant Design

Design Automation

Drafting & 3D Modelling

Product Design & Testing

Identifying Emerging Trends

Technological Developments

Consolidation of Artificial Intelligence (AI) and Machine Learning (ML) in simulation and modeling

Universal use of cloud-native platforms for collaborative real-time work

Emergence of generative design tools

Improvement in AR/VR applications in design review as well as remote engineering

Shifting Consumer Preferences

Preference for intuitive, cross-functional, and mobile-accessible platforms

Growing demand for subscription-based pricing models (SaaS) vs. perpetual licenses

Greater demand for remote work support and real-time data access

Regulatory Developments

Data security and intellectual property protection compliance requirements

Regional data storage laws affecting cloud deployment

Defense and aerospace industry standards for interoperability

These regulatory changes are transforming product development lifecycles and affecting software development trends.

Growth Opportunities

SME Adoption: Small and medium-sized enterprises are increasingly adopting to increase productivity and minimize time-to-market.

Cloud Integration: Movement towards cloud infrastructure is creating new revenue opportunities and facilitating real-time collaboration among global teams.

Emerging Markets: Sudden industrialization and infrastructure growth in nations such as India, Brazil, and Southeast Asia present vibrant growth opportunities.

Customized Solutions: Increasing demand for industry-specific, custom software packages developed to address niche engineering requirements.

Strategic Partnerships: Suppliers are entering partnerships with hardware producers and industrial automation companies to provide end-to-end solutions.

Conclusion

The ENGINEERING SOFTWARE Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast Period report provides key insights for businesses looking to grow or enter the field of engineering software. Through its comprehensive analysis of market trends, emerging technology, and competitive environment, the report provides stakeholders with the strategic insights they need to make informed decisions, optimize operating efficiency, and identify new routes for expansion.

About The Insight Partners

The Insight Partners is among the leading market research and consulting firms in the world. We take pride in delivering exclusive reports along with sophisticated strategic and tactical insights into the industry. Reports are generated through a combination of primary and secondary research, solely aimed at giving our clientele a knowledge-based insight into the market and domain. This is done to assist clients in making wiser business decisions. A holistic perspective in every study undertaken forms an integral part of our research methodology and makes the report unique and reliable.