The engineering software global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Engineering Software Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The engineering software market size has grown rapidly in recent years. It will grow from $47.84 billion in 2023 to $55.63 billion in 2024 at a compound annual growth rate (CAGR) of 16.3%. The growth in the historic period can be attributed to increasing complexity of product designs, globalization of engineering workforce, regulatory compliance requirements, cost and time savings, growing adoption of simulation tools.
The engineering software market size is expected to see rapid growth in the next few years. It will grow to $102.55 billion in 2028 at a compound annual growth rate (CAGR) of 16.5%. The growth in the forecast period can be attributed to emphasis on additive manufacturing, increased focus on cybersecurity, demand for cloud-based solutions, expansion of digital twins across industries. Major trends in the forecast period include cloud-based solutions, industry 4.0 and IoT integration, additive manufacturing, open-source software, user experience (UX) design.
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Scope Of Engineering Software Market
The Business Research Company’s reports encompass a wide range of information, including:
- Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
- Drivers: Examination of the key factors propelling market growth.
- Trends: Identification of emerging trends and patterns shaping the market landscape.
- Key Segments: Breakdown of the market into its primary segments and their respective performance.
- Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
- Macro Economic Factors: Assessment of broader economic elements impacting the market.
Engineering Software Market Overview
Market Drivers –
The rising automation in manufacturing is expected to propel the engineering software market going forward. Manufacturing automation refers to the use of technology and machinery to perform tasks or processes with minimal human intervention. Automation in manufacturing is rising because of the aging workforce, skills gaps, labor shortages, demand for customization, and quality control benefits. Engineering software enhances automation in manufacturing by providing the necessary tools and capabilities to design, simulate, analyze, control, and optimize automated processes efficiently. For instance, in October 2022, according to the International Federation of Robotics, a Germany-based non-profit organization, the installation of industrial robots in the USA reached 50,712 units in 2021, reflecting a 31% increase compared to the previous year. Therefore, rising automation in manufacturing is driving the growth of the engineering software market.
Market Trends –
Major companies operating in the DevSecOps market are developing advanced technologies, such as software automation solutions, to serve customers with advanced features better. Software automation solutions are business tools that replace manual processes with streamlined, automated workflows, leading to increased efficiency and accuracy. For instance, in May 2022, JFrog Ltd., a US-based provider of an end-to-end, hybrid, universal DevOps platform, launched JFrog Connect. TheJFrog Connect helps developers efficiently update, manage, monitor, and secure remote Linux and IoT devices. This platform offers comprehensive fleet visibility, monitoring and alerts for device resources, accelerated troubleshooting and remediation capabilities, and DevOps functionalities for connected devices. JFrog Connect integrates with other JFrog tools, such as artifactory and Xray, to provide an end-to-end solution for IoT edge deployment capabilities.
The engineering software market covered in this report is segmented –
1) By Component: Software, Services
2) By Deployment: Cloud, On-Premises
3) By Application: 3D Printing, Enterprise Resource Planning, Plant Layout, Drafting And 3D Modeling, Project Management, Knowledge Management, Product Design And Testing
4) By End-Use: Automotive, Aerospace And Defense, Electronics, Medical Devices, Architecture, Engineering, And Construction (AEC), Other End-Uses
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Regional Insights –
North America was the largest region in the engineering software market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the engineering software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Key Companies –
Major companies operating in the engineering software market are Siemens Ltd., International Business Machines Corporation, General Electric Company, Oracle Corporation, Schneider Electric SE, Honeywell International Inc., SAP SE, ABB Ltd., Emerson Electric Co. , HCL Technologies, Rockwell Automation Inc., Dassault Systèmes, Hexagon AB, Keysight Technologies, Synopsys Inc., Autodesk Inc., Ansys Inc., PTC Inc., National Instruments Corporation, Aveva Group Plc., MathWorks Inc. , Bentley Systems Inc., Altair Engineering Inc., Altium Limited, Aras Corp, ComplianceQuest
Table of Contents
- Executive Summary
- Engineering Software Market Characteristics
- Engineering Software Market Trends And Strategies
- Engineering Software Market – Macro Economic Scenario
- Global Engineering Software Market Size and Growth
…………
- Global Engineering Software Market Competitive Dashboard
- Key Mergers And Acquisitions In The Engineering Software Market
- Engineering Software Market Future Outlook and Potential Analysis
- Appendix
List Of Tables:
Table 1: Global Historic Market Growth, 2018-2023, $ Billion
Table 2: Global Forecast Market Growth, 2023-2028F, 2033F, $ Billion
Table 3: Global Engineering Software Market, Segmentation By Component, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 4: Global Engineering Software Market, Segmentation By Deployment, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
Table 5: Global Engineering Software Market, Segmentation By Application, Historic and Forecast, 2018-2023, 2023-2028F, 2033F, $ Billion
……….
Table 75: Siemens Ltd. Financial Performance
Table 76: International Business Machines Corporation Financial Performance
Table 77: General Electric Company Financial Performance
Table 78: Oracle Corporation Financial Performance
Table 79: Schneider Electric SE Financial Performance
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