Engineering Software Market reaches $50.34 Billion in 2022

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The global engineering software market defines the use of different software such as computer-assisted design (CAD) software, computer assistance engineering (CAE) software, computer-assisted manufacturing (CAM) software, electronic design automation (EDA) software, and architecture, engineering, and construction (AEC) software. The global engineering software market is expected to register a CAGR of 12.40% between 2015 and 2022. The market was valued at US$19.98 billion in 2014. Market Research Reports Search Engine (MRRSE) has added reports in the technology category to its database, covering all critical operations and estimated sales figures regarding the engineering software market between 2014 and 2022. The report is titled “Engineering Software (CAD, CAM, CAE, AEC, & EDA) Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 – 2022”.  

Market size of software

 The report states that the main driver for the global engineering software market is the increasing demand for automation, along with additional demand for integrated solution adoption. This solution aims to address and analyze engineering system design problems. This is currently creating an increase in global demand from the global engineering software market. The global engineering software market is also growing thanks to the larger number of consumer electronics, especially smartphones and tablets, that have entered the market. Their incorporation into the modern lifestyle has made it easier for engineers to stay in touch with technology and use the tools they want. The global engineering software market benefits from this with the introduction of products and services that can be launched on consumer electronics products. The global engineering software market is increasingly driven by the increasing use of cloud-based products and services. Providing cloud-based products makes it easy for users to access software they previously couldn’t. The global engineering software market, however, is hindered by the high maintenance costs of residential engineering software, along with the high cost of obtaining a software license. The global engineering software market is also hampered by the lack of skilled professionals available to operate these products. Despite the shortcomings, the global engineering software market continues to grow at what experts consider optimistic and positive speeds. Of the different types of software in the global engineering software market, CAD software led the market for 2014. It is believed that the CAD software segment will continue to dominate the global engineering software market and will occupy nearly 50% of the market by 2022. 

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 Among engineering software application categories, the global engineering software market is led by product design and testing applications, due to the increasing scope of connectivity, which has led to greater levels of remote analysis and field testing. North America dominated the global engineering software market in 2014, due to the rapid adoption and evolution of cloud-based technologies.  Major players in the global engineering software market include MSC Software Corporation, Ansys, Inc., PTC, Inc., SAP SE, Siemens PLM Software, Inc., IBM Corporation, and Autodesk,