Home > Media & Technology > Information Technology > IT Software > Engineering Software Market

Engineering Software Market Size

  • Report ID: GMI6791
  • Published Date: Sep 2023
  • Report Format: PDF

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.

 

Engineering Software Market

To understand key trends  
Download Free Sample
 

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.

 

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.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The engineering software industry value was USD 28.9 billion in 2022 and is projected to register over 18% CAGR between 2023 and 2032.

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.

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.

ANSYS, Inc., Autodesk, Inc., Dassault Systèmes, Inc., Siemens, PTC, Hexagon AB, and Synopsys.

Engineering Software Market Scope

Buy Now

Access to only 1 person; cannot be shared; cannot be printed
Access for 2 to 5 users only within same department of one company
Access to a company wide audience; includes subsidiary companies or other companies within a group of companies

Premium Report Details

  • Base Year: 2022
  • Companies covered: 19
  • Tables & Figures: 357
  • Countries covered: 21
  • Pages: 230
 Download Free Sample