Engineering Software Market Regulations And Competitive Landscape Outlook To 2020-2030
Engineering Software Market: Introduction
Transparency Market Research delivers key insights on the global engineering software market. In terms of revenue, the global engineering software market is estimated to expand at a CAGR of ~13% during the forecast period, owing to numerous factors regarding which TMR offers thorough insights and forecasts in its report on the global engineering software market.
The need to automate the product development process has increased across the globe with the growing digitization within manufacturing industries. The increasing focus on Industry 4.0, which is driving digitization within the manufacturing sector, is one of the major drivers of the market. Automation within the product development process has led to the need to optimize the whole process. The demand for engineering software has also increased significantly across industries to cater to the opportunity within the product development automation. Engineering software allows users to visualize, design, and control an object, environment, or any graphical element within a three-dimensional scope.
Construction and manufacturing industries are major end users of engineering software, as software such as computer aided manufacturing, computer aided design, and computer aided engineering help these industries to optimize their overall cost of product development by providing simulation or dummy 3D models for the product planned. Engineering software majorly works on the mathematical concept of geometry, where each designed element is mapped into three different axes: X for breadth, Y for length, and Z for depth.
Cloud-based engineering software offerings have increased from the vendors’ point of view. Quick implementation time, saving hard drive space, and work from anywhere have increased the flexibility and reduced the operational cost, which have attracted users to adopt cloud-based solutions, although initially there was hesitation to adopt cloud-based engineering software due to lack of storage and network security concerns. In 2019, SOLIDWORKS a major CAD vendor, released its own cloud CAD called SOLIDWORKS xDesign. The growing integration of cloud solutions in various end-use sectors is a major factor that drives the engineering software market.
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Engineering Software Market: Dynamics
The evolution of 4.0 in the industrial sector is a major factor driving the demand for engineering software. Industry 4.0, popularly known as smart factory, is considered the fourth era of industry that collaborates computing and automation. It also includes cyber-physical systems, Internet of Things, cloud computing, and cognitive computing. Industry 4.0 takes care of physical processes in manufacturing units that boosts cost-effectiveness through simulation and virtualization. Industry 4.0 has driven the demand for CAD, CAM, and CAE across industries, as these tools efficiently help manufacturing as well as the construction industry in reducing the cost related to product development and manufacturing of the product.
Leading simulation companies, namely, Ansys, SimScale, PTC, etc., are moving toward the implementation of Industry 4.0 in their 3D simulation software solutions. For instance, in February 2020, Dassault Systemes, a CAD software company specializing in simulation solutions, formed a partnership with ‘Xometry,’ a significant player in providing manufacturing platforms. The manufacturing platform will be marketed to over two million engineers and designers via SOLIDWORKS, one of the most popular CAD software packages in the market. Thus, rising automation in the manufacturing sector is likely to fuel the demand for engineering software during the forecast period.
Increasing government initiatives and investments in digitization within the manufacturing industry are propelling the demand for engineering software tools, as they are the most prominent tools within the manufacturing and the product development process.
The lack of skilled labor in developing economies is a major factor hampering the growth of the engineering software market. The manufacturing sector across the globe is experiencing a huge shortage of skilled professionals. Regions such as Asia Pacific and South America, which hold approximately 50% of the global manufacturing market have very low rate of skilled professionals within their countries. According to the International Research Journal of Engineering and Technology, 22% of skilled manufacturing workers (2.7 million) are likely to retire within the next 10 years; in addition, another 700,000 workers will be needed due to industry growth. The global manufacturing labor shortage could exceed 8 million people by 2030, resulting in a possible revenue loss of US$ 607 Bn.
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