Global computer aided engineering market is expected to reach a valuation of USD 11.86 billion by 2026, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2018-2026.
As per the report, one of the major factors driving the CAE market growth is the increasing penetration of smartphones and tablets. A massive surge in purchasing power in developing economies worldwide has also resulted in the high demand for consumer electronics, which will favor the market growth in the coming years. Furthermore, increased use of modern engineering modes such as building information modeling, 3D printing, concurrent engineering, and 3D modeling are also strengthening the computer aided engineering market growth globally.
Factors like piracy of CAE software along with rising open-source threat are apparently obstructing the growth of computer aided engineering market to a certain extent. Similarly, insufficient technical expertise and lack of skilled labor across several nations are also limiting the computer aided engineering market growth globally.
As per the report, cloud-based CAE tools find use in helping vendors improve market penetration in SMEs by offering benefits like reduced maintenance and operating costs as well as mobility of the companies. Additionally, CAE software plays an important role in the economic growth of numerous industries counting aerospace & defense, finance, automotive, healthcare, and oil & gas among others, which will further propel the demand for computer aided engineering.
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Over the last few years, the CAE software market has been a witness to a significant trend – CAE providers and resellers partaking in computer aided engineering market share have been agreeing to forge partnerships, mergers & acquisitions, which has led to an increase in the presence of value-added resellers, thereby augmenting computer aided engineering market growth. Furthermore, growing adoption of computational fluid dynamics that facilitates in reducing electric vehicles prices as well as an estimate of thermal conditions, is expected to drive the growth of the computer aided engineering market in the coming years.
In terms of regional growth, Europe is expected to procure a majority of the share in the global computer aided engineering market in terms of revenue, followed by North America. Also, the Asia Pacific computer aided engineering market is anticipated to demonstrate considerable growth over the forecast period. The credit for these developments primarily goes to the strong presence of automotive industry in Europe and the growing adoption of consumer electronics in emerging economies of Asia Pacific.
Moreover, in order to boost economic growth, governments bodies within the developing nations of Asia Pacific region are offering subsidiaries, funds, and tax credits to encourage the growth of their manufacturing sector, which is anticipated to favor CAE market growth in the coming years. Additionally, the rapid proliferation of automation of industrial equipment, primarily owing to the constant rise in labor costs is also expected to strengthen the computer aided engineering market growth during the forecast time period, cites the report.
The report also provides an in-depth analysis of the computer aided engineering market drivers, restraints, and opportunities over the estimation period. A detailed analysis of the report in terms of product type, region, end-use, and competitive ranking analysis has also been included in the report. In addition, company profiles of major market contenders have been elaborated in the report under the umbrella of business overview, product benchmarking, financials, and recent developments.
The competitive landscape of the global computer aided engineering market comprises of key industry players like Casio Computer Co., Ltd., Dell Technologies, BenQ Corporation, Inc., BenQ Corporation, NEC Display Solutions, Seiko Epson Corp., Dassault Systemes, PLM Software, Inc., Exa Corporation, Numeca International and ESI Group among others. The key growth strategies observed in this business space include launching innovative solutions and teaming up with other market leaders to design new software and to meet the rising consumer needs and requirements, thereby augmenting the computer aided engineering market growth.