April 21, 2020
According to the research report titled ‘Global Engineering and commissioning software Market Size study, by Type (Windows system supported, IOS system supported and Both systems supported), by Application (Small, medium and large enterprises) and Regional Forecasts 2019-2026’, available with Market Study Report LLC, global engineering & commissioning software market was worth USD 1.22 billion in 2018 and is presumed to expand with a CAGR of 6.70% during 2019-2026.
Engineering & commissioning software helps in tracking, planning and execution of various complex operations including construction, procurement and engineering. Integration of automation technologies in order to minimize operation costs, enhance productivity and improve accuracy to the operational processes is propelling the global engineering and commission software market size.
As per the 2018 study by Aruba Organization, around 68% of leading companies use IoT for monitoring and maintenance of operations. While considering another data by International Federation of Robotics (IFR), global sales of industrial robots surpass USD 16.5 billion in 2019. Hence, growing inclination towards IoT (Internet of Things) across several industry verticals along with rising adoption of IORT is driving the growth of worldwide engineering & commissioning software industry.
In terms of regional landscape, engineering & commissioning software industry in North America is expected to register significant growth during the forecast period. Rapid incorporation of industrial automation and IoT solutions is stimulating the industry outlook.
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On the other hand, Asia-Pacific engineering & commissioning software industry is predicted to witness lucrative growth through 2026, primarily due to favorable government initiatives towards adopting machine learning, artificial intelligence and cloud computing technologies across various industry verticals.
The eminent companies in the worldwide engineering & commissioning software industry are Festo, Bentley, CxAlloy, GATE Inc., Interface Engineering, Facility Dynamics, Terraine Inc., WinPCS, Siemens and ProjecTools.