The global engineering software market depicts
the presence of a highly aggressive and fragmented vendor landscape,
mainly due to the existence of innumerable players, says Transparency
Market Research on the basis of a recently published report. A humungous
rivalry mainly exists at an international level. However, several local
players are fast gaining ground in this market, thereby giving a tough
time to the international businesses, in terms of marketing their
products and services. With the number of players expected to increase
during the next few years, the global engineering software market is
prophesized to depict a rapidly charged-up competitive landscape.
Most businesses in the global engineering
software market are focusing on expanding product portfolios, coupled
with providing technologically advanced offers. Achieving cost
regulation, improving geographical reach, and bringing forth innovative
concepts are a few other domains where companies are attempting to gain a
competitive edge over their rivals. Synopsys, Inc., Bentley Systems,
Inc., Autodesk, Inc., PTC, Inc., Ansys, Inc., Geometric Ltd., Dassault
Systemes S.A., Siemens PLM Software, Inc., IBM Corporation, SAP SE,
Synopsys, Inc., and MSC Software Corporation, are key players operating
in the global engineering software market.
As per experts, the global engineering
software market is expected to grow at stellar CAGR of 12.4% during the
forecast period from 2015 to 2022. This market registered a splendid
revenue of US$19.98 bn in 2014, which is expected to grow further during
the said tenure.
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A rising need for automation and demand
for automation of integrated solutions in order to facilitate quality
designing and analysis of engineering systems in a plethora of
applications is majorly driving the global engineering software market.
Moreover, with a rapidly expanding industry where cloud engineering is
utilized on a vast scale, this market is progressing at a fast pace in
recent times.
Electronic devices such as smartphones,
tablets, and laptops are penetrating most regions all over the globe,
which is further expected to boost the global engineering market’s
growth. This is mainly due to an extensive use of the software services
in these devices, which form an integral part of their functioning.
Demand for industrial automation is likely to fuel growth in the global
engineering software market. Lastly, engineering software services are
in high demand in the domains of architectural mapping, 3D printing,
construction, and other similar fields. And as each of these sectors is
witnessing a significant boom currently, the global engineering software
market is expected to expand tremendously during the next few years.
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