Computer Aided Engineering Market Size Worth $16.19 Billion By 2028
The global Computer Aided Engineering Market size is anticipated to reach USD 16.19 billion by 2028, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 9.1% from 2021 to 2028. The rapid growth of the wearable industry is likely to increase the use of Computer Aided Engineering (CAE) software in the electronics industry. The major players in the market are in search of new sources for revenue as the smartphone market is in the maturity stage. As a result, the demand for wearable technology has increased the demand over the forecast period.
The growing penetration of the Internet of Things (IoT), tablets, and smartphones are expected to boost the CAE market growth. Owing to the growth of IoT, wearable devices, used in the fields of medicine, fitness, transportation, education, entertainment, and gaming, are increasing; paving way for the growth of the CAE market. Miniaturization of electronic devices and sensors and persuasive connectivity with lowered costs have immensely contributed to the growth of wearable technology devices.
Government regulations, mandating applications, such as collision avoidance, parking assistance systems, wireless communication technology, and interactive infotainment systems, in the upcoming car technologies to increase driver safety, are anticipated to raise the demand for CAE software. Additionally, technological advancements in the automotive sector, including driverless cars and semi-autonomous cars, are further anticipated to boost the industry demand.
The emerging new engineering modes such as 3D printing, building information modeling, concurrent engineering is likely to influence the CAE market. 3D printing is a form of additive manufacturing that allows the users to print any object as a 3-D image. The technology helps in reducing production costs and developing new methods of production. Ease of use and unlimited customization capabilities are the key factors driving the 3D printing market which is further expected to positively impact the market growth.
The prevailing open source software are anticipated to restrain the market growth over the forecast period. They are available for free on the web; however, the vendors charge for support, customization, and maintenance services. Linux has been leading the open architecture software market. Open-source software has been a boon for small software vendors, due to which, the large enterprises have been facing negative impacts. The major drivers of open source technology are the minor flaws and bugs that can be tested and fixed immediately.
Related Press Release@ Computer Aided Engineering Market Report
Computer Aided Engineering Market Report Highlights
- The intellectual property protection of software is crucial, as most modern manufacturing organizations rely on computer technology
- The computational fluid dynamics segment is anticipated to witness a high CAGR over the forecast period
- Testing and simulation are the important aspects of a design cycle that help the end-users in achieving profitability and faster time-to-market
- The on-premise segment dominated the market in terms of revenue in 2020 and is anticipated to remain dominant over the projected period
- Simulation software are used to analyze the effect of casing materials on IC performance, thermal management, and electrical signal performance
- The increasing adoption of lithium-ion batteries in consumer electronics application will also enhance the industry demand over the projected period
- The Asia Pacific and South America regions are poised to emerge as the lucrative regional markets over the forecast period with high CAGRs
- The key market players include Siemens AG, Exa Corporation, MSC Software Corporation, and ESI Group