Prominent players in the computer aided engineering market are leveraging machine learning, cloud computing, and artificial intelligence to optimize end use applications.
ROCKVILLE, MD / ACCESSWIRE / April 27, 2020 / The computer aided engineering market is projected to expand by 2.4x between 2019 and 2029. The increasing uses of computer aided engineering is largely driven by the major transition in the building and construction industry from physical modelling to virtual prototyping practices.
Widespread use of computer aided engineering in terms of on premise deployment will continue to aid the growth of the computer aided engineering market. This extremely promising growth prospect can be attributed to advantages such as minimal product recalls, cost efficiency, and proof of concept, concludes Fact.MR in its new study.
"Market players are witnessing increased demand from medical devices, consumer electronics, and industrial equipment industries, driven by prevalence of IT infrastructure and cloud computing," concludes the Fact.MR report.
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Computer Aided Engineering Market - Key Takeaways
- Automotive applications will account for a major market share of over 50% of the overall revenue through 2029.
- On-premise deployment will account for more than 70% of the global market share for computer aided engineering.
- The cloud-based computer aided engineering segment will account high CAGR, driven by lower costs and easier accessibility.
- Finite Element analysis will account for more than 55% of market share, while computational fluid dynamics will report high growth.
- South Asia & Oceania will maintain a high CAGR of 10%, driven by adoption of smart devices.
- Europe will remain a prominent regional market, accounting for over a 3rd of overall market share.
Computer Aided Engineering Market - Key Driving Factors
- The increasing global demand for virtual environment prototyping in the automotive and construction sectors is driving the adoption of computer aided engineering.
- Strong competition among end use industries, and the resultant demand for testing technologies is a key growth contributor of global market.
- High efficacy of cloud-based services for environmental proactivity of computer aided engineering is sustaining market growth.
- Sustainability initiatives by developers, and integration of AI and machine learning contributes to sales.
Explore 137 tables and 235 figures in the study. Request ToC of the report at-
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Computer Aided Engineering Market - Key Constraints
- Accurate results appear late in the design cycle, a factor which is likely to hamper market growth.
- Competition from open source alternatives available in the market is likely to reduce sales figures.
The Coronavirus Impact
In the few weeks since the coronavirus has been designated as a global pandemic, the virus has showed little sign of stopping. While end user industries of automobile and construction have set up precautions, the computer aided engineering sector is likely to face moderate effects from the outbreak.
The coronavirus outbreak has resulted in nationwide shutdowns, and impacted logistics and free movement, which impact end-use industries, which restrict the use of the computer aided engineering tools, particularly among small and medium scale enterprises, moderately constraining the market. However, with substantial IT infrastructure, and the widespread prevalence of cloud services, large scale end users are likely to help sustain market growth.
Competition Landscape
The global computer aided engineering market is moderately consolidated. The leading players profiled in the report include, but are not limited to Aveva Group, ANSYS Inc., 3D Systems Corp, ESI Group, Altair Engineering, Siemens AG, Autodesk Inc., Hexagon AB, Dassault Systems, Exa Corporation, and Bentley Systems Inc. Market leaders are focusing their efforts towards new business models involving machine learning, cloud computing, and artificial intelligence. Manufacturers are also pushing for regional footprint expansion, product innovation, and performance improvements as indicated by the Fact.MR report.
About the Report
This 170-page study offers readers a comprehensive market forecast of the computer aided engineering market. Global, regional and country level analysis of the latest industry trends impacting the computer aided engineering market are covered in this Fact.MR study. The report offers compelling insights on the computer aided engineering market on the basis of type (finite element analysis, computational fluid dynamics, multibody dynamics, and optimization & simulation), deployment (on-premise and cloud based), and end use (automotive, defense & aerospace, electronics, medical devices, industrial equipment, and others) across six regions (Middle East and Africa, South Asia & Oceania, East Asia, Europe, Latin America, North America).
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