The global computer aided engineering market size is expected to reach USD 23,405.4 million by 2030, registering a CAGR of 12.8% from 2023 to 2030, according to a new report by Grand View Research, Inc. Rapid growth of the wearable industry is likely to increase the use of CAE software in the electronics industry. The major players in the market are in search of new sources of revenue as the smartphone market is in the maturity stage. As a result, the demand for wearable technology has increased the demand during the forecast period.
The growing penetration of IoT, tablets, and smartphones is 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.
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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, and concurrent engineering is likely to influence the market. 3D printing is a form of additive manufacturing that allows 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 computer aided engineering market demand.
The prevailing open-source software is anticipated to restrain the market growth over the projected 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.
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Computer Aided Engineering Market Highlights
· Based on component, the market is segmented into software and services. The software segment accounted the major market share in 2023 and is anticipated to continue its dominance in the coming years.
· Computational fluid dynamics involves qualitative prediction of fluid flow using mathematical modeling and software tools. CFD is used in analyzing turbulence, flow, and pressure distribution of gasses & liquids and their interaction with different structures.
· In 2023, the on-premise segment held a market share exceeding 63% in the global market and is expected to exhibit a CAGR of nearly 10.5% from 2024 to 2030.
· Based on end-use, the industry is segmented into defense & aerospace, automotive, electronics, medical devices, industrial equipment, and others. In 2023, the automotive industry held the largest market share of more than 29% in the global market and expected to exhibit a significant CAGR from 2024 to 2030.
· The defense and aerospace end-use is expected to witness the highest growth rate over the forecast period, owing to the increasing use of CAE software.
· In 2022, North America dominated the CAE market with a market share of more than 33% and is expected to continue its dominance over the forecast period owing to the presence of bio-diverse cultures and increasing automation in the manufacturing sector.
· The APAC regional market is expected to witness exponential growth over the forecast period with a CAGR of 13.4%
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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