The global Computer Aided Engineering Market Size accrued earnings worth approximately 8.79(USD Billion) in 2021 and is predicted to gain revenue of about 16.20(USD Billion) by 2028, is set to record a CAGR of nearly 9.2% over the period from 2022 to 2028.
Computer Aided Engineering Market
Computer aided engineering (CAE) includes processes of solving engineering problems through the use of interactive and sophisticated graphical software. CAE software allows a deeper engineering analysis of objects. CAE finds applications in different engineering fields like fluid dynamics, kinematics, stress analysis, finite element analysis, etc.
The key driver for the growth of computer aided engineering (CAE) market is the availability of universal licenses. The intensifying need for integrated solutions for analyzing and designing engineering systems and automation upsurge the demand of CAE market. Also, the growing trend of smartphones and tablets are expecting to boost the growth of this market. The major advantages offered by integrated CAE tools are the reduction of product life cycle time and product analysis time to get better efficiency. Additionally, rising use of new engineering modes such as building information modeling, 3D printing, 3D modeling, and parallel engineering are major drivers for the computer aided engineering software market.
One of the major challenges in the market is the increasing threat of open-source and piracy of CAE software that could affect the growth of the CAE market. Furthermore, lack of skilled labor and technical expertise is expected to hold back market growth over the forecast period.
Nonetheless, cloud-based CAE solution is expected to surge market growth over the forecast period. Small and medium enterprises are using open source CAE tools because of large investments required for the premium license. Cloud-based computer aided engineering tools may help market vendors to increase market penetration in small and medium sectors with benefits of low operating and maintenance costs.
Computer aided engineering is classified on the basis of product, end-user, and region. On the basis of product computer aided engineering market is segmented into finite element analysis (FEA) and computational fluid dynamics (CFD). Increasing adoption of computational fluid dynamics (CFD) for battery designing is one of the major trends gaining traction in coming years.
Asia-Pacific is estimated to be the fastest-growing market for computer aided engineering software market. In the Middle East and Africa, the wide adoption of PLM strategy by enterprises has impelled the demand for computer –aided engineering software.
Major players in the CAE market include Bentley Systems, PLM Software, Inc., Mentor Graphics Corporation, MSC Software Corporation, Inc., NEi Software, Dassault Systemes, S.A., and Synopsys, Inc., ANSYS Inc., and AspenTech, ESI Group, Exa Corporation, and Numeca International, among others.