The global engineering software market includes various software such as computer aided manufacturing (CAM), computer aided engineering (CAE), electronic design automation (EDA), computer aided designing (CAD), and various other types of construction, architecture, and engineering software. Various engineering mechanisms utilize this software, such as communication, electronics, process, chemical, mechanical, and electrical engineering. The global engineering software market had a value of US$19.98 billion in 2014 and is forecast to expand at a CAGR of 12.4% during the 2015-2022 forecast period.
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Market Growth Due to Demand for Mobile Engineering Software
Growth of the global engineering software market has been augmented due to the intensifying need for integrated solutions for analyzing and designing engineering systems and automation. The proliferation of mobile devices such as smartphones, laptops, and tablets has accelerated the use of engineering software by increasing accessibility of engineering software. Market growth of engineering software has also been due to increased use of cloud based versions. Major restraints for the engineering software market include lack of technical know-how in operating the software and its high maintenance costs. High licensing costs are also among the restraining factors for engineering software.
North America Leads Market Due to Demand for Cloud Based Software
Segments of the engineering software market on the basis of software type include CAE software, AEC software, EDA software, and CAM software. There was great demand in the first few years of this decade for CAD software and this trend is set to continue during the forecast period, indicated by the nearly 50% share held by CAD software in the global market. CAD software is being used worldwide due to growth in accessibility...