Feb 07, 2020 (AB Digital via COMTEX) -- Market Analysis
The global software engineering market is predicted to grow at an 8% CAGR over the forecast period, reveals the latest Market Research Future (MRFR) report. Software engineering, simply put, is a systematic method to design, develop, operate, and maintain a software system. It is widely used across various specialized engineering applications, which include production engineering, food and agriculture, chemical, computer science, electrical and electronics, mechanical, civil, and others.
Software engineering has a wide range of applications, which includes project management, enterprise resource planning, 3D printing, 3D modeling, product design, plant design, automation design, and others. Some of the key benefits of using software engineering, especially CAM/CAD, include reduction of wastage, quality of output, repeatability of output, ease of modification, numerous design ideas, and improved accuracy, among others.
Various factors are pushing the growth of the Software Engineering Market . These factors, in accordance to the Market Research Future (MRFR) report, include huge penetration of BIM (building information modeling), growing demand for penetration testing, and increasing demand for software engineering across various verticals including media and entertainment, telecom, IT, energy, and automotive.
On the contrary, high maintenance and license cost, piracy issues due to high cost, and lack of skilled personnel are factors that may hamper the software engineering market growth over the forecast period.
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The major players operating in the market of Software Engineering are - Autodesk, Inc.(U.S.), Bentley Systems, Inc. (U.S.), Dassault Systemes S.A (France)., IBM Corporation (U.S.), Geometric Ltd. (India), Siemens PLM Software, Inc.(U.S.), SAP SE (Germany), Synopsys, Inc. (U.S.), PTC, Inc.(U.S.), Ansys, Inc. (U.S.), and MSC Software Corporation (U.S.), and others
The Market Research Future report offers a wide segmental analysis of the software engineering market based on software type, end user, and application.
Based on software type, the software engineering market is segmented into electronic design automation (EDA), architecture, engineering, and construction (AEC), computer-aided engineering (CAE), computer-aided manufacturing (CAM), and computer-aided designing (CAD). Of these, the CAD segment will have the largest share in the market over the forecast period. It is predicted to grow at a 13.28% CAGR.
Based on application, the software engineering market is segmented into 3D modelling, product design, plant design, automation design, and others. Of these, automation design will dominate the market over the forecast period. This is owing to technological development in oil & natural gas industries. On the other hand, the 3D modelling segment will grow at the fastest pace at a 13.09% CAGR.
Based on end user, the software engineering market is segmented into healthcare, oil and gas, IT and telecommunication, banking, automotive, aerospace and defense, and others. Of these, the automotive segment will lead the market over the forecast period, while the aerospace and defense segment will grow at the fastest pace at a 12.45% CAGR.
Based on the region, the software engineering market report covers growth opportunities and the latest trends across Europe, North America, Asia Pacific, and Rest of the World. Of these, Asia Pacific will have the largest share in the market over the forecast period. This is owing to the growing demand for software engineering from the automation industry and the emergence of numerous manufacturing industries. Countries such as South Korea, Japan as well as China are investing extensively in cloud solutions.
The software engineering market in Europe will have the second largest share over the forecast period. This is due to the burgeoning demand for software engineering from the well-established automotive sector and high adoption of cloud-based services and solutions.
The software engineering market in North America will have considerable growth over the forecast period, with Canada and the US being the key contributors. It is predicted to grow at a considerable CAGR over the forecast period.
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