By 2029, Demand for Mathematical Software Market to reach USD 21 Billion, at a 14.38% CAGR –Statistics, Key Growth Factors, Strategic Initiatives and Forecast - Adroit Market Research
Adroit Market Research
4 min read
Adroit Market Research
North America region to lead the Mathematical Software Market. Key market leaders listed are MathWorks, Wolfram Research, Quantomatic, PTC, GAMS Development Corporation, Signalysis, Maplesoft, Civilized Software, ORMS, Saltire Software, etc.
Dallas, Texas, Aug. 16, 2022 (GLOBE NEWSWIRE) -- The global Mathematical Software market is expected to grow at a CAGR of 14.38% and reach an estimated value of USD 21 Billion during the forecast period.
The global mathematical software market is driven by the expansion of web-based learning and the advancement of engineering solutions. Mathematical software is being widely used to form structural models and analyze large datasets. The widespread use of mathematics software across e-learning and engineering sectors fuels the global mathematical software market. Likewise, it is much simpler and faster to generate results for complex algebraic or geometric data using mathematics software.
The mathematical software market development is aided by its use as a vital part of a comparatively complex system. E-learning contents are optimized and curated as per the learner’s needs and requirements. The vast use of mathematics software in the e-learning process makes it easier for students to derive faster solutions and better understand the solution procedures. The rise of cloud-based systems and technology-driven learning significantly boosts the mathematical software market.
School, engineering construction, academic and research institutes, others
Regions Covered
North America, Europe, Asia Pacific, Middle East and Africa, South America
Key Players Profiled
MathWorks, Wolfram Research, Quantomatic, PTC, GAMS Development Corporation, Signalysis, Maplesoft, Civilized Software, ORMS, Saltire Software, Gurobi Optimization, and SwMATH & among others
Based on purpose, mathematics software is classified into special-purpose and general-purpose software. The global mathematical software market can be classified into free and open-source software types. Both the mentioned types perform the same functions with the commercial software providing some additional benefits and features. The open-source mathematical software is widely used in education industries due to no cost involvement and the providence of accurate and fast solutions.
The use of mathematical software enhances the classroom learning experience for students and makes it simpler to analyze complex problem statements. Commercial software is used in engineering industries due to its premium features. Several industrial sectors including education technology, engineering and construction need the use of mathematical software. The engineering and construction industry is the primary market holder due to the presence of large volume datasets.
Moreover, some highly advanced innovations and updates by primary market players have significantly contributed to the growth of the global mathematical software market. MathWorks in March 2022 released the 2022a version of MATLAB, which comprises hundreds of new features and updates. The new version of MATLAB comes with graphical enhancements, new app designs and live customizable editors. Maplesoft in April 2022 released the latest version of Maple Flow which will help improve workflow during the creation of worksheets which will help engineers to lower the turnaround time while performing daily calculations. In March 2022, Maplesoft released Maple, enabling engineers and scientists to analyze and solve complex problem statements. There has been a sharp rise in the global mathematical software market due to recent innovations and technological developments.
The North American region is projected to hold the largest share of the global mathematical software market. Being the hub of several multinational software engineering companies, there is an increased demand for mathematical software in this region. The presence of the world’s largest space science agency NASA creates immense demand for mathematical computations and models which leads to the immense growth of the global mathematical software market. A significant increase in engineering industries and educational technology contributes to the regional market’s growth.
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