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Dublin, Jan. 23, 2024 (GLOBE NEWSWIRE) -- The "Engineering Software Market Report: Trends, Forecast and Competitive Analysis to 2030" report has been added to ResearchAndMarkets.com's offering.
Global Engineering Software poised for Expansion with Expected Market Surge; Key Insights on Trends, Forecast, and Competitive Landscape Revealed
This comprehensive analysis of the global engineering software industry projects a promising outlook with a historically unprecedented compound annual growth rate (CAGR) of 10.8% from 2024 to 2030. This burgeoning market, driven by relentless digitization across sectors, is set to reshape the competitive dynamics of traditional and digital landscapes alike.
With automation and digital capabilities at the forefront, sectors such as automotive, aerospace & defense, electronics, and medical devices are contributing significantly to the market's expansion. The report finds that including the ever-evolving Architecture, Engineering, and Construction (AEC) industry into this mix further solidifies the upward trajectory, potentially reaching $71.6 billion by the end of the decade.
North America, riding the wave of Industry 4.0, holds the beacon for high growth potential, underlined by a considerable presence of industry stalwarts and technological innovators. Market analysts project that the North American region will experience the most substantial growth due to its advanced infrastructure and rapid adoption of new technologies.
The examination of the global engineering software market reveals significant segments by component, deployment mode, application, and end use industry. Below are crucial insights derived from the meticulous aggregation of data:
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Services and software as primary components showing steady market share growth.
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Cloud-based solutions commanding the deployment mode segment, leveraging the scalability offered by SaaS models.
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Product design & testing surfacing as the dominant application segment in line with rising emphasis on quality, innovation, and efficiency.
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The automotive sector, identified as the largest contributor in terms of end-use industry, with targeted software enabling advanced vehicle design and development.
Strategic Developments and Disruptive Innovations Spurring Competition
The global engineering software market is characterized by constant strategic maneuvers, including mergers and acquisitions, research and development, and operational expansions. Key industry players, identified within the report, are charting new territories by introducing cutting-edge technologies and innovative products - crucial for maintaining competitiveness and addressing ever-growing and evolving consumer demands.