The global computer-aided engineering market is currently witnessing strong growth. Computer-aided engineering (CAE) refers to the process of developing and simulating the performance of a product using software and virtual tools. It enables the developer to improve the product design and performance while resolving various engineering problems. CAE involves the replication of a product’s physical properties and performing thermal and finite element analysis, and multiple optimizations. It also supports faster product development by eliminating the need for building physical prototypes in early developmental stages. Owing to these benefits, CAE finds extensive applicability across the automotive, aerospace, plant engineering, electronics, energy and healthcare industries.
The growing integration of computer-aided drafting (CAD) with CAE, along with the increasing cloud deployment of software, represent as the key factors driving the growth of the market. The CAD technology aids in the timely calculation of stress distribution and deformations in a product without influencing the modeling process. Furthermore, user-friendly technological advancements in the CAE software have enabled developers and designers to upload their analysis on the cloud platform, which offers increased mobility and significant cost reductions. The rapid growth of the smart and wearable device industry, along with the increasing penetration rate of internet services, is also creating a positive outlook for the market. The increasing usage of smartphones, tablets and smartwatches is further favoring the widespread acceptance of CAE for medicinal, fitness, transportation, education and entertainment purposes. Moreover, advancements in the automotive sector, including the advent of driverless and semi-autonomous cars, which use the technology for collision avoidance, parking assistance systems and interactive infotainment systems, are projected to drive the market further. Looking forward, IMARC Group expects the market to witness moderate growth during 2020-2025.
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The competitive landscape of the industry has also been examined with some of the key players being Altair Engineering Inc., Ansys Inc., Aspen Technology Inc., Autodesk Inc., BenQ Asia Pacific Corp., Bentley Systems Inc., Casio Computer Co. Ltd., Dassault Systemes, ESI Group, Exa Corporation, Mentor Graphics Corporation, MSC Software Corporation, NUMECA International, Seiko Epson Corporation, Siemens Digital Industries Software, etc.
Key Questions Answered in This Report
The global computer-aided engineering market was worth around US$ 6.9 Billion in 2019.
According to the estimates by IMARC Group, the global computer-aided engineering market will exhibit moderate growth during the next five years.
The changing consumer inclination from on-premises computing solutions towards cloud-based advanced variants represents one of the key drivers for global computer-aided engineering market.
Sudden outbreak of the COVID-19 pandemic had catalyzed the adoption of AI-based, automated devices to mitigate the risk of coronavirus transmission upon human interaction, thereby propelling the growth of computer-aided engineering market.
On the basis of the type, the market has been divided into Finite Element Analysis (FEA), Computational Fluid Dynamics (CFD), multibody dynamics, and optimization and simulation. Amongst these, Finite Element Analysis (FEA) holds the largest market share.
On the basis of the development type, the market has been bifurcated into on-premises and cloud-based. Among these, on-premises hold the majority of market share.
On the basis of the end-use industry, the market has been classified into automotive, defense and aerospace, electronics, medical devices, industrial equipment, and others. Currently, automotive industry holds the majority of market share.
The emergence of driverless and semi-autonomous cars with parking assistance systems and collision avoidance systems that utilize computer-aided engineering solutions, represents one of the key trends in the global computer-aided engineering market.
Region-wise, the market has been classified into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America, where Europe dominates the global market.
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