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The global computer-aided engineering market exhibited strong growth during 2015-2020. Looking forward, IMARC Group expects the market to grow at a CAGR of 10% during 2021-2026. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.
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.
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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.
We expect the global computer-aided engineering market to exhibit a CAGR of 10% during 2021-2026.
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.
The changing consumer inclination from on-premises computing solutions towards cloud-based advanced variants represents one of the key factors driving the global computer-aided engineering market.
Based on 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) currently holds the largest market share.
Based on the development type, the market has been bifurcated into on-premises and cloud-based. Currently, on-premises hold the majority of total market share.
Based on the end-use industry, the market has been classified into automotive, defense and aerospace, electronics, medical devices, industrial equipment, and others. Currently, the automotive industry represents the largest segment.
On a regional level, the market has been classified into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America, where Europe currently dominates the global market.
Some of the major players in the global computer-aided engineering market include 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.
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