Global Computer-Aided Engineering Market to Grow at 10.4% During 2023-2028, Impelled by Increasing Adoption of Cloud-Based Computing

According to the latest report by IMARC Group, titled "Computer-Aided Engineering Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global computer-aided engineering market reached a value of US$ 9.3 Billion in 2022. Computer-aided engineering (CAE) involves the usage of sophisticated and interactive computer software to facilitate engineering analysis tasks. It is widely used to simulate performance using virtual tools in an attempt to improve product designs and resolve engineering problems. It is also utilized to assess the performance and robustness of assemblies and components by replicating the product’s physical properties and conducting thermal/ finite element analysis and optimizations. Since this process eliminates the requirement of building physical prototypes in its early developmental stages, it offers quicker processing and aids numerous end users in achieving their goals faster than expected. Consequently, CAE finds extensive applications across numerous industry verticals, such as energy, aerospace, automotive, electronics and healthcare.

Global Computer-Aided Engineering Market Trends:

The market is primarily driven by the growing adoption of cloud-based computing instead of on-premise computing solutions across various industries. The use of cloud computing leads to the elimination of hardware acquisition and software licensing, installation and support, thereby minimizing overall costs. This has considerably increased the deployment of CAE software across various organizations. There has also been a rise in the integration of computer-aided drafting (CAD) with CAE to assist in calculating stress distribution and deformations in a product without influencing the modeling process. The market is further driven by the increasing penetration of smart and wearable devices across the globe, supported by the miniaturization of sensors and electronic devices and their reducing selling prices. Apart from this, governments of numerous countries have mandated the installation of multiple advanced technologies, including parking assistance systems, collision avoidance systems and wireless communication technology, in the latest models of various automobiles. This, coupled with the launch of driverless and semi-autonomous cars, is expected to facilitate the uptake of CAE services. Some of the other factors contributing to the market growth include the emergence of 3D printing and the increasing mergers and acquisitions (M&A) by original CAE providers and resellers as a key strategy to expand their market presence. On account of the aforementioned factors, the market is anticipated to grow at a CAGR of 10.4% during 2023-2028.

Market Summary:

• 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.
• Based on the deployment type, the market has been bifurcated into on-premises and cloud-based.
• 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.
• On the geographical front, the market has been segregated into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
• The competitive landscape of the industry has been examined in the report with the detailed profiles of the key players. Some of these players include Altair Engineering, Inc., ANSYS, Inc., Aspen Technology Inc., Autodesk, Inc., BenQ Asia Pacific Corp., Bentley Systems, Inc., Casio Computer Co., Ltd., Dassault Systèmes, ESI Group, Exa Corporation, Mentor Graphics Corporation, MSC Software Corporation, NUMECA International, Seiko Epson Corporation, and Siemens Digital Industries Software.

Report Scope:

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