| Source: Fortune Business Insights Fortune Business Insights
Pune, India, Oct. 31, 2022 (GLOBE NEWSWIRE) — The global computer-aided engineering market size was valued at USD 5.75 billion in 2021. The market is projected to grow from USD 6.25 billion in 2022 to USD 12.16 billion by 2029, exhibiting a CAGR of 10.0% during the forecast period. Fortune Business Insights, present this information in its report titled, “Computer-aided Engineering Market Forecast, 2022-2029.”
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Report Scope & Segmentation
Declined Demand for CAE Software from Several Industries to Hinder Market Growth
Due to the COVID-19 pandemic, people and businesses had to re-evaluate their plans and objectives. It has been demonstrated that these advancements fuel technical development and innovation. A complete and integrated set of computer-aided engineering solutions has been developed, promoted, sold, and supported by businesses. Although sales have been consistent, the COVID-19 pandemic caused a modest reduction in the rate of sales growth in 2020.
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Cloud Segment to Lead Owing to Swift Digital Transformation
Based on deployment, the market is divided into cloud and on-premise. Amongst them, the cloud holds the highest market share and is also expected to grow at the highest CAGR in forecast period as cloud-based deployment enables quicker distribution, decrease in cost, minimal maintenance, and increase in scalability.
Finite Element Analysis Segment to Generate Highest Share in Order to Prevent Failures
Based on type, market is classified into finite element analysis (FEA), computational fluid dynamics (CFD), thermal analysis, multibody dynamics, and others.
Automotive to Produce Maximum Revenue Owing to Increase in Need for Evaluating Real Modules
Based on end-user, the market is bifurcated into automotive, medical devices, industrial equipment, defense & aerospace, electronics, and others. Automotive to gain maximum segment share during the forecast period.
Geographically, the market is divided into five key regions: North America, South America, Europe, the Middle East & Africa, and Asia Pacific. They are further categorized into countries.
The report provides insightful information gleaned from extensive research carried out by our researchers. The anticipated market size for computer-aided engineering was determined through comprehensive study. In-depth interviews with several stakeholders provide the information used to project the shares for various segments at the national, regional, and global levels. Additionally, in order to provide accurate information and facilitate your business investment decisions, we have secured access to a number of regional and international premium databases.
Drivers and Restraints:
Surge in Implementation of IoT and 3D Printing to Navigate Market
The increased use of digital technologies in product design, including the Internet of Things (IoT), Artificial Intelligence (AI), Machine Learning (ML), automation, cloud, and others, contributes to improving the quality and longevity of the final product. Additionally, customers are implementing computer-aided engineering solutions, which are anticipated to fuel market expansion, in order to reduce the time and cost associated with product creation. This is expected to boost the computer-aided engineering market growth during the upcoming period.
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Europe to Dominate Backed by Improving Battery Technologies
Due to the growing worries about greenhouse gas emissions and the predicted growth of the European regional market, Europe held the largest computer-aided engineering market share in 2021.
The Asia Pacific area is anticipated to have significant growth throughout the forecast period as a result of rising government investments in the growth of the manufacturing sector and increasing the capacity for the production of renewable energy.
To increase market income, South American nations including Argentina, Brazil, Chile, and Colombia are revising their industrial policies. To promote regional industrialization, the nations are also expanding foreign investment.
Partnerships among Companies to Secure Their Brand Values in Global Market
Market leaders regularly choose efficient tactics to advertise their goods and fortify their positions in the industry. One such tactic is to collaborate with other businesses to launch new products in order to reach more end users.
Key Industry Development:
June 2022: A collaboration between Ansys and SoftInWay, a provider of analysis and design software for 1D-2D designs, has made it easier to build multi-stage, single-stage, and multi-module turbomachinery.
List of Key Players Mentioned in the Report:
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