Computer Aided Engineering Market Growth & Trends
The global computer aided engineering market size is expected to reach USD 23.41 billion by 2030, registering a CAGR of 12.6% from 2023 to 2030, according to a new report by Grand View Research, Inc. Rapid growth of the wearable industry is likely to increase the use of CAE software in the electronics industry. The major players in the market are in search of new sources of revenue as the smartphone market is in the maturity stage. As a result, the demand for wearable technology has increased the demand during the forecast period.
The growing penetration of IoT, tablets, and smartphones is expected to boost the CAE market growth. Owing to the growth of IoT, wearable devices, used in the fields of medicine, fitness, transportation, education, entertainment, and gaming, are increasing; paving way for the growth of the CAE market. Miniaturization of electronic devices and sensors and persuasive connectivity with lowered costs have immensely contributed to the growth of wearable technology devices.
Government regulations, mandating applications, such as collision avoidance, parking assistance systems, wireless communication technology, and interactive infotainment systems, in the upcoming car technologies to increase driver safety, are anticipated to raise the demand for CAE software. Additionally, technological advancements in the automotive sector, including driverless cars and semi-autonomous cars, are further anticipated to boost the industry demand.
The emerging new engineering modes such as 3D printing, building information modeling, and concurrent engineering is likely to influence the market. 3D printing is a form of additive manufacturing that allows users to print any object as a 3-D image. The technology helps in reducing production costs and developing new methods of production. Ease of use and unlimited customization capabilities are the key factors driving the 3D printing market which is further expected to positively impact the computer aided engineering market demand.
The prevailing open-source software is anticipated to restrain the market growth over the projected period. They are available for free on the web; however, the vendors charge for support, customization, and maintenance services. Linux has been leading the open architecture software market. Open-source software has been a boon for small software vendors, due to which, the large enterprises have been facing negative impacts. The major drivers of open-source technology are the minor flaws and bugs that can be tested and fixed immediately.
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Computer Aided Engineering Market Report
Computer Aided Engineering Market Highlights
- The intellectual property protection of software is crucial, as most of the modern manufacturing organizations rely on computer technology
- The computational fluid dynamics segment is anticipated to witness a high growth rate during the forecast period
- Testing and simulation are the important aspects of a design cycle that help the end-users in achieving profitability and faster time-to-market
- The On-premise segment dominated the market in terms of revenue in 2022 and is anticipated to remain dominant over the projected period
- Simulation software is used to analyze the effect of casing materials on IC performance, thermal management, and electrical signal performance
- The increasing adoption of lithium-ion batteries in consumer electronics applications will also enhance the industry demand during the projected period
- Asia Pacific and South America are poised to emerge as lucrative regional markets over the forecast period with high compounded annual growth rates
