Engineering software are used in design or manufacturing automation across a number of different engineering disciplines such as electrical engineering, electronics and communication engineering, process engineering, mechanical engineering, and chemical engineering among others. Despite steady growth in the past few years, the global engineering software market is expected grow considerably during the forecast period, expanding its use in various application areas and untapped opportunities.
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A significant reduction in time and cost can be achieved in the product development cycle with the introduction of engineering software such as CAD, CAM, CAE, and EDA among others. Also, engineering software provide easy accessibility to the users, thus reducing extra efforts and increasing efficiency and work quality, thereby driving its adoption. The engineering software market is further flourishing due to the rising adoption of portable computing devices at workplace coupled with easy availability of these software over cloud. Rising need of automation in process industries (such as oil & gas, manufacturing and offshoring industries among others) is expected to create new opportunities for the global engineering software market during the forecasted period.
The lack of skilled personnel to develop and operate applications on engineering software hinders the global engineering software market. This eventually limits the number of users, thereby reducing the sales volume of engineering software. In addition, high license fees of the engineering software products makes it inaccessible for small & medium enterprises (SMEs), thus impacting the global engineering software market to an extent. High maintenance cost of the engineering software products leads to piracy which further restricts the global engineering software market.