The ability of engineering software to shorten the product development lifecycle, coupled with the increased adoption of cloud-based engineering software, has boosted the market. The wide availability of portable computing devices has further fuelled the market for engineering software. Rising demand for industrial automation and significant growth in the global construction industry will propel the overall market during the forecast period.
On the basis of application, the global engineering software market has been segmented into plant design, design automation, drafting and 3D modeling, product design and testing, and others including 3D printing, enterprise resource planning, project management, and knowledge management. Drafting and 3D modeling is expected to be the fastest-growing segment in the market owing to the rising usage of 3D modeling in various fields such as geology and science, textbook publishing, media and entertainment, and construction activities.
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The introduction of new engineering software applications for smartphones and tablets will further augment the market in the region. In Europe, the growth of the engineering software market can be attributed to the increased adoption of building information modeling (BIM) technologies across various construction projects.
Owing to the rapidly growing automobile and construction sectors, Asia Pacific is expected to emerge as the fastest-growing market for engineering software. In the Middle East and Africa, the wide adoption of PLM strategy by enterprises has fuelled the demand for engineering software.