LONDON, April 27, 2023 (GLOBE NEWSWIRE) -- The Business Research Company’s research report on the computer-aided engineering market forecasts the computer-aided engineering market size to grow from $8.1 billion in 2022 to $8.9billion in 2023, representing a compound annual growth rate (CAGR) of more than 9%. Furthermore, the market size is projected to reach $12.6 billion in 2027 at a CAGR of more than 9%. Europe was the largest region in the market in 2022.
The computer-aided engineering industry is poised for growth, driven by the increasing automation of manufacturing processes. For example, Impact Networking, an integrated business technology company based in the US, reports that in 2020, 43% of manufacturers worldwide had implemented robotic process automation (RPA), with an additional 43% planning to do so in the future. RPA can reduce operational costs by up to 40% and eliminate up to 65% of manual work.
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Major computer-aided engineering companies are Altair Engineering Inc., Dassault Systèmes SE, ESI Group, Siemens AG, Hexagon AB and Seiko Epson Corporation.
Companies in the computer aided engineering market are focusing on implementing advanced technologies the, as per the market report. For example, in June 2021, German-based industrial manufacturing company Siemens AG introduced Simcenter Femap, an advanced simulation application that enables users to create, update, and evaluate complex finite element models of goods or systems. These trends are expected to fuel the growth of the global computer-aided engineering market in the coming years.
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The global computer-aided engineering market is segmented -
1) By Type: Finite Element Analysis (FEA), Computational Fluid Dynamics (CFD), Multibody Dynamics, Optimization, and Simulation
2) By Deployment: On-Premise, Cloud-Based
3) By End-Use: Automotive, Defense and Aerospace, Electronics, Medical Devices, Industrial Equipment
The global computer-aided engineering industry is expected to grow substantially over the next few years, driven by factors such as increasing automation and technological advancements. There is a significant potential for businesses operating in this space to expand and capitalize on these opportunities. The global report helps players to assess and analyze the market, adapt to new technologies and trends, and make strategic investments to stay ahead of the competition.
Computer Aided Engineering Global Market Report 2023 by The Business Research Company provides insights on the computer aided engineering market size, computer aided engineering market segments, computer aided engineering market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
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