Software Robots Hold Automation Potentials Post COVID-19 Crisis
Since the coronavirus disease has become a global pandemic, every industry is scrambling to determine how best to support their employees and customers. This has led to the emergence of software robots that are taking over mundane and tedious tasks by freeing up healthcare workers to spend more time on essential patient care activities. Such trends are benefitting companies in the engineering software market.
Software robots are anticipated to gain prominence in the post COVID-19 pandemic. UiPath – a leading robotic process automation vendor, is gaining recognition for offering its Epic EMR software that deployed automated COVID-19 test labelling for Cleveland Clinic, U.S. Such software robots are accelerating COVID-19 testing and eliminating costly manual errors. This is expected to drive the engineering software market during the forecast period.
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Confusion Between Software Leads to Additional Costs, Hinders Workflow
The engineering software market is predicted to advance at a robust CAGR of 13.5% during the forecast period. However, many clients are unable to spot the differences in software solutions such as for visual technology and modelling software. Clients tend to confuse modelling software with photogrammetry in order to obtain a photo-realistic tour to document a facility, which may lead to additional costs and hinder the workflow. Hence, software companies should educate end users about the utility of every software so that the buyer makes an informed decision.
Modelling software are becoming more sophisticated to simplify the output and translation of information. This transforms a complex data set into a digestible diagnostic.
Design Automation Software Translate Engineering Knowledge into Design Process
The engineering software market is projected to reach a valuation of US$ 142.4 Bn by 2030. This is evident since CAD (Computer Aided Design) customization and design automation software are gaining increased popularity. CAD customization is being highly publicized for automation of monotonous tasks within CAD. On the other hand, design automation software are allowing users to translate engineering knowledge to be input into a system and apply it in real-time during the development of a product.
Companies in the engineering software market are increasing the availability of design automation software, since engineers can record theories and concepts, and demonstrate how and when they are applicable in the software. This helps to automate the engineering knowledge into a design process.
Open Source 3D Modelling Software Enable Collaboration from Developers, Artists, Designers
Virtual reality, real-time rendering, and cloud computing are transforming 3D modelling software. Blender, MakeHuman, and Autodesk Maya are gaining increased popularity under the umbrella of 3D modelling software. Companies in the engineering software market are offering open source 3D modeling software that are available for free, so that anyone can contribute to its code in order to make it better.
Software companies in the engineering software market are teaming up with developers, artists, and designers to innovate in 3D modelling software. They are developing simple UI/UX, which is easy for beginners to grasp with less complicated tools. Other revenue models include a 30-day free trial of software to help users acquire hands-on experience of the tools.
Integrated Portfolio of Software, Services Helps Gain Insights in Digitalized Environments
Digitalization of processes is bringing about a significant change in the engineering software market. The Siemens Digital Industries Software is gaining popularity for offering flexible and scalable applications for new workflows. Open source engineering software have become a recurring trend in the market landscape, compounded with the availability for cloud-connected products or tools that support digitalization.
Companies in the engineering software market are providing smart and personalized software platforms. Such platforms are giving rise to new insights, opportunities, and new levels of automation at every point of the value chain. Companies are developing integrated portfolio of software and services for electronic and mechanical design, system simulation, lifecycle analytics, and manufacturing, among others.
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Engineering Software Market: Overview
- According to a latest research report on the global engineering software market published by Transparency Market Research, for the historical period 2018–2019 and the forecast period 2020–2030, growing digitalization across industry verticals such as healthcare, automotive, entertainment, IT & telecom, and geology is expected to increase the demand for engineering software during the forecast period
- Rising Internet penetration in developed economies is a factor fueling the growth of the engineering software market. For instance, The International Telecommunication Union (ITU) estimates the number of Internet users at approximately 4,131 million in 2019, up from 2,478 million in 2012. In addition, as of December 2019, China had the most Internet users (854 million), followed by India (560 million). In the same time period, developed countries such as the United States had approximately 313.32 million Internet users. From these statistics, it can be concluded that the growing number of Internet users is projected to drive the growth of the engineering software market in the near future.
- Growing demand for 3D modelling is also expected to fuel the engineering software market. The major benefit of 3D modelling is that it improves the designing of the product and increases the operational efficiency of an organization. 3D modelling offers accuracy and flexibility due to which, engineers spend less time on the product designing and more time on the actual completion of each task. Therefore, the growing demand for efficient product design is impacting the growth of the engineering software market.
- In terms of revenue, the global engineering software market is estimated to reach the value of US$ 124 Bn by 2030, expanding at a CAGR of ~13% during the forecast period
Expansion of Construction Sector: Key Driver of Engineering Software Market
- The expansion of the construction sector is one of the prominent factors fueling the demand for engineering software. Construction is regarded as one of the most important contributors to a country’s socioeconomic growth. Ethiopia, India, China, Brazil, Uzbekistan, Cambodia, Tanzania, and Myanmar, among developing economies, are experiencing rapid growth of the construction industry. This has resulted in building of new homes and other commercial structures. Make in India reported that in India, the construction sector was valued at US$ 183.5 Bn in 2018, which increased to US$ 192 Bn in 2019. Therefore, increase in building construction in developing economies fuels the demand for engineering software.
Cloud Engineering Software to Witness Rapid Adoption
- Growing adoption of cloud in SMEs is a major factor responsible for the expansion of the engineering software market. Increase in Internet penetration and rise in concerns of organizations to minimize IT cost are important trends. According to the Internet World Stats, as of July 2020, Internet penetration in North America was around 90%, and in Europe and Asia Pacific (APAC), it accounted for over 85% and 55%, respectively. Thus, the growing adoption of cloud is likely to result in increasing demand for engineering software during the forecast period.
- Various end-use industries are turning to cloud-based design to streamline workflow and increase design flexibility. Some of the players such as General Motors Company have shifted their workloads to the cloud, as cloud-based solutions provide real-time work facility and lower the overall spending on IT systems. Rising need for complex structure prototyping, precise designing, and automation in manufacturing, automotive, and aerospace & defense sectors is projected to drive cloud-based engineering software in terms of deployment during the forecast period.
Engineering Software Market: Competition Landscape
- Detailed profiles of providers of engineering software have been given in the report to evaluate their financials, key product offerings, recent developments, and strategies. Key players operating in the global engineering software market are
- Altair Engineering Inc.
- Altium Limited, Ansys, Inc.
- Autodesk, Inc.
- Aveva Group Plc.
- Bentley Systems, Inc.
- Dassault Systemes, S.A.
- ESI Group
- ZWSoft, Inc.
- HCL Technologies
- Hexagon AB
- PTC, Inc.
- SAP SE
- Bricsys NV
- Siemens PLM Software, Inc.
- Synopsys, Inc.
- IBM Corporation.
Engineering Software Market: Key Developments
- Key providers of the engineering software market such as Dassault Systemes, S.A, and Autodesk, Inc., are focusing on the development of engineering software solutions, which help them gain a competitive position in the market. Moreover, players are also focusing on inorganic growth strategies such as strategic collaborations and merger & acquisition activities with technology partners, which results in expanding their solutions and enables them to remain competitive in the market. Some other key developments in the global engineering software market are highlighted below:
- In February 2021, Dassault System SA released two new software on its 3DExperience Platform. Learners may use this new software to access only the targeted set of Dassault’s digital design and engineering environments. This product platform includes a comprehensive suite of purpose-built 3D modeling applications for engineering. The recently released product extends the company’s product line, and is expected to result in increased sales of the engineering software solutions in the near future.
- In April 2018, Siemens PLM Software formed a partnership with SimScale. The aim of the partnership is to develop a cloud-based engineering simulation solution. This cloud solution will allow all types of users, from beginners to advanced users, to access all types of simulation projects. This partnership is expected to improve the market position of the company