Kenneth Research, in its repository of market research reports, have recently added a report on Computer-Aided Engineering (CAE) Market which emphasizes on the latest trends, key opportunities, drivers, and the challenges associated with the growth of the market during the forecast period, i.e., 2022-2031.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Computer-Aided Engineering (CAE) Market products.
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Kenneth Research, in its repository of market research reports, have recently added a report on Computer-Aided Engineering (CAE) Market which emphasizes on the latest trends, key opportunities, drivers, and the challenges associated with the growth of the market during the forecast period, i.e., 2021 2030. The Computer-Aided Engineering (CAE) Market is anticipated to grow primarily on account of the growing trade of ICT goods and services worldwide.
According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019. Additionally, exports of ICT services increased from 5.61% of service exports (BoP) in 2001 to 10.37% of service exports (BoP) in 2017. On the other hand, growing awareness amongst individuals for using the internet is also anticipated to contribute to the market growth. For instance, the total number of individuals using the internet grew from 8% of total population in 2001 to 49% of total population in 2017.
Moreover, backed by the increasing demand for high-speed internet amongst the individuals, organizations operating in the field of telecom are increasingly working on deploying 5G network technology, as this technology provides internet access at very high speeds. By 2025, it is estimated that as many as 1.2 billion of total internet connections will account to 5G. Further, one-third of the world is projected to be covered with 5G connectivity by the end of 2030.
The Computer-Aided Engineering (CAE) Market is estimated to record a significant growth throughout the forecast period. The ICT sector constitutes 4.8% of the European economy. Europe’s organization ERDF i.e. European Regional Development Fund has allotted approximately USD 23 billion for investments related to ICT during the funding period 2014-2020. ICT refers to the communication technologies including the internet, wireless networks, social networking, cell phones, video-conferencing, computers, software, and other media applications and services enabling users to access, retrieve, and manipulate information in a digital form.
global Computer Aided Engineering Market is anticipated to reach USD 11.86 billion by 2026. The increasing penetration of smartphones and tablets are the major factors driving the demand for CAE software. The developing economies worldwide are witnessing high increase in the demand for consumer electronics owing to rising affordability of the people. Further, augmented use of modern engineering modes including, 3D printing, building information modeling, concurrent engineering, and 3D modelling are bolstering the computer aided engineering market growth for CAE software worldwide.However, factors such as piracy of CAE software as well as rising open-source threat are hampering the market growth to certain extent. Also, inadequate technical expertise and lack of skilled labor in several countries globally is restricting the growth of the computer aided engineering market.
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On the other hand, cloud-based CAE tools helps the vendors to escalate market penetration in small as well as medium sectors by providing advantages such as reduced maintenance costs and operating costs as well as mobility of the companies. Further, CAE software plays a significant role in the economic growth of several industries including aerospace & defense, automotive, finance, oil & gas, and healthcare among others.
During the past few years, a trend has been noticed in the CAE software marketplace. The players operating in the computer aided engineering market are entering into partnerships as well as mergers & acquisitions between the CAE providers and resellers. This has resulted in increased presence of value-added resellers in large number, which is further acting as a driver to boost computer aided engineering market growth. CAE software offers broad application range as well as supports various tasks including, analysis, simulation, validation, and manufacturing of engineering products. Although, CAE software is an analysis and troubleshooting tool, several critics claims that there is a delay in the accurate results, which acts as a hindrance to the market growth.
Also, due to availability of open-source solutions, companies often avoid to make investments in attaining commercial licenses of CAE solutions thus, further restraining the CAE software market growth. Moreover, increasing computational fluid dynamics adoption that facilitates in reducing electric vehicles costs as well as forecast of thermal conditions, is anticipated to propel the growth of the computer aided engineering market during the coming years.
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On the basis of geography, Europe is anticipated to account for the major share of the computer aided engineering market in terms of revenues, followed by North America. Also, Asia Pacific computer aided engineering market is expected to demonstrate high growth during the forecast period. The presence of strong automotive industry in Europe and consumer electronic industry in developing nations of Asia Pacific are the factors influencing market growth for computer aided engineering.
Further, governments of the developing nations of Asia Pacific region are encouraging the growth of their manufacturing sector by providing funds, subsidies, and tax benefits in order to boost their economic growth. This is anticipated to support the market growth owing to constant increase in the manufacturing sector. Some of such initiatives include Make in India as well as Made in China 2025. Also, automation of industrial equipment is rising at a very high pace, which is likely to bolster the computer aided engineering market growth. Moreover, constant increase in the labor costs worldwide is encouraging the adoption of equipment automation by the manufacturing industries thereby, positively influencing the market growth.
Some of the key players operating in the computer aided engineering market includes Casio Computer Co., Ltd., BenQ Corporation, Dell Technologies, Inc., Seiko Epson Corp., NEC Display Solutions, PLM Software, Inc., Dassault Systemes, Exa Corporation, ESI Group, and Numeca International among others.
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