(MENAFN- GetNews) Market Research Future published a research report on 'Software Engineering Market Research Report- Forecast 2022' – Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2022.
Market Analysis
Market Research Future (MRFR) projects that the global software engineering market will demonstrate a double-digit CAGR of 11.72% during the assessment period (2016-2022). Software engineering is applied in system designing, deployment, development, management and testing.
The globalSoftware Engineering Marketis benefiting from the increased inclination towards industrial automation. Software systems such as Computer-Aided Manufacturing (CAM) and Computer Aided Design (CAD) are witnessing widespread popularity in various industrial verticals. The growing of designing software to overcome some the exiting design challenges is creating lucrative market opportunities. Industries such as construction, manufacturing and healthcare are posting the strong demand for such software applications.
CAM software tools are increasingly used for creating 3D assembling and models. These software tools significantly reduce the overall cost of designing. 3D models are virtual and allow real-time modifications that are needed. CAD software tool is used in surface modelling, solid modelling, drafting, assembly reverse engineering, detailing, etc.
The rising demand for building information modelling (BIM) is providing an impetus to the global software engineering market. BIM is important for managing the entire project development right from design to fabrication and construction to operation. BIM is also relied upon for maintenance services. It is compatible with various formats, which ensures collection of all the information that is available. A number of technology companies including Wipro, Trimble and Autodesk are swaggering on BIM for providing critical design solutions.
On the major challenges for companies is the increasing risk of software piracy. Restricting software piracy is extremely difficult, which eventually leads to major revenue losses. Lack of skilled professional with technical know-how also hinders the market growth to certain extent.
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Key Players
The major players operating in the market of Software Engineering are - Autodesk, Inc.(U.S.), Bentley Systems, Inc. (U.S.), Dassault Systemes S.A (France)., IBM Corporation (U.S.), Geometric Ltd. (India), Siemens PLM Software, Inc.(U.S.), SAP SE (Germany), Synopsys, Inc. (U.S.), PTC, Inc.(U.S.), Ansys, Inc. (U.S.), and MSC Software Corporation (U.S.), and others
Market Segmentation
The segmental analysis of the market has been conducted software and application.
On the basis of software type, the market has been Computer-Aided Designing (CAD), Computer-Aided Engineering (CAE), Computer-Aided Manufacturing (CAM), Electronic Design Automation (EDA) and Architecture, Engineering and Construction (AEC). In terms of value, the CAD segment accounted for a significant market share in 2018. During the forecast period, the segment is projected to post 13.38% CAGR.
On the basis of application, the market has been segmented into plant design, 3D modelling, automation design, product design and others. On the basis of end user, the market has been segmented into banking, IT & telecommunication, automotive, healthcare, aerospace & defense, oil & gas and others.
Regional Analysis
On the basis of region, the market has been segmented into Europe, Asia Pacific (APAC), North America, the Middle East & Africa (MEA) and South America. Of these, North America currently occupies the top-spot. It is projected that the North America software engineering market will surge at a double-digit CAGR of 10.42% from 2016 to 2022. The market grow in North America is primarily driven by the rapid adoption of cloud-based software applications in countries such as Canada and the US. At the same time, presence prominent market players such as IBM Corporation, Bentley Systems, Inc. and Autodesk Inc. puts North America at a favourable position in the global software engineering market. Europe currently holds the second position in the global market in terms of value. The region's market is projected to witness 12.58% CAGR during the assessment period. Whereas, the market in APAC is projected to post the highest CAGR of 13.32% during the assessment period.
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Intended Audience
- Computer Software Developer
- Embedded Software Engineer
- IT Software Engineer
- Government
- Mobile Based Financial Service Providers and Distributors
- Research Institutes & Universities
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