The engineering software market depicts the presence of a highly aggressive and fragmented vendor landscape, mainly due to the existence of innumerable players, says Transparency Market Research on the basis of a recently published report. A humungous rivalry mainly exists at an international level. However, several local players are fast gaining ground in this market, thereby giving a tough time to the international businesses, in terms of marketing their products and services. With the number of players expected to increase during the next few years, the global engineering software market is prophesized to depict a rapidly charged-up competitive landscape.
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Most businesses in the global engineering software market are focusing on expanding product portfolios, coupled with providing technologically advanced offers. Achieving cost regulation, improving geographical reach, and bringing forth innovative concepts are a few other domains where companies are attempting to gain a competitive edge over their rivals. Synopsys, Inc., Bentley Systems, Inc., Autodesk, Inc., PTC, Inc., Ansys, Inc., Geometric Ltd., Dassault Systemes S.A., Siemens PLM Software, Inc., IBM Corporation, SAP SE, Synopsys, Inc., and MSC Software Corporation, are key players operating in the global engineering software market.
As per experts, the global engineering software market is expected to grow at stellar CAGR of 12.4% during the forecast period from 2015 to 2022. This market registered a splendid revenue of US$19.98 bn in 2014, which is expected to grow further during the said tenure.
Rising Demand of Industrial Automation Proves to be Beneficial for Market’s Growth
A rising need for automation and demand for automation of integrated solutions in order to facilitate quality designing and analysis of engineering systems in a plethora of applications is majorly driving the global engineering software market. Moreover, with a rapidly expanding industry where cloud engineering is utilized on a vast scale, this market is progressing at a fast pace in recent times.