Albany, NY -- (SBWIRE) -- 03/19/2015 -- The global engineering software market supplies software solutions and software packages to varied areas of engineering such as mechanical engineering, chemical engineering, manufacturing, communications and electronic engineering, electrical engineering, and civil engineering. The engineering software market is primarily fueled by rising demand for automation across several industry and manufacturing segments. The expansion of this market can also be attributed to widespread adoption and acceptance of integrated solutions that are used for designing and analyzing engineering systems all over the world.

This market forms an integral part of the overall software industry, which currently has a value exceeding US$400 billion. The global engineering software market has been growing consistently over the past few years, and is expected to exhibit consistent rate of growth in the forthcoming years as well. Steep costs of licensed copies of engineering software solutions act as a glaring restraint in the global engineering software market.

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Manufacturing Sector: A Prominent Driver in the Global Engineering Software Industry

Some of the dominant software products in the global engineering software market include Product Lifecycle Management (PLM), Computer-aided Designing (CAD), Building Information Modeling (BIM), Computer-aided Engineering (CAE), and Computer-aided Manufacturing (CAM). Much of the demand for 2D and 3D simulation-based software solutions comes from the manufacturing sector.

The global engineering software market supplies software packages to the chemical engineering sector for meeting the requirements that pertain to combustion analysis, heat transfer analysis, fluid flow design, mapping and analysis of energy conversion, psychometric analysis, and designing of sensors and actuators. The various purposes for which the global engineering software market supplies software packages to the field of civil engineering are mapping and modeling infrastructure and designing drainage systems, structures, and footings. In the area of electrical engineering, the global engineering software market supplies software solutions for crucial functions such as digital simulation of circuits and designs, and analyses of electronic entities such as current, power, resistance, and voltage.

Other factors driving the global engineering software market are increasing demand for error reduction, availability of devices that are portable, and the compatibility of such devices with engineering software solutions. Greater demand for error minimization can be attributed to rising inclination towards reduction of operational costs via scrap minimization.

Oil and Gas Industry Holds Strong Promise for Growth

Geographically, the global engineering software market is segmented into Europe, Asia Pacific, North America, and Rest of the World. The engineering software markets of Africa, Asia Pacific, and Latin America are characterized by several growth opportunities. Also, Asia Pacific economies such as China, India, Japan, and Korea are the main regional contributors in the overall engineering software market. Industry experts have stated that these aforementioned economies have immense potential for growth in the area of industrial automation. If tapped efficiently, industrial automation could take the global engineering software market to greater heights.

Currently, the oil and gas market also looks rather lucrative for the overall engineering software market, especially the oil and gas market in the Middle East wherein the engineering software market can offer software products that relate to system automation and product analysis. The main challenge facing the engineering software market in the Middle East is the scarcity of required technical expertise.

The main companies in the global engineering software market are Microsoft Corporation, Schneider Electric, IBM Corporation, EasyPower LLC, Scada Systems Ltd., Aveva Group Plc, D'GIPRO Design Automation Pvt. Ltd., Cypress Semiconductor Corporation, KBC Advanced Technologies Plc, Aspen Technology, Inc., PTC, Inc., SmartDraw LLC, S.A., SAP AG, Oracle Corporation, Devices Ltd., Honeywell International, Inc., Integraph Corporation (Hexagon AB), Nemetschek Vectorworks, Inc., Autodesk, Inc., Rockwell Automation, Inc., Corel Technology Pvt. Ltd, Google Inc., Seimens AG, Cranes Software International Ltd., Petroleo Brasileiro, and Dassault Systemes.

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