The global CAE market is anticipated to reach USD 12.8 billion by 2025, according to a new report by Grand View Research, Inc. Rapid growth of wearable industry is likely to increase the use of CAE software in the electronics industry. The major players in the market are in search for new sources for revenue as the smartphone market is in the maturity stage. As a result, the demand for wearable technology has increased the demand over the forecast period.
The growing penetration of IoT, tablets, and smartphones are expected to boost the CAE market growth. Owing to the growth of IOT, wearable devices, used in the fields of medicine, fitness, transportation, education, entertainment, and gaming, are increasing; paving way for growth of the CAE market. Miniaturization of electronic devices and sensors and persuasive connectivity with lowered costs have immensely contributed to the growth of wearable technology devices.
Governments regulations, mandating applications, such as collision avoidance, parking assistance systems, wireless communication technology, and interactive infotainment systems, in the upcoming car technologies to increase driver safety, are anticipated to raise the demand of CAE software. Additionally, technological advancements in the automotive sector, including driverless cars and semi-autonomous cars, are further anticipated to boost the industry demand.
The emerging new engineering modes such as 3D printing, building information modeling, concurrent engineering is likely to influence the CAE market. 3D printing is a form of additive manufacturing that allows the users to print any object as a 3-D image. The technology helps in reducing production costs and developing new methods of production. Ease of use and unlimited customization capabilities are the key factors driving the 3D printing market which is further expected to positively impact the computer aided engineering market demand.
The prevailing open source software are anticipated to restrain the market growth over the projected period. They are available for free on the web; however, the vendors charge for support, customization, and maintenance services. Linux has been leading the open architecture software market. Open source software has been a boon for small software vendors, due to which, the large enterprises have been facing negative impacts. The major drivers of open source technology are the minor flaws and bugs that can be tested and fixed immediately.
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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