DUBLIN - Sales of computer-aided engineering software will grow 11.3% compounded annualy between 2014 and 2019, according to a new report.
"Increased adoption of integrated CAE that can improve the efficiency and effectiveness of product development cycles is expected to propel market growth during the forecast period," says Research and Markets, which prepared the report.
CAE, which encompasses a broad range of software products to assist in engineering tasks, such as simulation, validation, analysis, and manufacture of engineering products, includes two major tools: FEA and CFD.
FEA helps evaluate the functionality of a given product design before its prototype is produced. It is used in various manufacturing industries for estimation of structural strength and behavior, modeling, simulation, and design optimization. CFD analyzes flow, turbulence, pressure distribution, and interaction of liquids and gases with various structures.
According to the report, need for reduced time-to-market has increased significantly. CAE helps improve the time-to-market of products by reducing the time associated with the product development cycle and testing.
Further, the report states that the threat from open source CAE has become more pronounced over the years. Many commercial users have started to adopt open source CAE to avoid investing a large amount of money in commercial licenses.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.