Computer Aided Engineering Market to Exhibit Stupendous 9% Growth Through 2029 Consumer product manufacturers are investing in research and development for products with enhanced battery life and performance. Surging application of computational fluid mechanics in developing battery modules, battery life testing, and measuring performance is contributing to the growth of the computer aided engineering market. Emerging hyper converged infrastructures (HCI) is propelling the mass adoption of scalable computer aided engineering by various multinationals. The flexibility and cost efficiency of cloud computing acts as a central factor for resurgent adoption of computer aided engineering. Cloud computing eliminates the high costs associated with hardware procurement, installation, and support infrastructure for computer aided engineering systems. Since cloud enabled computer aided engineering will run on a subscription bases, the cost of adoption has decreased considerably.
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Europe is leading global sales with more than 1/3rd share of the total market value. Presence of major automotive manufacturers is leading to high growth in this region.
South Asia & Oceania offer the most lucrative growth opportunities with a double digit growth rate of over 10% CAGR. Budding ecosystem of smart devices is heightening the demand for computer aided engineering for the development of new products.
Automotive applications account for more than 50% of the total market revenues. The 7% CAGR growth of this market can be attributed to the increasing need for sustainable manufacturing.
On-premise computer aided engineering is the most prevalent kind of deployment. The segment accounts for over 70% market value share and is poised to grow at an impressive 7% CAGR during the forecast period.