target audience: TECH SUPPLIER Publication date: Aug 2024 - Document type: Market Analysis Perspective - Doc Document number: # US51483224
Market Analysis Perspective: Worldwide Engineering and R&D Applications, 2024
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Abstract
This IDC Market Analysis Perspective (MAP) provides the current trends, opportunities, and future outlook for the worldwide engineering and R&D application software market for 2024 and the foreseeable future. This includes analysis of the collaborative product data management (cPDM), CAD, CAM, CAE, and other engineering markets, as well as key recommendations for success, whether you are a software or services vendor or an end user of engineering and R&D software and related technologies.
"Product innovation and development processes have gone (almost) completely digital, while at the same time supply chains are experiencing frequent disruptions and customer preferences and social expectations have become less predictable. Within this environment, 2023 saw the growth rate for engineering and R&D applications accelerate to 9.5% (compared with 2022) as manufacturers invest in technology that can reduce development time and cost and increase product quality and revenue across highly competitive global markets. The opportunities presented by GenAI have emphasized the need for manufacturers to "complete" the digital transformation of product development, especially as it regards collaboration and decision support. Manufacturers are accelerating the move to cloud and SaaS applications, which has a democratizing effect on product development, allowing smaller firms to effectively collaborate (and sometimes compete) with larger manufacturers. The ability to quickly address future market requirements and supply chain disruptions is a key focus for manufacturers moving forward in support of design, engineering, and R&D," said John Snow, research director of Product Innovation Strategies at IDC Manufacturing Insights.