#computer_aided_engineering_market

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According to the report, the global computer aided engineering market size generated $8 billion in 2021, and is projected to reach $19.2 billion by 2031, growing at a CAGR of 9.4% from 2022 to 2031.

Increase in a drastic shift from on-premise computing to cloud-based computing among people due to reduced cost expenses related to hardware acquisition and software licensing, installation, and support, an increase in the adoption of smartphones and tablets among people, the surge in internet penetration, and prevalence of innovative technologies such as IoT are expected to drive the growth of the global computer aided engineering market. In addition, miniaturization of the electronic devices and sensors, along with the lower connectivity costs are further expected to create ample opportunities for the industry.