London, 16 December 2015: Technavio, the independent tech-focused global research firm, has published a report on the global FEA market in industrial machinery industry 2015-2019, which is expected to grow at a CAGR of 7.42% during the forecast period of 2014-2019.
Factors like reduction in product development cost and time, and development of faster machine process with FEA contribute to the increase in the adoption of FEA in the global industrial machinery industry. The high demand for FEA software globally and intense competition among the FEA providers has led to a decline in the average selling price of FEA software. Domestic FEA providers in developing countries are providing FEA software at one-third of the price set by the large international FEA providers.
“Companies increasingly prefer to use cloud-based FEA software as it is cost-effective. End-users do not have to pay license fees as they can access the software through the cloud. The deployment of FEA software in the cloud leads to low-cost, faster distribution, low maintenance, and an increase in scalability,” says Faisal Ghaus, Vice President of Technavio.
Key Market Drivers
- Use of FEA to build packaging machinery
- Increase in the production of motor vehicles
- Involvement of inspection agencies in product development
- Increase in M&A
Key Market Trend
- Development of smart factories
- Increase in availability of cloud-based FEA
- Increase in adoption of CAD integrated FEA
Key Market Vendors
- NSYS
- Dassault Systèmes
- MSC Software
- Siemens PLM Software
To define the market circumstances in the next 3-4 years, Technavio analysts have conducted in-depth analysis of the impact of market drivers, challenges and trends featuring data on product segmentations, vendor shares, growth rate by revenue and an evaluation of the different buying criteria in the order of importance.
If you are interested in more information on this topic and our upcoming research on the Global FEA Market in Industrial Machinery Industry 2015-2019, please send an e-mail to media@TechNavio.com.
Follow us on Twitter @ Technavio
Like us on Facebook
Follow us LinkedIn
Connect with us on Google+
