Virtual Engineering market is predicted to reach USD ~2,579.2 million at a CAGR of ~15.9% during the forecast period 2023 to 2032.

Market Highlights

The global Virtual Engineering market is accounted for to register a CAGR of 15.9% during the forecast period and is estimated to reach USD 2,579.2 million by 2032.

As cloud-based computer-aided design (CAD) software grows increasingly widespread, the market for virtual engineering is expanding. CAD technology is becoming more widely available as a result of cloud computing. According to current research university projections, cloud-based design software will account for one-fifth of the CAD business in the next years. Furthermore, designers support the concept, with 70% of professionals admitting that cloud CAD software is sufficient for fulfilling the demands of current workflows and the design process.

Due to design complexity and market demands, electronic designers are looking for new approaches to gain a competitive advantage. The use of cloud computing in electrical design automation (EDA) to substantially increase productivity is an important area of research. Despite hosting production designs and EDA processes in the cloud for more than ten years, Cadence has accepted the difficulties that EDA cloud clients face and the important cloud functionalities required to address them effectively.

Furthermore, cloud-based solutions enable real-time work and lower overall IT system expenditure; some major corporations have moved their workloads to the cloud. Over the forecast period, the increasing need for complex structural prototypes, precise design, and automation in the industrial, automotive, aerospace, and military sectors is predicted to increase the usage of cloud-based computer-aided design (CAD) software.

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Segment Analysis

The global virtual engineering market has been segmented based on software type, deployment, organization size, application, industry vertical.

Based on software type, the global virtual engineering market segmentation includes Computer-Aided Design (CAD), Computer-Aided Engineering (CAE), Computer-Aided Manufacturing (CAM), Computer-Aided Engineering (CAE), Architecture, Engineering and Construction (AEC), Electronic Design Automation (EDA). The computer-aided design (CAD)segment held the majority share in 2022, contributing around ~38.1% to the market revenue, as estimated by MRFR analysts.

Based on deployment type, the global virtual engineering market segmentation includes on-premises and cloud. The cloud segment is expected to grow at the highest CAGR during the forecast period.

Based on the Organization Size, the global Virtual Engineering market segmentation includes SME’s and Large enterprises. By organization size, large enterprises segment holds the majority market share in 2022.

Based on the Application, the global Virtual Engineering market segmentation includes Automation Design, Plant Design, Product Design, 3D Modelling and Others. By Application, the 3D modelling segment will grow at the highest CAGR during the forecast period.  3D modelling has various advantages, including improved product design and increased organizational operating efficiency. Because 3D modelling provides precision and flexibility, engineers spend less time on product design and more time on job execution. As a result, the increasing need for efficient product design is having an influence on the growth of the virtual engineering industry.

Based on Industry Vertical, the global Virtual Engineering market segmentation includes aerospace & defense, automotive, banking, it & telecommunication, oil & gas, healthcare, and others. By Industry Vertical, the Automotive segment holds the majority of the market share in 2022.

Regional Analysis

The global Virtual Engineering market, based on region, has been divided into the North America, Europe, Asia-Pacific, and Rest of the World. North America consists of US and Canada. The Europe Virtual Engineering market comprises of Germany, France, the UK, Italy, Spain, and the rest of Europe. The Virtual Engineering market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World Virtual Engineering market comprises of Middle East & Africa, and South America.

The imperative factors, such as the significant number of key players in North America, making it the primary contributor to the market share which is boosting the growth of the North American region. Companies such as IBM Corporation, Siemens, Dassault Systems, Ansys, Autodesk are substantially investing in the development of virtual engineering, and they are projected to dominate the market in the next years.

Asia Pacific is likely to emerge as market-growth-friendly regions. There is significant growth in automobile and aerospace sectors specifically in China and India.

Furthermore, the market for Virtual Engineering in the rest of the world is classified into the Middle East, Africa, and South America. Market factors such as increasing technical improvements and increased competition among competitors are positively contributing.

Key Findings of the Study

• The global Virtual Engineering market is expected to reach USD 2,579.2 billion by 2032, at a CAGR of 15.9% during the forecast period.


• The North America region accounted for the largest global market, imperative factors, such as the significant number of key players in North America, making it the primary contributor to the market share.


• Based on software type, the computer-aided designing (CAD)segment was attributed to holding the largest market in 2022, with an approximate market share of 38.1 %.


• Siemens PLM Software, Dassault Systems, Ansys, Autodesk, Inc., Altair Engineering, Inc., Hexagon AB (MSC Software), Bentley Systems, HCL Technologies, Carlson Software, PTC, IBM Corporation, Accenture, are the key market players.