The market will be driven by the increasing demand for Finite Element Analysis (FEA) software.
Global Finite Element Analysis (FEA) market is expected to increase at compound annual growth rate (CAGR) of 9.72% during 2012-2016, a report from Research and Markets has revealed.
The FEA market is expected to be driven by several growth factors including the increasing demand for FEA software from developing countries.
According to the report, the market is currently experiencing a huge potential from developing countries like China, India, Brazil, and Korea, creating more opportunities for the vendors, while it is also experiencing a huge demand from discrete industries across the globe.
Research and Markets Enterprise Computing team analyst said that the global FEA market is witnessing a trend toward the development of cloud-based FEA applications from the market vendors due to the benefits of cloud computing like vast space for data storage, ease of access, flexibility, and security.
"Cloud computing technology gives a wide range of advantages to many SMEs by offering the solution on demand in a cost-effective manner," the analyst added.
"By hosting FEA over the cloud, end-users can significantly reduce their operating costs (server costs, maintenance costs, and physical storage costs) and can improve the efficiency of the product development cycle."
The report revealed that Autodesk, Dassault Systemes and NEi Software are some of the key vendors in the Global FEA market that are offering cloud-based FEA software.
Based on the revenue, North America holds the largest share in the Global FEA market in 2012, followed by the APAC region, which is one of the fastest growing regions with the emergence of several manufacturing industries.