LONDON--(BUSINESS WIRE)--According to the latest procurement intelligence report from Technavio, the global engineering design development software market is expected to grow at a CAGR of 12.5% over the next five years due to the growing need for automation from industries such as oil and gas and manufacturing.
The research report titled ‘Global Engineering Design Development Software Market: Procurement Market Intelligence Report 2017-2021’ provides an in-depth analysis of category spend, best procurement practices, and cost saving opportunities, aimed at helping organizations achieve superior business performance. The report also provides insights on pricing, supplier positioning, and top companies, enabling sourcing professionals to improve their competitive advantage through procurement excellence.
“The growing demand for automation from end-user segments such as energy and utilities, automotive, IT and telecom, geology and science, and media and entertainment are creating a high level of demand for the market,” says lead Technavio procurement specialist Angad Singh for category spend intelligence. “Also, the rise in penetration of computing devices such as smartphones and tablets is a key factor impacting the growth of the market,” adds Angad.
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Cost saving opportunities in the global engineering design development software market
The adoption of various cost-optimization levers helps buyers of the global engineering design development software market realize direct cost savings and enhance category management and value benefits (including reduced procurement complexities).
Technavio procurement experts have segmented the cost saving opportunities in the global engineering design development software market into the following value-enhancement opportunities:
- Adoption of technology
- Supplier Competition
- Adoption of negotiation strategies
- Optimization of procurement practices
- Bundling of services
Adoption of technology savings aspect
Buyers prefer suppliers that use the latest tools and technologies to design complex structures easily and efficiently. For instance, BIM is used to efficiently plan, design, construct, and manage infrastructure.
Other important technologies offered by the suppliers include CATIA (a proprietary software suite for 3D designing and PLM) and 3D CAD (software used for designing 3D objects).
Adoption of negotiation strategies savings aspect
Suppliers mainly capitalize on quick wins and strategic opportunities while focusing on larger, long-term plans. Adopting this strategy results in savings up to 12% of the total category spend.
Also, buyers prefer suppliers who are capable of providing customer support to address queries pertaining to errors in software. Suppliers can use this demand as a negotiation tool to increase market shares.
Bundling of services savings aspect
Buyers expect suppliers to offer customized software that can meet their industry needs and requirements. To this end, suppliers bundle services such as engineering design development software with other PLM software. This bundling can help the buyers save up to 15% of the overall category spend.
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, resellers, and end-users.
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