Report: Technical Applications Software Market to Top $20B By 2017

The U.S. and China are predicted to have above-average growth rates within the market, research states.

Cambashi, a global industry analysis and market consulting firm, has released its latest research that states spending on technical applications software is projected to reach $20 billion USD by 2017. These findings are detailed in the Country Observatory report for the third quarter of 2014. This analysis covers each country’s end-user-expenditure on technical applications in categories such as engineering, construction, manufacturing and visualization.

According to the company, the U.S. continues as the largest country market, with its total running equal to Japan, Germany and the U.K. combined. In 2015, China’s market will exceed $1 billion in spending, with 74% to be spent in the manufacturing segment of the technical applications market.

“This global market offers gentle acceleration of growth, from 5.1% in 2014 to 6% in 2017. Both the U.S. and China will gain share with above average growth rates. The back of the growth pack includes some important economies, for example, Japan and Italy, where growth will be in the 3 to 4% range,” says Peter Thorne, director at Cambashi.

For more information, visit Cambashi.

Sources: Press materials received from the company and additional information gleaned from the company’s website.

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