|[March 14, 2017]
Cost Saving Opportunities for the Global Engineering Design Development Software Market: Technavio
According to the latest procurement intelligence report from Technavio,
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.
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Technavio has published a new report on the global engineering design development software market from 2017-2021. (Graphic: Business Wire)
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.
Request a sample report: http://www.technavio.com/request-a-sample?report=53964
Technavio sample reports are free of charge and contain multiple
sections of the report including the market size and forecast, drivers,
challenges, trends, and more.
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
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
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is a leading global technology research and advisory company. The
company develops over 2000 pieces of research every year, covering more
than 500 technologies across 80 countries. Technavio has about 300
analysts globally who specialize in customized consulting and business
research assignments across the latest leading edge technologies.
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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View source version on businesswire.com: http://www.businesswire.com/news/home/20170314005604/en/
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