Uncertainty surrounding COVID-19 remains high, on the other hand, according to latest market research reports, it is estimated that the computer-aided engineering (CAE) market will grow by just under US$5 billion from 2020 to 2024.
The expectation is that the first quarter of 2020 will be hard hit and the remainder of 2020 will see a slow but steady rebound because COVID-19 is expected to have a limited impact on economic growth throughout 2020. Such optimistic expectation is challenged by other reputable sources since uncertainties surrounding COVID-19 such as what will be the size of the amplitude of the next possible COVID-19 wave and will viable and safe vaccines arrive on the market in time and in enough doses in order to mitigate the worst economic effects.
The expectation in 2020 is that the global electrical and electronic industries will continue to grow in demand. The production of smart phones and tablet computers is expected to continue its steady increase. The demand for simulation software in the smartphone industry is expected to further promote market growth. All these expected positive trends in 2020 depend crucially on how the COVID-19 story will develop on a worldwide scale. What is fully predictable is that unpredictability is high and that this increased unpredictability has hit hard in unexpected ways on the entire computer-aided engineering (CAE) market. As this year continues to unfold, we will continue to monitor what short-term and long-lasting effects COVID-19 might have and leave on the market. Hopefully no adverse effects will be seen long-term. Short-term we know the market has been hard hit. Medium terms we expect a slow but steady rebound. Long-term the market should fully recover. Certain key trends are expected to speed up due to COVID-19. We will report on these key trends on a case-by-case basis as the story unfolds, please stay tuned.