The global simulation software market is expected to reach a valuation of USD 16 billion by 2023, exhibiting growth at a robust 16% CAGR over the forecast period from 2017 to 2023, according to the latest research report from Market Research Future (MRFR). The global simulation software market has witnessed a rapid rise in demand over the last few years with the growing demand for connected mobility and the Internet of Things (IoT), which has driven investment in simulation software. The growing demand for enhancements in product quality in the industrial sector is likely to be a major driver for the global simulation software market over the forecast period.
The market is enduring an exacting period with its robust growth coming to an abrupt halt in light of the COVID-19 pandemic. MRFR report on market highlights the future prediction and the growth alternatives that can be created.
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Leading players in the global simulation software market include MathWorks Inc., Synopsys Inc., Design Simulation Technologies Inc., Dassault Systemes, Cybernet Systems Co. Ltd., CPFD Software, Autodesk Inc., Siemens PLM Software, PTC, Ansys Inc., Bentley Systems, and Altair Engineering. Research and development is likely to be a favored investment avenue for players in the global simulation software market, as making the simulation software as comprehensive and capable as possible is likely to be the target for players in the global simulation software market over the forecast period.
Covid 19 Simulation Software Market is segmented by component, deployment, application, vertical, and region.
On the basis of component, the global simulation software market is segmented into software and services; the services segment is further classified into design & consulting and support & maintenance.
On the basis of deployment, the market is segmented into cloud and on premise.
Based on the application, the simulation software market is segmented into eLearning, training and research & development, and others.
Based on vertical, the global simulation software market is segmented into automobile, aerospace and defense, electrical and electronics, industrial manufacturing, healthcare, education & research, and others.
North America is expected to account for the highest share in the global simulation software market over the forecast period due to the widespread adoption of advanced simulation software in the industrial sector in countries such as the U.S. and Canada. Asia Pacific is likely to exhibit rapid growth in the global simulation software market over the forecast period due to the growing demand in the region’s industrial sector for solutions that allow easy enhancement and quality checking of the product while still in the manufacturing stage.
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