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.
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The growing demand for simulation software has been driven by the growing awareness about its benefits in terms of obtaining a higher product quality in the industrial sector. Simulation software uses digitally acquired data about all the parts of the industrial object in question and runs computer simulations to test its performance in a number of use cases. Thus, simulation software helps provide valuable pointers in enhancing, optimizing, and validating products manufactured in the industrial sector. This has led to a rapid rise in demand from the global simulation software market and is likely to remain the major driver for the market over the forecast period.
The automobile and military and defense sectors are likely to play a key role in the growth of the global simulation software market over the forecast period. The automobile industry uses simulation software on a large scale to optimize the characteristics of automotive products in various use cases. The growing demand for high product quality and a refined feel in the automotive industry has driven the global simulation software market. The growing interest in motor racing has also driven the demand from the global simulation software market, as racing companies are among the largest end users of simulation software. The fact that simulation software allows upgrades and enhancements from a study of a virtual simulation of the product rather than having to conduct multiple product tests on the real machine is the major driver for the global simulation software market.
Leading players in 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.
Grob Systems announced a partnership with CAMplete Solutions, wherein CAMplete’s TruePath verification, postprocessing, and simulation software will be offered as part of a package with the former’s five-axis machining centers. Industrial end use of simulation software is likely to increase over the forecast period due to the growing realization of the solid benefits it presents in terms of maintaining high product quality standards.
Emerson announced a suite of enhancements to its Mimic simulation software, making it more capable and more helpful to industrial end users than before. Many companies are likely to adopt the model of developing a base product and then developing progressive updates in the coming years.
The global 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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