Market Research Future (MRFR) has unfolded in its latest report that the global simulation software market will thrive throughout the forecast period to reach a valuation of USD 16 Bn by 2023. The market is poised to grow radiantly at 16% CAGR from 2017 to 2023. With the incorporation of simulation software into industrial applications, decision making has become economical, both in terms of money and time, with optimum efficiency being a bonus.
The soaring success of digital twins in industry 4.0 can be attributed to the adoption of simulation software which helps in reaping fruits from digital twin technology. The ability of simulation software to change the digital shadow of a physical component for analyzing and predicting the future course of actions has amplified its applications across industry verticals and it will continue to penetrate into more industry verticals across the projection period. Some of the industries that have already been witnessing growing demand for simulation software includes, healthcare, defense, automobile, manufacturing, etc.
The increased requirement for research and development has also boosted the growth of simulation software market. The acknowledgment of the need for ‘go green’ movement is another factor contributing towards the acceleration of demand in the market.
By component, Global Simulation Software Market is segmented into software, and, service. The service segment is further sub-segmented into design & consulting, and, support & maintenance
By deployment, the simulation software market has been segmented into cloud, and, on premise. The cloud segment will witness higher demand due to lower cost of deployment.
By application, the market for simulation software has been segmented into e-learning, and, R&D. The demand from verticals sectors such as defense, automobile, etc. will drive the growth in R&D segment.
By verticals, the market has been segmented into automobile, aerospace & defense, industrial manufacturing, and, healthcare.
By region, the market for simulation software has been segmented into Asia Pacific, North America, Europe, and Rest of the World. North America Market accounts for the most substantial share in the market which can primarily be attributed to the highly developed technology sector. The markets in North America such as the U.S., Canada, etc. are the pioneers in technological advancements and innovations. The need for innovation in sectors such as defense, aerospace, etc. when coupled with the availability of ‘state-of-the-art’ simulation technology led to large-scale market penetration in the region. The technology is widely accepted across various verticals such as automobile, healthcare, industrial manufacturing, etc. and is expected to encroach around many new industries during the assessment period.
The steepest growth curve will be witnessed in Asia Pacific region owing to the acceleration in demand for simulation software from the construction industry. The need to secure borders will also drive the demand growth in defense sector which is mostly driven by the governments. The factor influencing the growth of the market in the Asia Pacific is the vigorous competition posed by emerging economies such as India and China to strengthen their footholds in the global market across various sectors through the utilization of simulation software. The embracement of simulation software into industry applications of different sectors have fueled the market growth in Europe region. The rising rate of market penetration of the software will thrust growth in the Rest of the World region.
The key players who account for major share in market control have been profiled by MRFR, which includes Bentley Systems (U.S.), PTC (U.S.), Autodesk, Inc. (U.S.), Cybernet Systems Co. Ltd. (U.S), Design Simulation Technologies, Inc. (U.S.), MathWorks, Inc. (U.S.), Altair Engineering (U.S.), Ansys, Inc. (U.S.), Siemens PLM Software (U.S.), CPFD Software (U.S.), Dassault Systemes (France), and, Synopsys, Inc. (U.S.). The strategies employed by top-notch players to gain competitive edge includes software integration, acquisitions & mergers, adoption of next-gen technology, agreements, etc.
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