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 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.
The global simulation software market is segmented on the basis of component, deployment, application and vertical. The application segment is classified into eLearning and research and development. However, the research and development sub segment in expected to hold the largest market share of Simulation software market during the forecast period. This is owing to the increasing demand for product innovation and increasing demand for quality products. Research and development primarily deals with product designing, product lifecycle management, and process optimization and helps in designing of products in the virtual environment.
North America is expected to hold the largest share of the market, whereas Asia Pacific is projected to grow at the fastest rate during the forecast period. The market in North America is witnessing a rapid growth due to technological advancements and rise in demand for simulation software market solutions across different industry verticals in this region. U.S. holds the majority of market share both in terms of revenue and demand for simulation software solutions, in healthcare and manufacturing industry verticals.
Some of the prominent players in the market are Altair Engineering (U.S.), Bentley Systems (U.S.), Ansys, Inc. (U.S.), PTC (U.S.), Siemens PLM Software (U.S.), Autodesk, Inc. (U.S.), and CPFD Software (U.S.). Cybernet Systems Co. Ltd. (U.S.), Dassault Systemes (France), Design Simulation Technologies, Inc. (U.S.), Synopsys, Inc. (U.S.), and MathWorks, Inc. (U.S.) are among others.
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