Simulation software aims to bring forth theories and concepts to life while identifying potential risks and uncertainties. It can be used in the formulation, analysis, and visualization of processes across various industrial sectors. The global simulation software market report by Market Research Future (MRFR) evaluates various growth factors and challenges to be faced by the industry for the period of 2017 to 2023 (forecast period). The outbreak of the COVID-19 pandemic and its impact on the industry has been included in the report.
The global simulation software market is expected to grow at 13.1% CAGR during the forecast period. It is expected to touch a size of USD 26.9 billion by 2030.
The use of simulation software for running simulations on new vehicles or aircraft through test-runs can bode well for the market. The huge demand for conceptual and lightweight vehicles and investments in technological breakthroughs can beckon huge wins for the market. This is supported by emergence of small and medium enterprises. Other factors driving market growth are eco-friendly environment, rise of digital twins, advent of Industry 4.0, and adoption across industries.
The use of the software in saving on production expenses, error-free outputs, and its adoption by various companies for dealing with complex problems can fuel market growth. The rise of virtual testing and production of electric and hybrid vehicles can boost its demand exponentially.
The global simulation software market is segmented by component, deployment, application and vertical. On the basis of component, the 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 application, the market is segmented into training, research & development, eLearning, and others. The research and development application is expected to lead in the market owing to theoretical scientists using the software for testing new theories which can lead to leaps in science. The need to shorten product lifecycle and accelerate product-to-market can fuel the adoption of simulation software.
Based on vertical, the market is segmented into healthcare, automobile, education & research, aerospace and defense, electrical and electronics, industrial manufacturing, and others.
The global simulation software market is studied in Asia Pacific (APAC), North America, Europe, and Rest-of-the-World (RoW). North America is estimated to account for the largest share of the market, whereas Asia Pacific is projected to grow at the fastest rate during the forecast period. The growth of the market in North America is attributed to technological advancements, increased adoption of simulation software applications across small and medium enterprises, and well-developed infrastructure capable of handling the diverse requirements of software simulations.
APAC is estimated to be beneficial to the market owing to establishment of branches of reputed research and development organizations in countries of China, India, and Japan. The software is used in predicting performance, shelf life, and analysis of other parameters. Awareness of the software by behemoths in automotive, industrial, electrical and electronics, and defense companies can fuel its demand till 2023.
Bentley Systems, Ansys, Inc., Siemens PLM Software, Altair Engineering, Autodesk, Inc., CPFD Software, and PTC are key players of the global simulation software market. Other players are Dassault Systemes, Cybernet Systems Co. Ltd., Synopsys, Inc., Design Simulation Technologies, Inc., MathWorks, Inc., and others. Huge demand for software solutions and need for innovative products can drive the market players into action.
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