Simulation Software Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast | Growth Market Reports
Simulation Software Market
The global simulation software market was valued at USD 9.6 billion in 2020 and is expected to reach USD 15.8 billion by 2028, expanding at a CAGR of 17.1% during the forecast period, 2021–2028. The growth of the market is attributed to its advantages such as reduced production expenditure, reduced prices of trainings, and increasing investments in industries such as aerospace, defense, and healthcare.
Simulation is a computer-based model, which works on the principles of arithmetic and physics. It allows for planning, validation, and improvement of products and solutions. Simulation software is widely used to design and test products, and analyze the responses. It is used in varied applications such as engineering, R&D, and gamification. Many companies adopt simulation technologies in their production, as it helps minimize the errors during production and allows for design validation.
The global simulation software market includes numerous vendors that offer simulation software systems and services to industries across the world. Enterprises are concentrating on R&D activities to gain a competitive advantage over the market. Companies such as AVL, Siemens, Dassault, and others are engaged in partnerships, agreements, and collaborations to increase their presence in the global simulation software market.
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Market Drivers, Restraints, Trends, and Opportunities:
- High rate of operational inefficiencies including misconfiguration, cloud breaches, hacking, delays in consumer orders and improper functioning of simulation models is expected to hinder the market growth.
- High-performance computer (HPC) simulations and computer-aided engineering (CAE) applications help optimize all aspects of merchandise production and development, boosting the market.
- Simulation software is widely used in the education and analytics sector, which can propel the market over the forecast period.
- COVID-19 has pushed organizations to act quickly to protect employees, address crucial challenges, and reduce their losses. Simulation modeling assists the organizations in developing strategies to retort quickly, effectively, and safely in emergencies. Increasing investments in healthcare to develop and produce effective vaccines for COVID-19 and other diseases is expected to fuel the market growth in the coming years.
Market Segment Insights:
In terms of types, the market is divided into on-premise and cloud. The cloud segment is expected to register a high CAGR over the next few years. The expansion of this segment is attributed to its advantages. Software packages are usually deployed over the cloud, as it is easy to maintain and upgrade the software on the cloud as per customers requirement.
Based on applications, the global simulation market is segmented into automotive, IT, education, aerospace, defense, healthcare, and R&D. The aerospace & defense industry accounts for a major share of the simulation software market, as they use modeling and simulation for various purposes, including training of soldiers, conducting joint training operations, formulating operational plans, simulation of future missions, and others.
Regional Outlook
On the basis of regions, the market is broadly classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. Europe accounted for a major share in the global simulation software market in 2020. Countries such as Germany and the UK are primarily contributing to the growth of the market. The market in North America is anticipated to grow at a high CAGR in the forecast period, due to use of advanced technologies in simulation to avoid production of faulty products.
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Competitive Landscape
Major players competing in the global simulation software market include Mathwork, Autodesk, Ansys, Siemens AG, PTC, Dassault Systemes, Altair Engineering, MSC Software, Honeywell. Keysight Technologies, Aveva, Spirent Communication, Bentley System, Synopsys, AVL List GmbH, COMSOL, Certara, CAE, aPriori, PTV Group, AnyLogic, SimScale, Scalable Networks, Simul8 Corporation, FlexSim, MOSIMTEC, Simio, ProSim, Cyabernet, and Cesim.
Some of these companies are engaged in adopting several market strategies such as merger & acquisitions, product launches, R&D activities, and capacity expansion to increase their market share and global presence.AspenTech’s process modeling software has been used to design at least three-quarters of the world’s upstream, midstream, and downstream segments of the oil & natural gas industry.
Arcimoto Inc, an electric vehicle company, has collaborated with XponentialWorks and ParaMatters to design and manufacture lightweight components for its Fun Utility Vehicle (FUV). AI-powered generative design software by ParaMatters will assist the company in redesigning its components and create lightweight parts. This will enable Arcimoto Inc to replace the existing heavyweight components with lightweight components and allow the FUC to drive long distances on a single charge with improved acceleration and better handling.
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