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.
Market Scope
The Simulation Software Market is expected to grow at 16% CAGR during the forecast period. It is expected to touch a size of USD 16 billion by 2023.
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.
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Segmentation
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.
Regional Analysis
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.
Competitive Outlook
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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The Global Model Based Manufacturing Technologies Market Research Report - Industry Analysis, Size, Share, Growth, Trends and Forecast Till 2026 gives an evaluation of the market developments based on historical studies and comprehensive research respectively.
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June 24, 2019: The global enterprise search market is expected to reach USD 5.02 billion by 2020.
Increasing demand for solutions offering time-saving data search capabilities is expected to be a key factor driving market growth over the next six years.
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According to a new market research report "Simulation Software Market by Component (Software (FEA, CFD), Services), Deployment (Cloud, On-premises), Application (Product Engineering, R, and Gamification), Vertical (Automobile, Healthcare and Pharmaceuticals), and Region - Global Forecast to 2026" published by MarketsandMarkets™, the Simulation Software Market size expected to grow from USD 12.7 billion in 2020 to USD 26.9 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 13.2% during the forecast period.Browse in-depth TOC on "Simulation Software Market”300- Tables43- Figures288- PagesDownload Report Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=263646018Altair Engineering, Inc. (Altair Engineering), BENTLEY SYSTEMS, INCORPORATED (Bentley Systems), ANSYS, Inc. (ANSYS), PTC (PTC), Siemens Product Lifecycle Management Software Inc. (Siemens PLM Software), Autodesk Inc. (Autodesk), Dassault Systèmes (Dassault Systemes), Synopsys, Inc. (Synopsys), and The MathWorks, Inc. (MathWorks) are some of the key players considered in the Simulation Software Market.
For instance, dSPACE offers Automotive Simulation Models (ASM), which is a suite used for vehicle development, such as combustion engines, vehicle dynamics, electric components, and traffic environment.
The software segment includes CFD, EM simulation, and FEA.
Product engineering is the major application area of simulation and thus the majority of the vendor’s offerings are focused on the engineering application.Request Sample Pages @ https://www.marketsandmarkets.com/requestsampleNew.asp?id=263646018By Vertical, Automotive segment to have the highest market share during the forecast periodThe utilization of simulation and analysis technology in the automobile industry is increased to test and analyze the designs of products in the virtual environment.
The ongoing development of connected vehicles and Advanced Driver Assistance Systems (ADAS) has increased the demand for advanced hardware and software solutions.
Every industrial product, before moving to the final production stage, have to go for simulation testing, where the design and prototypes have been checked in the real-time environment.Asia Pacific to grow with the fastest growing CAGR during the forecast periodAPAC is expected to witness extensive growth opportunities in the manufacturing and IT sectors during the forecast period.
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A New Research on the Global Computational Fluid Dynamics Industry was ran to generate useful and effective reports.
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