The global simulation and analysis software market is subject to witness a substantial growth due to the
rapid growth of automotive industry, adoption of advanced technology during
manufacturing activities. Simulation and analysis software helps to reduce
production and operational cost during production of vehicles.
In addition, favorable
government laws & regulation and numerous promotional activities are
expected to fuel the growth of the market over the forecast period. Globally,
the market is predicted to generate massive revenue over next seven years,
providing numerous opportunities for market players to invest for research and
development in the simulation and analysis software market.
Moreover, increasing
demand for simulation and analysis software from aerospace & defense sector
is expected to foster market expansion in the near future. Simulation and
analysis software helps to design and test highly complex aircraft parts.
Additionally, necessary reduction in aircraft weight & composite materials,
fuel coupling piping fatigue analysis, and airworthiness analysis of engine systems
are performed with the help of simulation and analysis software. It also assist
in understanding rotor dynamics and performing nacelle meshing analysis, thus
strengthening market growth in the years to come.
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Increasing demand for simulation and analysis software
market from automotive industry is expected to offer numerous growth
opportunities for industry players over the next seven years. Factors
responsible for sustained market growth, in the recent years, include large
number of production lines in automotive manufacturing from Asia Pacific region
and rising number of vehicles sales each year across the globe. Additionally,
increasing investment by leading industry players to promote adoption of
advanced vehicle simulation systems is expected drive the growth of the market
over the forecast period. Increasing vehicle manufacturing in the Asia-Pacific
region and growing penetration of automotive sector in both developing and
developed economies are predicted to foster market expansion in the upcoming
years.
The market is broadly categorized into three major
segments based on the application type such as automotive industry, electrical
and electronics industry, and aerospace and defense industry. The automotive
industry is considered as one of the fastest growing segment in the market with
substantial revenue generation in the last few years. Growing popularity of
simulation and analysis software market in the automotive segment is attributed
to the reduction in time & costs during product designing.
The market is divided by region as North America, Europe,
Asia-Pacific, Latin America and Africa. North America has shown major growth in
recent years owing to the rise in the implementation of latest technologies in
automotive & defense sector, increase in the number of research &
development activities in the region and existence of well-established IT
infrastructure. Asia-Pacific region is predicted to hold major market share in
the simulation and analysis software market with massive growth in forecast
period.
Countries such as India, China and Singapore are leading
the Asia-Pacific market with strong economic growth in the region, rapid growth
of automotive sector, and significant investment by leading industry players
considering potential growth opportunities in the region. The key players in
the simulation and analysis software market are ANSYS, Inc., The MathWorks,
Inc., Siemens PLM Software Co., Dassault Systèmes SE, and Altair Engineering,
Inc.
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