The global Simulation Software Market research report provides complete insights on industry scope, trends, regional estimates, key application, competitive landscape and financial performance of prominent players. It also offers ready data-driven answers to several industry-level questions. This study enables numerous opportunities for the market players to invest in research and development.
Market Overview:
The global simulation software market size is projected to value USD 21.33 billion until 2025. It is expected to register a CAGR of 16.98% over the forecasted years, 2019 to 2025. The surging need for the creation of a virtual environment for testing the efficiency and applicability of various products is projected to drive the demand for simulation software across several industrial sectors. The rapid technological advances being carried out for virtual testing of vehicles and aircrafts is projected to drive the market growth across the globe.
Key Players:
- Altair Engineering, Inc.
- Autodesk
- Bentley Systems
- Ansys
- ESI Group
- PTC
- Dassault Systèmes
- Simulations Plus
- GSE Systems
- Siemens Product Lifecycle Management Software Inc.
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Growth Drivers:
The process of product simulation provides benefits like a decrease in production and training costs to many organizations. Also, such softwares are gaining acceptance in the defense sector as they can determine the impact and effects of several military weapons. Moreover, the rising adoption of such simulation softwares by automobile manufacturers for determining and reducing CO2 emissions is projected to drive its market demand.
These softwares are largely being adopted by several companies on account of their feature of reducing production costs. They provide a hassle-free output from the production process that can help in reducing manufacturing faults. It can thus facilitate in reduction of time consumed for R&D activities.
These virtual testing technologies are also making usage of AI (Artificial Intelligence) and IoT (Internet of Things) for their product development. It also facilitates testing with real-time situations and data, thereby reducing the costs incurred in physical testing. Thus, the market for simulation software is projected to gain traction in the upcoming years.
End Use Outlook:
- Automotive
- Aerospace & Defense
- Electrical & Electronics
- Industrial Manufacturing
- Healthcare
Regional Outlook:
In 2018, North America held the largest share across the global simulation software market and is projected to continue its dominance from 2019 to 2025. This can be attributed to the rising presence of key players across Canada and the U.S. Moreover, huge investments being made in activities of research and development to develop advanced software are projected to propel the market growth.
The Asia Pacific is projected to register significant growth over the forecasted period. This can be associated with rising manufacturing and assembling activities being carried out across countries like India and Japan. Also, rapid developments in infrastructure and healthcare activities across this region are projected to further fuel up the demand for simulation software in the upcoming years.
Impact of COVID-19:
The market has been negatively impacted on account of ongoing COVID-19 pandemic. This can be associated with the reduction in R&D investments across the automobile and aerospace sector. Also, the deployments in software updates and launches are getting delayed on account of lockdown and work from restrictions. These factors are projected to hinder the market growth.
However, the market is projected to show substantial growth in the post-pandemic period. This can be associated with the rapid technological advances and shifting trend towards virtual testing and simulation of various machines and components without damaging them.
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