The latest report by IMARC Group, titled “Simulation Software Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2022-2027,” finds that the global simulation software market reached a value of US$ 11.5 Billion in 2021. Simulation software enables companies to observe an operation or test the efficiency of several processes. It allows examining the modified or original system with several inputs and tracking responses. It also offers numerous benefits, including reducing the overall expenditure and minimizing costs incurred on training. As a result, simulation software finds extensive applications in the aerospace and defense, and automotive sector across the world.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Simulation Software Market Trends:
The market is primarily driven by the rising popularity of autonomous and electric vehicles (EVs). The manufacturers of such vehicles utilize simulation software to evaluate their effectiveness and efficiency using real-world situations. Apart from this, the software is extensively utilized to develop prototypes and test them virtually to avoid the production of faulty products. Moreover, simulation software saves the time spent on research and development (R&D) activities, thereby contributing to market growth. Besides this, there has been a significant rise in expenses incurred on prototypes and curbing faults of the existing products. As a result, simulation software is widely used to reduce the need for manually testing multiple prototypes and minimizing the chances of product failure. Furthermore, key players are investing in emerging technologies based on artificial intelligence (AI), which is anticipated to accelerate the demandfor simulation software in the upcoming years. Looking forward, IMARC Group expects the market to grow at a CAGR of 13.2% during the forecast period (2022-2027).
- Based on the component, the market has been bifurcated into software and service.
- On the basis of deployment, the market has been segregated into on-premises and cloud-based.
- The market has been categorized based on the end use into automotive, aerospace and defense, electrical and electronics, industrial manufacturing, healthcare, and others.
- Region-wise, the market has been classified into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Europe (Germany, France, the United Kingdom, Italy, Russia, Spain and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
- The competitive landscape of the market has also been examined, with some of the key players being Altair Engineering Inc., Ansys Inc., Autodesk Inc., Bentley Systems Incorporated, Dassault Systèmes, PTC Inc., Rockwell Automation Inc., Siemens AG, Simul8 Corporation, The AnyLogic Company, and The MathWorks Inc.
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