Global Simulation Software Market to Grow at 11.3% During 2024-2032, Impelled by Growing Popularity of Autonomous and Electric Vehicles

The latest report by IMARC Group, titled “Simulation Software Market Report by Component (Software, Service), Deployment (On-premises, Cloud-based), End Use (Automotive, Aerospace and Defense, Electrical and Electronics, Industrial Manufacturing, Healthcare, and Others), and Region 2024-2032,” finds that the global simulation software market reached a value of US$ 14.9 Billion in 2023. 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. 

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 11.3% during the forecast period (2024-2032). 

Market Summary:

• 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.
   

Report Scope:

About Us:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

Contact Us:

IMARC Group
USA: +1-631-791-1145
Email: sales@imarcgroup.com
Website: https://www.imarcgroup.com
Follow us on twitter : @imarcglobal