Report Offers Global Forecast up to 2026 on the Simulation Software Market
The simulation software market is driven by factors such as use of advanced technologies for simulation and avoiding production of faulty products to boost the growth of the simulation software market.
April 2, 2021
The global simulation software market size is expected to grow from an estimated value of USD$12.7 billion in 2020 to USD$26.9 billion by 2026, at a compound annual growth rate (CAGR) of 13.2% from 2020 to 2026, according to ReportLinker. The simulation software market is driven by various factors, such as reduction in production expenses and training costs, use of advanced technologies for simulation and avoiding production of faulty products to boost the growth of simulation software market across the globe during the forecast period. However, complexities in integrating software and increasing data security concerns can hinder the growth.
Professional Services Segment to Grow
Professional services of simulation software include consulting services, training services, engineering and integration services, and support services. These services play a role in the efficient and effective designing and implementation of the simulation software. Consulting services, such as 3D data visualization and simulation selection, ensures fast and low-risk execution of simulation. Engineering and integration services are the crucial use cases of R&D processes across verticals, such as automobile, mining and healthcare. Training services are the vital components of simulation services. It helps engineers and product owners in understanding the functioning of the product in real-time scenarios. This is an essential and critical service for verticals, such as aerospace and defense, ship building and marines, chemicals, and automobiles. Support and maintenance services include technical support, knowledge sharing and software upgrades. Support and maintenance services are offered as a separate contract to the buyer of the simulation and analysis software by the support team. These services are offered to satisfy customers’ simulation and analysis requirements.
On-premise Segment to See Higher Market Share
On the end-user side, the simulation and analysis technology have to be installed or integrated to create virtual environments for designing, PLM, verification and validation purposes. The on-premises deployment mode is the primary method provided by companies to their employees due to security concerns.
The on-premises deployment of simulation and analysis technology helps in maintaining its privacy. However, installing the simulation and analysis technology is a complex process as it has to be integrated with the complex infrastructure of organizations.
Asia Pacific to Grow at Highest Rate
The simulation software market in Asia Pacific (APAC) is expected to grow at the highest CAGR during the forecast period.APAC has a potential for growth in the simulation software market.
APAC is expected to witness extensive growth opportunities in the manufacturing and IT sectors during the forecast period. The existence of large population, developing infrastructure and technology and affluence of source are the major factors contributing to the growth of the simulation software market in the region.
The governments of India and China have been accelerating manufacturing sector for developing and verifying cars, IT related products and solutions, and defense equipment. High market growth is also anticipated due to technological advancements and use of the simulation and analysis technology. The rapid expansion of domestic market as well as global enterprises in the region is also an important factor towards the growth of simulation software market in the region. In-depth interviews were conducted with chief executive officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in the simulation software market.
Major vendors offering simulation software market across the globe are MathWorks (US), Autodesk (US), Ansys (US), Siemens AG (Germany), PTC (US), Dassault Systemes (France), Altair Engineering (US), MSC Software (US), Honeywell (US), Keysight Technologies (US), Aveva (UK), Spirent Communications (UK), Bentley Systems (US), Synopsys (Canada), AVL List GmbH (Austria), COMSOL (England), Certara (US), CAE (Presagis (Canada)), aPriori (US), PTV Group (Germany), AnyLogic (US), SimScale (Germany), Scalable Networks (US), Simul8 Corporation (UK), FlexSim (US), MOSIMTEC (US), Simio (US), ProSim (US), Cybernet (US), and Cesim (Finland).
The study includes an in-depth competitive analysis of the key players in the simulation software market, with their company profiles, recent developments and key market strategies.
The market study covers the simulation software market size across segments. It aims at estimating the market size and growth potential of this market across different segments: by component, by deployment, by application, by vertical and by region. The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments and key market strategies.
Key Benefits of Report
The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall simulation software market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies, company says. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
Sources: Press materials received from the company and additional information gleaned from the company’s website.