Simulation Software Market Size is Expected to Reach USD$26.93 Billion by 2027
Brand Essence Market Research has published a new report titled, “Simulation Software Market: Global Size, Trends, Competitive, Historical & Forecast Analysis, 2021-2027."
April 6, 2021
The global simulation software market is valued at USD$11.52 billion in 2020 and expected to reach USD$26.93 million by 2027 with a CAGR of 12.9% over the forecast period, according to a new report from Brand Essence Research. The global simulation software market is expected to grow at a significant growth rate due to a number of driving factors.
The global simulation software market report is segmented on the basis of component, deployment, application, end user and region and country level. Based upon component, global simulation software market is classified into solutions that are further divided into finite element analysis, computational fluid dynamics and electromagnetic waves and services, which is further subdivided into design and consulting, and support and maintenance. Based upon deployment, the market is divided into on-premise and cloud based. Based upon application, global simulation software market is divided into e-learning and training and R&D. Based upon end user, the market is divided into automobile, aerospace & defense, electrical and electronics, industrial manufacturing, healthcare, education and research and more.
Key Players for Global Simulation Software
Some of the key players for the global simulation software market are Altair Engineering, ANSYS, Autodesk, Bentley Systems, CPFD Software, Cybernet Systems, Dassault Systemes, Design Simulation Technologies, Hexagon (MSC Software Corporation), MathWorks, PTC, Siemens PLM Software, Rockwell Automation, Schneider Electric, Synopsys, The AnyLogic Company and others.
Increasing Adoption of Simulation
A major factor driving the growth of global simulation software market is the increased demand of simulation in various organizations. There has been increased demand of more complex products to do complex tasks such as missiles, spacecraft and automotive. In addition, there is growing awareness in developing economies regarding the benefits of simulation in various industries for accurate design or product output. However, the data security concern regarding hacks, viruses and storage may hinder the market growth. Despite that, increasing industrialization along with improved security regulations may create more opportunities for the further market growth.
North America Anticipated to Dominate Growth
The global simulation software market is segmented into North America, Europe, Asia-Pacific Latin America and Middle East and Africa. North America is expected to dominate the global simulation software market within the forecast period due to a highly advanced economy, and early adoption of technological advanced products and solutions. The region has many domestic vendors such as Altair, Bentley and Autodesk, with skilled labor, which can easily adopt the simulation software due to its technological development and availability of infrastructure. In addition, the region has increased investment in this market as it supplies and manufactures weapon, missiles, healthcare equipment, etc.
Asia Pacific is a fast-growing region in the global simulation software market with developing industries such as healthcare, defense, automotive industry. According to the Economic Times, China, India and Japan together hold approximately 40% of the world auto market.
Key Benefits of Report
Global Simulation Software Market report covers in-depth historical and forecast analysis. Global Simulation Software Market research report provides detailed information about global market revenue (revenue USD); market drivers; restraints and opportunities; competitive analysis; regional and country level. Global Simulation Software Market report offers an extensive analysis of emerging trends and the competitive landscape.
Sources: Press materials received from the company and additional information gleaned from the company’s website.