Dublin, April 09, 2021 (GLOBE NEWSWIRE) -- The "Simulation Software Market by Component (Software (FEA, CFD), Services), Deployment (Cloud, On-premises), Application (Product Engineering, R&D, and Gamification), Vertical (Automobile, Healthcare and Pharmaceuticals), and Region - Global Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
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.
The simulation software market is driven by various factors, such as a reduction in production expenses and training costs, the use of advanced technologies for simulation and avoiding the production of faulty products to boost the growth of the 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 at a higher CAGR during the forecast period
Professional services of simulation software include consulting services, training services, engineering and integration services, and support services. These services play a critical role in the efficient and effective designing and implementation of the simulation software.
Consulting services, such as 3D data visualization and simulation selection, ensure 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 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 account for a higher market share during the forecast period
On the end-user side, the simulation and analysis technology has 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 the highest rate during the forecast period
The simulation software market in the 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 a large population, developing infrastructure and technology and affluence of sources are the major factors contributing to the growth of the simulation software market in the region.
The government of India and China have been accelerating the 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 utilization of the simulation and analysis technology.
The rapid expansion of the domestic market, as well as global enterprises in the region, is also an important factor in the growth of the simulation software market in the region.
Market Overview and Industry Trends
Premium Insights
- Reduction in Production Expenses and Training Costs to Boost Growth of Market
- Software Segment to Hold Larger Market Size During Forecast Period
- Finite Element Analysis Segment to Hold Largest Market Size During Forecast Period
- Healthcare and Pharmaceutical Segment and Asia-Pacific Region to Grow at High Growth Rates During Forecast Period
- Asia-Pacific to Emerge as Best Market for Investments in Next Six Years
Drivers
- Reduction in Production Expenses and Training Costs
- Use of Advanced Technologies for Simulation
- Avoiding Production of Faulty Products
Restraints
- Complexities in Integrating Software and Increasing Data Security Concerns
Opportunities
- High Spending on Simulation in Aerospace, Healthcare, and Defense
Challenges
- Lack of Standard Benchmark to Measure Outputs
Use Cases
- Use Case: Siemens
- Use Case: Anylogic
- Use Case: Createasoft
Regulatory Landscape
- German Civil Code
- Simulation Interoperability Standards Organization (Siso)
- International Nursing Association for Clinical Simulation and Learning (Inacsl)
- Open Geospatial Consortium (Ogc)
Technology Analysis
- Digital Twins
- IoT and Iiot
- Artificial Intelligence and Machine Learning
- Augmented Reality and Virtual Reality
- 5G
Companies Mentioned
- Altair Engineering
- Ansys
- Anylogic
- Apriori
- Autodesk
- Aveva
- AVL List GmbH
- Bentley System
- Certara
- Cesim
- Comsol
- Cybernet
- Dassault Systemes
- Flexisim
- Honeywell
- Keysight Technologies
- Mathworks
- Mosimtec
- MSC Software
- Presagis
- Prosim
- PTC
- Ptv Group
- Scalable Networks
- Siemens
- Simio
- Simscale
- Simul8 Corp
- Spirent Communications
- Synopsys
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