Vancouver, Oct. 11, 2023 (GLOBE NEWSWIRE) -- The global simulation software market size reached USD 11.08 Billion in 2020 and is expected to register a significantly rapid revenue CAGR during the forecast period, according to latest analysis by Emergen Research. Increasing demand for simulation software in gaming industry is one of the major factors expected to continue to drive market revenue growth.
Simulation software provides many advantages as compared to manual calculations. The software is used in almost every engineering field such as mechanical, electronics, architectural, and others. Simulation software helps to analyze the behavior of the system without building and testing the actual product. The main objective of simulation software is to detect problems at various levels of production, which helps in faster and more effective problem solving. Simulation software is used to save manufacturing time as it reduces the design iterations, and as a result, product design cycle time is reduced significantly. For example, mold-flow analysis helps to reduce the injection molding cycle time, resulting in better productivity and cost savings.
However, high initial cost is one of the major factors expected to hamper revenue growth to some extent. Simulation software requires high-end hardware to run in order to detect flaws in the prototype before the final product is manufactured. However, installation of hardware is very expensive. In addition, Simulation software requires specific software licenses to run, which are also expensive, and may be out of reach for some small businesses is certain countries.
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The global simulation software market is expected to register a CAGR of 17.5% over the forecast period and revenue is projected to increase from USD 11.08 Billion in 2020 to USD 74.72 Billion in 2032. Increasing need to reduce product manufacturing time is one of the major factors propelling revenue growth of the market.
COVID-19 pandemic has affected every segment of society, including industry, sectors, individuals and businesses. Implementation of stringent lockdowns in various countries has forced businesses to adopt online platforms. Simulation software is used to analyze the spread of the virus and the effectiveness of social distancing. Healthcare providers are using simulation software to evaluate and react to the COVID-19 situation. In addition, organizations focus on protecting employees, addressing critical challenges, and detecting problems early to minimize losses, which is also expected to boost simulation software market revenue growth going ahead.
Simulation software is currently widely used in teaching, testing, research, development, and gaming, among other applications. The main purpose of its use is to imitate a realistic event. Simulation software is used in the gaming industry to test animation aspects, sound quality, graphics, storyline, and overall user experience before the actual launch. Engineers also create gaming simulation software to allow users to make different decisions in real-time. For example, LittoSIM is a gaming simulation tool that is used by technicians and decision-makers in coastal areas to help them develop new solutions for managing coastal flooding risks. In addition, simulation software enables designers to help with experiential learning in order to avoid any unfavorable outcomes following launch of a product.
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Scope of Research
| Report Details | Outcome |
| Market size in 2020 | USD 11.08 Billion |
| CAGR (2023–2032) | 17.5% |
| Revenue forecast to 2032 | USD 74.72 Billion |
| Base year for estimation | 2020 |
| Historical data | 2018–2019 |
| Forecast period | 2023–2032 |
| Quantitative units | Revenue in USD Billion and CAGR in % from 2023 to 2032 |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments covered | Component, deployment, application, end-use, and region |
| Regional scope | North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
| Country scope | U.S., Canada, Mexico, Germany, France, U.K., Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, Rest of MEA |
| Key companies profiled | Siemens AG, Rockwell Automation, Inc., Dassault Systemes SE, Autodesk, Inc., Ansys, Inc., Bentley Systems, Incorporated, Spirent Communications PLC, Altair Engineering, Inc., PTV AG, and Simul8 Corporation. |
| Customization scope | 10 hours of free customization and expert consultation |
Major Companies and Competitive Landscape
The global simulation software market is fairly fragmented, with a number of large and medium-sized players accounting for majority market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective software. Some major companies included in the global simulation software market report are:
- Siemens AG
- Rockwell Automation, Inc.
- Dassault Systemes SE
- Autodesk, Inc.
- Ansys, Inc.
- Bentley Systems, Incorporated
- Spirent Communications PLC
- Altair Engineering, Inc.
- PTV AG
- Simul8 Corporation
Strategic Development
- In September 2021, Rockwell Automation, Inc. partnered with Ansys, Inc. to launch Studio 5000 Simulation Interface, in order to optimize industrial operations. The Studio 5000 Simulation Interface connects Ansys Twin Builder to Rockwell’s Automation industrial control systems. The software uses physics to determine how real-world variables such as flow rates, mechanical loads, and heat profiles affect equipment performance and health. The launch of the software will provide valuable insights throughout the product lifecycle.
- In March 2020, Ansys Inc. signed an agreement to acquire Lumerical, Inc., which is a leading developer of photonic design and simulation tools. The acquisition will add a wide range of photonics products to the Ansys Multiphysics portfolio, providing customers with a full set of solutions to solve its next-generation product challenges.
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Some Key Highlights From the Report
- Software segment is expected to register a substantially rapid revenue CAGR during the forecast period due to rising need to detect faults in product prototypes in early stage of development.
- On-premise segment is expected to register a significantly robust revenue growth rate over the forecast period due to rising need for better level of security.
- North America market is expected to account for a considerably large revenue share over the forecast period due to robust presence of major market players providing simulation software such as Rockwell Automation, Inc., Autodesk, Inc., and Ansys, Inc. among others in countries in the region.
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Emergen Research has segmented global simulation software on the basis of component, deployment, application, end-use, and region:
- Component Outlook (Revenue, USD Billion; 2019–2032)
-
- Software
- Finite Element Analysis (FEA)
- Computational Fluid Dynamics (CFD)
- Electromagnetic Waves
- Services
- Software
- Deployment Outlook (Revenue, USD Billion; 2019–2032)
- On-cloud
- On-premise
- Application Outlook (Revenue, USD Billion; 2019–2032)
- Design & Consulting
- Support & Maintenance
- E-learning
- Training
- Research and Development
- End-use Outlook (Revenue, USD Billion; 2019–2032)
- Automotive
- Aerospace and Defence
- Electrical and Electronics
- Industrial Manufacturing
- Healthcare
- Education and Research
- Others
- Regional Outlook (Revenue, USD Billion; 2019–2032)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Benelux
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Turkey
- Rest of MEA
- North America
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