NEW CASTLE, Delaware, March 12, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Simulation Software Market by Component (Software and Service), Deployment Mode (On-premise and Cloud), and End Use (Automotive, Aerospace & Defense, Semiconductor & Electronics, Healthcare, AEC, and Others): Global Opportunity Analysis and Industry Forecast, 2022-2032.” According to the report, the simulation software industry generated $16.9 billion in 2022, and is projected to reach at $57.5 billion by 2032, witnessing a CAGR of 13.4% from 2023 to 2032.
Prime determinants of growth
Increase in demand for ecofriendly work environment, rise in use of simulation software in automotive and healthcare industries, significant adoption of simulation in the aerospace & defense industry act as the key driving forces of the global simulation software market. Further, surge in number of small and medium enterprises is anticipated to drive the growth of global simulation software market. However, security concerns associated with simulation software are restraining the growth of this market. On the contrary, emerging trends such as digital twins in the industry 4.0 and use of simulation software to develop IoT supporting devices are expected to create lucrative opportunities for global simulation software market during the forecast period.
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Report coverage & details
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size in 2022 | $16.9 Billion |
| Market Size in 2032 | $57.5 Billion |
| CAGR | 13.4% |
| No. of Pages in Report | 214 |
| Segments covered | Component, Deployment Mode, End Use, and Region |
| Drivers | Increase in demand for ecofriendly work environment Rise in use of simulation software in automotive and healthcare industries Surge in number of small and medium enterprise units |
| Opportunities | Emerging trends such as digital twins in the industry 4.0 Use of simulation software to develop IoT supporting devices |
| Restraint | Security concerns associated with the simulation software |
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The software segment to maintain its leadership status throughout the forecast period
Depending on component, the software segment held the highest market share in 2022, accounting for more than two-thirds of the simulation software market revenue, and is estimated to maintain its leadership status throughout the forecast period. This is attributed to the fact that with the availability of relatively inexpensive, high-speed microcomputers and engineering workstations, simulation software is becoming more popular for modeling complex systems. However, the service segment is expected to register the largest CAGR of 15.2% from 2023 to 2032 and is projected to maintain its lead position during the forecast period. This is attributed to the fact that the adoption of services helps to enhance software implementation, maximize value of existing installation, and minimize initial deployment cost & risks.
The on-premise segment to maintain its leadership status throughout the forecast period
Depending on deployment mode, the on-premise segment held the highest market share in 2022, accounting for nearly three-fifths of the simulation software market revenue, and is estimated to maintain its leadership status throughout the forecast period, owing to advantages offered by the on-premises deployment such as a high level of data security and safety drive the growth of the segment. However, the PC segment is projected to manifest the highest CAGR of 15.1% from 2023 to 2032 owing to rise in adoption of cloud-based DLP solution due to low cost and easier maintenance.
The automotive segment to maintain its leadership status throughout the forecast period
On the basis of end use, the automotive segment was the major shareholder in 2022, accounting for more than one-third of the simulation software market revenue, and is estimated to maintain its leadership status throughout the forecast period. Factors such as continuous development in concepts of smart or autonomous cars and advent of digital twins technology in the industry are expected to drive the growth of the simulation software market in the upcoming years. However, the healthcare sector is projected to register the highest CAGR of 18.2% from 2023 to 2032. Increase in demand for minimally invasive treatments, rise in focus on patient safety, and the benefits offered by simulation over traditional learning in healthcare are the major factors that drive the growth of the simulations software in the industry.
North America to maintain its dominance by 2032
Region wise, North America held the highest market share in terms of revenue in 2022, accounting for less than one-third of the simulation software market revenue. The region’s well-established digital infrastructure, high penetration of remote work culture, and a large user base have fueled the growth of market. However, Asia-Pacific is expected to witness the fastest CAGR of 17% from 2023 to 2032, and is likely to enhance the market growth during the forecast period, owing to rapid digitalization and advanced technologies in the region.
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Leading Market Players
- Altair Engineering, Inc.
- Autodesk Inc.
- Ansys, Inc.
- Bentley Systems, Incorporated
- Dassault Systèm
- The MathWorks, Inc.
- Rockwell Automation, Inc.
- Simulations Plus
- ESI Group
- GSE Systems
The report provides a detailed analysis of these key players in the simulation software market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, and agreements to increase their market share and maintain dominant shares in different countries. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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