Chicago, June 01, 2023 (GLOBE NEWSWIRE) -- The global Simulation Software Market size is expected to grow from $12.7 billion in 2020 to $26.9 billion by 2026, at a Compound Annual Growth Rate (CAGR) of 13.2% during the forecast period, according to a new report by MarketsandMarkets™. 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. Lack of standard benchmarks to measure outputs is one of the major challenges of the simulation software market.
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Scope of the Report:
| Report Metrics | Details |
| Revenue Forecast Size in 2026 | $26.9 billion |
| Market Size Value in 2020 | $12.7 billion |
| Growth Rate | CAGR of 13.2% |
| Key Market Opportunities | High spending on simulation in aerospace, healthcare, and defense |
| Key Market Growth Drivers | Increasing instances of cloud breaches due to its misconfiguration |
| Market Segmentation | Component, deployment, Application, Vertical, and Region |
| Geographies covered | North America, Europe, APAC, MEA, and Latin America |
| Leading Players | IBM (US), Microsoft (US), SAP (Germany), AWS (US), Oracle (US), Huawei (China), R3 (US), HPE (US), Accenture (Dublin), Wipro (India), Infosys (India), Bitfury (The Netherlands), Factom (US), LeewayHertz (US), Altoros (US), VeChain (China), Salesforce (US), OpenXcell (US), Oodles Technologies (India), and Blocko (South Korea). |
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The report segments the simulation software market by component, by deployment, by application, by vertical and by region. The component segment is categorized into software and professional services. Further, the deployment type segment is bifurcated into cloud and on premise. The application segment is bifurcated into product engineering, research and development and gamification. The vertical segment consists of automobile, aerospace and defense, electrical and electronics, healthcare and pharmaceuticals, oil and gas and mining, construction, ship buildings and marine, chemicals and other verticals. Based on region, simulation software market is segmented into five major regions: North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America.
Based on components, the simulation software market is segmented into software and professional services. Simulation software and services are the essential components of a product lifecycle management as it helps organizations in solving real-time problems safely and efficiently. Across all industries and disciplines, simulation provided a dynamic environment to analyze 2D or 3D computer models.
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Simulation software is an essential component of a Computer-Aided Engineering (CAE) process. It helps engineers and product designers to evaluate, optimize, and compare their product designs and prototypes by modelling events in real world computer-generated environment. Simulation software creates a model governed by equations and mathematical data and place it in a pre-defined system. By analyzing these models, engineers can observe the system interaction with the real-time scenarios, and predict its performance, defects, stresses, and product lifespan. Some of the examples of simulation models includes mechanics, electrical system, chemical reactions, heat, and weather.
The simulation software in the R&D segment is expected to gain high demand. R&D is the crucial and an important application area of simulation software. Analyzing and predicting the interaction and behavior of a product in real environment at the initial stage or at the concept developing stage has come up as the efficient and cost-saving phase of the product lifecycle. Using the simulation technology, the R&D strategy can be well-developed, thereby enabling the understanding of upcoming technologies and complex situations.
Frequently Asked Questions (FAQ)
What is the Simulation Software Market Growth?
The global Simulation Software Market size was worth approximately $12.7 billion in 2020 and is poised to rise over $26.9 billion by 2026, projecting a CAGR of 13.2%.
What are the Driving factors for the Simulation Software Market?
The increasing demand for effective solutions to reduce production expenses and training costs and increasing capabilities of simulation with regards to advanced technologies such as digital twins, AR/VR, and 3D printing. Further, increasing investment in industry such as aerospace and defense, and requirement of simulation in healthcare to develop and produce effective vaccines for diseases like COVID-19.
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