Dublin, Feb. 07, 2024 (GLOBE NEWSWIRE) -- The "Global Simulation Software Market by Offering (Software & Professional Services), Software Type (Computer-Aided Design, Finite Element Analysis), Deployment Mode (On-Premises, Cloud), Application, Vertical and Region - Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The global simulation software market is projected to grow from USD 18.1 billion in 2023 to USD 33.5 billion by 2028 at a Compound Annual Growth Rate (CAGR) of 13.1% during the forecast period. The simulation software market is expected to experience substantial growth due to the increasing need for cost-effective software to reduce production and training expenses, risk mitigation, and performance improvement. Computing power and cloud technology advancements facilitate broader adoption, enhancing accessibility and realism. Integrating technologies like Digital Twin, AR/VR, and 3D printing further drive innovation and competitiveness across Healthcare, aerospace, and automotive industries. These factors point us to a promising future with rising demand for simulation software.
The study includes an in-depth competitive analysis of the market's key players, their company profiles, key observations related to product and business offerings, recent developments, and key market strategies. Major vendors in the global simulation software market include Siemens (Germany), Ansys (US), Dassault Systemes (France), MathWorks (US), Autodesk (US), Keysight (US), Hexagon (US), Honeywell (US), Altair (US), PTC (US), AVL (Austria), AVEVA (UK), Spirent (UK), Bentley (US), Synopsys (Canada), Certara (US), aPriori (US), AnyLogic (US), SimScale (Germany), Simul8 (UK), Simio (US), FlexSim (US), MOSIMTEC (US), ProSim (US), Cybernet (US), and Cesim (Finland).
By vertical, the automotive segment accounts for a larger market share
The Automotive segment holds the largest market share in the simulation software market for various reasons. As an early adopter of virtual tools for product development, the automotive industry curbs costs and enhances efficiency by virtually assessing designs, preempting risks, and truncating development timelines. The surge towards electric and autonomous vehicles amplifies simulation software's significance in refining novel technologies, optimizing components like electric motors and batteries, and validating autonomous systems. Concurrently, the industry's amplified pursuit of safety and efficacy is abetted by simulation's prowess in hazard identification and design optimization. The intense research and development investments by automotive OEMs further solidify simulation software's role in innovating designs, dissecting data, and pioneering progressive products and technologies.
The software segment accounts for a larger market share by offering
The software holds the largest market share due to the increasing demand for simulation software across a wide range of industries, including automotive, aerospace, Manufacturing, Healthcare, and energy. This demand arises due to software's ability to help businesses improve efficiency and productivity by enabling them to test and optimize designs and processes before implementation, resulting in significant cost and time savings. Additionally, the rising adoption of cloud-based simulation software, with its cost-effectiveness and scalability, is expected to further propel the growth of the software segment in the foreseeable future.
By application, healthcare and medical devices simulation is to grow at the highest CAGR during the forecast period
The Healthcare and medical device simulation sector is experiencing remarkable growth in the simulation market due to surging demand for healthcare-focused simulation training. This method enables practitioners to enhance many skills while prioritizing patient safety. It also offers a secure and authentic environment for professionals to refine their expertise without risking patient well-being. Integrating virtual reality (VR) and augmented reality (AR) technologies further fuels this growth by providing immersive, lifelike training experiences. Moreover, the sector benefits from an increasing emphasis on patient safety and robust governmental support for simulation-based training, solidifying its upward trajectory.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 344 |
| Forecast Period | 2023-2028 |
| Estimated Market Value (USD) in 2023 | $18.1 Billion |
| Forecasted Market Value (USD) by 2028 | $33.5 Billion |
| Compound Annual Growth Rate | 13.1% |
| Regions Covered | Global |
Market Dynamics
- Drivers
- Increasing Capabilities of Simulation with Regard to Advanced Technologies Such as Digital Twin, AR/VR, and 3D Printing
- Advancements in Computing Power and Cloud Technology
- Increasing Demand for Effective Solutions to Reduce Production Expenses and Training Costs
- Restraints
- High Cost of Simulation Software and Services
- Lack of Skilled Professionals to Operate Simulation Software
- Complexity of Simulation Software
- Opportunities
- Growth of Automotive Industry
- Expansion of Healthcare Industry
- Development of New Technologies Such as Quantum Computing and Artificial Intelligence
- Challenges
- Lack of Standardization
- Regulatory and Compliance Challenges
- Integration and Compatibility
Use Cases
- Case Study 1: Altair Streamlined FEA Post-Processing for Northrop Grumman Marine Systems
- Case Study 2: Anywaves Achieved Rapid Antenna Innovation with Simulia CST Studio
- Case Study 3: GEA Enhanced Agricultural Machinery Design Efficiency with Solid Edge Simulation
- Case Study 4: Ansys-Powered Simulation Optimized Innovative Battery Storage System for Wartsila
- Case Study 5: Napino Utilized Autodesk Moldflow to Resolve Automotive Switch Deformation
Technology Analysis
- Cloud-based Simulation
- Multi-Disciplinary Simulation
- Digital Twins
- IoT and IIoT
- Artificial Intelligence and Machine Learning
- Augmented Reality and Virtual Reality
- 5G
Tariff and Regulatory Landscape
- German Civil Code
- Simulation Interoperability Standards Organization (SISO)
- International Nursing Association for Clinical Simulation and Learning (INACSL)
- European Chemicals Agency (ECHA)
- Open Geospatial Consortium (OGC)
- Regulatory Bodies, Government Agencies, and Other Organizations
Companies Profiled
- Altair
- Ansys
- AnyLogic
- Anywaves
- Apriori
- Autodesk
- AVEVA
- AVL
- Bentley
- Bentley Systems
- Certara
- CESIM
- Cybernet
- Dassault Systemes
- FlexSim
- GEA
- Hexagon
- Honeywell
- Keysight
- Mathworks
- Mosimtec
- Napino
- Northrop Grumman
- ProSim
- PTC
- Siemens
- Simio
- SimScale
- Simul8
- Simulia
- Spirent
- Synopsys
- Wartsila
For more information about this report visit https://www.researchandmarkets.com/r/mehxjx
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