Market Analysis
The simulation software market size is predicted to develop at a 13.1% CAGR during the forecast period (2020- 2030), states the latest Market Research Future (MRFR) report. Simulation software is a type of software that allows users to model, analyze, and represent real-world phenomena in a virtual environment. It is used to create virtual models of systems or processes in order to better understand their behavior and to make predictions about future performance.
Drivers
The Emergence of Autonomous Software to Boost Market Growth
The emergence of autonomous vehicles and electric vehicles is predicted to boost market growth over the forecast period. Automotive manufacturers are making the most of simulation tools for testing the effectiveness and efficiency of such vehicles using real-world situations. They also use simulation software for meeting different industry standards and regulations.
Opportunities
Significant Adoption in Aerospace and Defense to Offer Robust Opportunities
The significant adoption of simulation software in aerospace and defense will offer robust opportunities for the market in the forecast period. The aerospace defense industry has been a major end user of simulation as they use simulation and modeling for various purposes including training of soldiers, formulating operational plans, conducting joint training operations, analyzing alternative force structures, and develop doctrine and tactics.
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Restraints and Challenges
Data Security to act as Market Restraint
Risks related to data security may act as a market restraint over the forecast period.
Market Segmentation
By component, the software segment will lead the market over the forecast period for the different benefits like uninterrupted testing, reliability, and data safety.
By deployment, the on-premise segment will dominate the market over the forecast period for the early adoption of the software.
By application, the simulation software market is segmented into research and development, training, eLearning, and others.
By vertical, the automotive segment will spearhead the market over the forecast period for the early adoption of virtual tools for product development. Besides, the automotive industry is witnessing a shift towards the use of electric and autonomous vehicles.
COVID-19 Analysis
The COVID-19 pandemic had a positive effect on the simulation software market growth. The demand for simulation software has increased to limit the spread of the virus. They are designed for imitating physical behaviors of people under specific conditions. Besides, its demand may surge from ventilator manufacturers for optimizing the design of the ventilators needed for treating COVID patients.
Regional Analysis
North America to Precede Simulation Software Market
North America will precede the market over the forecast period. Growing adoption of simulation software solutions, the presence of a well-established infrastructure that enables faster implementation of advanced technologies, the growing adoption across industry verticals like manufacturing and healthcare, the presence of major players operating in Canada and the US, key players investing in RD activities, and early adoption of advanced technology are adding to the global simulation software market growth in the region. Canada and the US holds the utmost market share for the rising technological adoption.
Key Players
Key players profiled in the global simulation software market report include
- Altair Engineering (U.S.)
- Bentley Systems (U.S.)
- Ansys, Inc. (U.S.)
- PTC (U.S.)
- Siemens PLM Software (U.S.)
- Autodesk, Inc. (U.S.)
- CPFD Software (U.S.)
- Cybernet Systems Co. Ltd. (U.S.)
- Dassault Systemes (France)
- Design Simulation Technologies, Inc. (U.S.)
- Synopsys, Inc. (U.S.)
- MathWorks, Inc. (U.S.)
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Industry Updates
Nvidia’s Isaac Sim Robotics simulation software is now available in free open beta release. In virtual 3D environment a company’s actual facilities will be modeled as digital twins to enable testing evaluations to be conducted accurately, away from production environments.
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